Friction Materials Market- Perceive Substantial Growth by 2031

Friction Materials Market - An Overview

The global friction materials market is expected to witness strong growth during the forecast period between 2021 and 2031.

Friction materials have been extensively deployed in the manufacturing of trucks, aircrafts, commercial vehicles, and passenger vehicles and have proven beneficial in improving the appearance, efficiency, and execution of a vehicle, in the last decade.

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The outbreak of the COVID-19 pandemic negatively impacted the growth in the overall friction materials market. With governments imposing strict social distancing regulations and lockdowns, manufacturing facilities were forced to shut down, temporarily or permanently.

This led to a decrease in demand for friction materials and adversely affected the growth in the overall friction materials market.
However, with the subsequent decrease in cases and availability of vaccines, it is expected that production units will soon start to function at full capacity, leading to increased demand for friction materials.

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Friction Materials Market - Trends and Opportunities

Rising automobile demand leading to increased need for different components is the key growth driver for the global friction materials market.
Also, friction materials have shown the ability to resist high temperatures as well as wear and tear and these features are expected to help increase product demand and contribute to the growth of the overall friction materials market, in the years ahead.

Growing demand for electric vehicles in leading economies globally is anticipated to fuel the growth in the overall friction materials market, in the coming years.

Advancements to existing friction materials could help fuel product demand for different applications and bolster the global friction materials market, in future.

Automotive end-use segment is expected to make the largest contribution to the overall friction materials market in the years ahead because of increased deployment of friction materials in the manufacturing of different automotive components.

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Friction Materials Market - Competitive Landscape
The global friction materials market is extremely competitive, with the presence of several prominent players. Many of them have become successful, owing to years of delivering consistent results.

Well-established friction materials market players are expected to account for a large share in the overall market, in the years ahead.
Growth strategies such as novel product launches could help well-established friction materials market players gain a competitive edge over other players.
Federal-Mogul's launch of jurid replacement brakes a few years ago have proven beneficial in German vehicles registered in North America countries such as US and Canada.
Research and development undertakings could be a key growth strategy for the prominent friction materials market players, in the coming years.
Collaborations with smaller market players could help leading friction materials market players expand their market presence and increase their revenue shares.

The smaller friction materials market players will seek funding from private investors, which could help them in their long-term growth.
Some of the leading players in the global friction materials market include Federal-Mogul Corporation, Nisshinbo Brake Inc., Honeywell Corporation, ADVICS Co. Ltd., and Akebono Brake Industry Co. Ltd.
Friction Materials Market - Regional Assessment
Asia Pacific is expected to be the dominant region in the global friction materials market owing to increased product demand from the automotive sector in countries such as India and China, contributing to market growth in the region.
North America is anticipated to witness significant growth in the global friction materials market in the coming years owing to the presence of several well-established market players in countries such as US and Canada.

Europe is expected to provide profitable growth opportunities to the overall friction materials market because of increased product deployment in the aerospace industry in countries such as UK and Germany.
The rest of the world is expected to witness moderate growth in the global friction materials market, in the coming years.

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