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Friction modifiers are specialized chemical compounds used as additives for lubricants that help in reducing the friction and wear and tear of the movable components of a machine. Friction modifiers can be made from both organic and inorganic compounds. Organic friction modifiers are produced from vegetable oils or fatty acids whereas inorganic friction modifiers are produced from compounds such as graphite and molybdenum disulfide. These compounds play a vital role in the modern engine oils by reducing the metal-metal interactions in the engines and transmission systems thereby enhancing the fuel economy. Moreover, friction modifiers also help in reducing the noise from heavy duty machines. These compounds have a wide range of applications in different industries that use heavy industrial equipment such as construction, marine, automobile,and others.
COVID-19 scenario analysis:
Top impacting factors: Market Scenario Analysis, Trends , Drivers and Impact Analysis
With the rapid industrialization around the globe, the demand for friction modifiers is increasing significantly in different sector of businesses including aviation, automobile, and construction industries. The major manufacturing and construction industries have a wide range of applications for friction modifiers to keep their machinery and equipment in optimum working conditions. Another important factor driving the growth on the friction modifiers market is the surge in demand for different friction modifiers in the automobile sector. The rise in need for fuel efficiency and durability of the vehicles among the consumers have let them to shift toward modern lubricants and friction modifiers to reduce friction within the movable parts of the engine as well as in the other parts of a vehicle such as transmission shafts, clutches, and others. The major companies are collaborating with others to create better products and gain competitive advantage in the market. For example, Red Line Synthetic Oil announced its partnership with Led Joon Racing in March 2020 to develop superior quality friction modifiers for the market. However, the fluctuating prices of the raw materials limit the market growth.
In terms of market share, the market in the Asia-Pacific region dominates the global friction modifiers market because of the rapid growth of the personal automobile segment in the emerging economies such as India and China. The market in Europe and North America region is also anticipated to grow at a rapid pace because of the surge in demand for friction modifiers in the manufacturing sectors of the region.
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Friction Modifiers Market Report Highlights
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Key Market Players | Akzonobel N.V, Abitec Corporation, Adeka Corporation, Multisol Ltd., Wynn’s, Archoil, Nyco SA, PMC Biogenix, Inc., and CSW Industrials Inc. |
Other Key Market Players | Royal Dutch Shell PLC |
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