Friction Pads Market Developments and Growth Rate through 2031
The COVID-19 pandemic has caused distress to the global friction pads market. The shortage in raw materials due to the supply chain disruptions have led to the volatility in the friction pads market. The lockdown restrictions forced manufacturing units and production units to shut down for a brief period.
One of the recent examples of an impromptu shut down due to the pandemic was TMD Friction, a leading manufacturer of friction pads in the U.K. Nearly 15% of the staff was forced into isolation after the National Health Service (NHS) application notification of being in close contact with a COVID-19 positive individuals. These factors have had a negative impact on the growth of the friction pads market.
Transparency Market Research study on the friction pads market projects the global market to expand at a CAGR of 4.4% during the forecast period of 2021-2031. The friction pads market is expected to cross the valuation of US$ 7.97 Bn by 2031.
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Eco-Friendly Friction Pads Offer Profitable Opportunities
The wave of sustainability has touched almost all sectors, including the friction pads market. The use of eco-friendly materials in developing friction pads has gained considerable traction. These pads are formulated without the use of materials such as antimony trisulfide, copper, lead, and others. The demand for such pads is anticipated to drive the friction pads market.
Growing Popularity of Regenerative Braking in Electric Vehicles to Drive Global Market
Electric vehicles sales are increasing at a rapid rate around the world. These cars use regenerative braking mechanism. This mechanism enables to recuperate braking energy. With regenerative braking, the kinetic energy of a vehicle is converted into electrical energy. Thus, these factors are increasing the growth rate of the friction pads market. The San Francisco Municipal Transportation Agency has recently ordered 30 El Dorado hybrid buses equipped with regenerative braking. Almost all electric vehicles use this technology. Therefore, these aspects will strengthen the growth structure of the friction pads market.
Rising Demand for ATVs, SSVs Propel Need for Sintered Brake Pads
Sintered friction pads are prominently used in high-energy applications. Off-road vehicles use these brakes due to their beneficial properties such as enhanced fade resistance, extended life, and superior wet-effectiveness. The rising urbanization in various countries is leading to increase in construction activities. STVs and ATVs are utilized at construction sites. In addition, recreational sports activities involving off-road vehicles have gathered considerable popularity, eventually boosting the demand for sintered friction pads.
Friction Pads Market: Overview
• Metallic friction pad comprises metals such as steel, copper, iron, and other composite alloys in various shapes, sizes, amounts, and combinations. These essential constituents provide high resistance and thermophysical properties such as specific heat and thermal conductivity. The density of friction pads increases with addition of metallic contents, making them less porous. Metallic friction pads are usually used in high-performance or high-speed vehicles.
• Sintered metallic friction pads are used in most OEM applications, high performance automotive, power sports, etc. due to their ability to perform in a variety of conditions. Sintered metallic friction pads are made from metallic particles that are fused at a high temperature and pressure. Sintered metallic friction pads are long lasting and possess strong stopping power under extreme braking. They are more consistent and can handle wet and dirty conditions. Sintered metallic friction pads are used in aerospace, agriculture, construction, industrial, military, mining, motorsports, and power sports industries.
• Low metallic friction pads are made primarily of metals such as copper or steel along with organic materials. They have exceptional heat transfer and braking capabilities, but also tend to generate a lot of noise and brake dust.
• According to Transparency Market Research’s latest research report on the friction pad market for the forecast period of 2021 to 2031, rise in usage of friction pads in automotive, railways, aerospace, and agriculture industries is a key factor that is expected to boost the global friction pads market during the forecast period
• In terms of revenue, the global friction pads market is estimated to cross US$ 7.97 Bn by 2031, expanding at a CAGR of 4.4% during the forecast period
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Increase in Automobile Production: Key Driver of Friction Pads Market
• Steady growth in employment, business investment, and industrial productivity has contributed toward a continual increase in Gross Domestic Product and real disposable income. Increase in per capita income and growth in industrialization have boosted the sale of passenger and commercial vehicles for transportation of people and goods.
• OEMs have increased their manufacturing activities in order to cater to the rising demand for vehicles. This increase in vehicle production across the globe is estimated to boost the demand the global friction pads.
• Miles driven per vehicle is increasing worldwide. According to the data of U.S. Department of Energy, annual vehicle miles travelled in the U.S. have increased by 0.28 trillion miles over the last 10 years. This increase in number of miles driven leads to a rise in wear and tear of friction pads, thus creating a need for their replacement at regular intervals. Thus, rise in demand for friction pads in OEMs and aftermarket segments is propelling the global friction pads market.
Ceramic Product Type Dominates Friction Pads Market
• Based on product type, the ceramic segment dominated the global friction pads market in 2020. This can be primarily ascribed to the increase in demand for friction pads in various end-use industries, including automotive, railways, construction, mining, aerospace, and agriculture.
• Sinter metallic friction pads have the ability to provide high shear and bonding strength in brake systems. The presence of 30% to 60% metallic materials, including steel and iron, provides high thermal stability to brake systems. Additionally, higher temperature operating range of up to 400°C to traditional drum brakes is anticipated to increase the product penetration over the next few years.
• Manufacturers of friction pads have developed non-asbestos organic friction pads that contain high amount of reinforcement fibers compared to that in fully organic friction pads
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