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Allied Market Research

Friction Modifiers Market - Global Opportunity Analysis and Industry Forecast, 2020-2027

A10814
Pages: NA
Aug 2021 | 145 Views
   
Author(s) : Eswara Prasad
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COVID-19

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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.

Market scope and structure analysis :

Report Metric

Details

Market size available for years

2019–2027

Base year considered

2019

Forecast period

2020–2027

Forecast units

Value (USD)

Segments covered

Type, End-use Industry, and Region

Geographies covered

North America (U.S. and Canada), Europe (Germany, UK, France, and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific), Latin America (Brazil, Mexico, and Rest of LATAM) and Middle East and Africa (Saudi Arabia, UAE, Kuwait, South Africa, and Rest of MEA)

Companies covered

Akzonobel N.V, Abitec Corporation, Adeka Corporation, Multisol Ltd., Wynn’s, Archoil, Nyco SA, PMC Biogenix, Inc., and CSW Industrials Inc.

COVID-19 scenario analysis:

  • The outbreak of the COVID-19 pandemic has severely affected the global friction modifiers market.
  • As a result of the global economic slowdown caused by the pandemic, the automobile industry was impacted to a great extent. The demand for personal vehicles decrease drastically and as a result the applications for friction modifiers in the automobile sector is at a decrease.
  • Moreover, due to the nationwide lockdowns imposed by the government in different countries, the manufacturing facilities are walking at minimum production capacity due to lack of workforce. This has caused a reduction in demand or friction modifiers in the manufacturing sector.

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.

Key segments covered:

Segments

Sub-segments

Type

  • Organic
    • Fatty acids
    • Esters & Amides
    • Functional polymers
  • Inorganic
    • Molybdenum Compounds
    • Nanoparticles (Graphite, Metal Oxides)

End-use Industry

  • Automobile
  • Aviation
  • Marine
  • Construction
  • Others

Key benefits of the report:

  • This study presents the analytical depiction of the global friction modifiers industry along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global friction modifiers market share.
  • The current market is quantitatively analyzed from 2020 to 2027 to highlight the global friction modifiers market growth scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
  • The report provides a detailed global friction modifiers market analysis based on competitive intensity and how the competition will take shape in coming years.

Questions answered in the Friction Modifiers Market research report:

  • What are the leading market players active in the friction modifiersmarket?
  • What the current trends will influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities in the market?
  • What are the projections for the future that would help in taking further strategic steps?
 
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