Press release
Friction Materials Market by Product, Business Type, Application, End-use Industry and Region - Global Forecast to 2023
“The friction materials market size is projected to reach USD 57.04 million by 2023, at a CAGR of 5.0%.”
The friction materials market size is projected to grow from USD 44.65 million in 2018 to USD 57.04 million by 2023, at a CAGR of 5.0%. The market is driven by rising demand for passenger and commercial vehicles, which leads to the growth of friction materials consumption in auto components. However, lack of friction materials market development across end-use industries in the Middle East & Africa region may restrain the growth of the market.
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The key companies operating in the friction materials market include Akebono Brake Industry (Japan), Federal-Mogul Holdings (US), Miba (Austria), Fras-Le (Brazil), Nisshinbo Holdings (Japan), Aisin Seiki (Japan), Valeo Friction Materials India (India), Yantai Hi-Pad Brake Technology (China), and Carlisle Brake & Friction (US), among others.
The objectives of this Friction Materials study:
To estimate and forecast the friction materials market in terms of value
To define, describe, and forecast the friction materials market based on product, business type, application, end-use industry, and region
To estimate and forecast the size of the friction materials market in five main regions, namely, North America, Europe, Asia Pacific (APAC), South America, and the Middle East & Africa (MEA)
To identify and analyze drivers, restraints, challenges, and opportunities influencing the friction materials market
To profile key players in the friction materials market and comprehensively analyze their core competencies
To provide a detailed competitive landscape of the friction materials market, along with an analysis of business and corporate strategies, such as mergers & acquisitions, new product launches & developments, and expansions adopted by the key market players.
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Key Target Audience:
• Raw material manufacturers
• Friction materials formulators and manufacturers
• Manufacturers from the end-use Industry
• Government and research organizations
• Associations and industrial bodies
• Research and consulting firms
• Environment support agencies
• Investment banks and private equity firms
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Breakdown of the profiles of primary participants:
1. By Company Type: Tier 1 –20%, Tier 2 –36%, and Tier 3 –44%
2. By Designation: Director-Level – 12%, C-Level –40%, and Others –48%
3. By Region: Asia Pacific – 36%, Europe – 24%, North America –20%, South America –12%, and Middle East & Africa – 8%
Reasons to Buy the Report:
This report covers the following key aspects:
1. Size of the friction materials market by 2023 and its CAGR during the forecast period from 2018 to 2023.
2. Key trends in the friction materials market.
3. Factors expected to drive the growth of the friction materials market during the forecast period.
4. Challenges expected to impact the growth of the friction materials market during the forecast period.
5. Key players operating in the friction materials market.
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