Friction Modifier Additives Market to Reach US$ 1,888.3 Mn by the end of 2027
Global Friction Modifier Additives Market: Dynamics
The global Friction Modifier Additives Market is estimated to be driven by rising Organic friction modifier (OFMs) additives as they are mostly preferred for the lubrication of automotive engines. OFMs and zinc dialkyldithiophosphates (ZDDPs) anti wear additives react competitively on rubbing ferrous substrates in a tribological contact. By carefully understanding the chemistry of OFMs, formulators of additives can achieve application specific lubricants that form ZDDP anti wear films of optimum thickness and friction, thereby delivering end users required optimised lubricity, durability and environmental acceptability of the formulation, thereby paving the way of growth of the Friction Modifier Additives Market.
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Global Friction Modifier Additives Market: Forecast
On the basis of inorganic segment, the MoDTC segment is anticipated to play a crucial role in building market revenue. The MoDTC segment is estimated to lead the overall Friction Modifier Additives Market accounting for an estimated share of almost 46% in the global Friction Modifier Additives Market value in 2017, by Inorganic Product type. The segment is expected to register a CAGR of 3.8% within the forecast period. Also, Automotive Lubricants segment by application is expected to witness rising growth in revenue during the forecast period. As per the forecast this segment is slated to account for more than 45% share in overall market value by the end of the forecast period. This is largely due to a growing use of vehicles.
On the basis of region, Asia Pacific excluding Japan (APEJ) is anticipated to dominate the global Friction Modifier Additives Market throughout the forecast period. This regional market is expected to expand at a CAGR of 3.9% during the forecast period. The market in the Western Europe region is anticipated to register a CAGR of 4.4% during forecast period. These two regions are expected to register relatively faster growth during the period of assessment.
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Global Friction Modifier Additives Market: Competitive Landscape
Some of the players reported in this study on the global Friction Modifier Additives Market are BRB International, Kings Industries Inc, Croda International, BASF SE, CSW Industrials, Chevron Corp, The Lubrizol Company, Dorf ketal, DOG Chemie, Afton Chemicals, LANXESS among others. Industry players, over the recent past, have been channelising efforts towards innovative product development. Moreover, expansion and acquisitions strategies adopted by Friction Modifiers Additives manufacturers to improve sales & distribution network and enhance their operational efficiencies are expected to continue over the forecast period.
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