Friction Modifiers Market – An Overview
The global friction modifiers market is anticipated to witness strong growth during the forecast period between 2021 and 2031.
Friction modifiers are additives that are used in lubricant applications to decrease the friction coefficient and improve lubricity in machines.
Friction modifiers decrease wear and tear in machine components, by preventing the greasing of solid surfaces.
Aside from helping decrease friction and wear and tear, friction modifiers also help to decrease engine wear, decrease light surface contacts and act as corrosion inhibitors and antioxidants. A few products used as friction modifiers include esters and natural and synthetic fatty acids.
The COVID-19 outbreak had a negative impact on the global friction modifiers market. Governments worldwide imposed lockdowns and issued social distancing regulations, in a bid to contain the spread of the virus, forcing manufacturing units to function either partially or shut down completely.
This affected the demand for friction modifiers and, in turn, adversely affected the overall friction modifiers market, as well.
But with the subsequent decline in cases and the availability of vaccines, concerns of spread of infections have decreased and led to steady growth in the overall friction modifiers market.
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Friction Modifiers Market – Trends and Opportunities
Rising preference for fuel-efficient vehicles, specification changes by original equipment manufacturers, and the consistent need for extended hardware durability are the key growth drivers for the global friction modifiers market.
Growth in the transportation industry, which has witnessed a rise in usage of lubricants could also positively influence the friction modifiers market, in future.
Strict government regulations concerning fuel economy standards are also expected to propel the friction modifiers market, in the years to come.
The automotive end-use segment is anticipated to make the largest contribution to the growth of the friction modifiers market in the coming years owing to the increasing lubricant need in vehicles.
Some of the other applications of friction modifiers are for shock absorbers and in hydraulic systems.
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Friction Modifiers Market – Competitive Landscape
The friction modifiers market is highly competitive with the presence of many established players.
These players will look to adopt different growth strategies in a bid to remain competitive in the overall market.
Research and development undertakings could prove to be a key factor in the overall growth of the friction modifiers market, in years to come.
Some of the key players in the friction modifiers market include Nazdar, Cabot Corporation, Sensient Imaging Technologies, Wikoff Color Corporation, INX International Co. Ltd., and Sun Chemical.
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Friction Modifiers Market – Regional Assessment
The global friction modifiers market is classified into five regions: North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.
Asia Pacific is expected to witness maximum growth in the friction modifiers market in the coming years owing to the increased demand of friction modifiers in automotive industries in countries such as India and China.
Prominent players are also expected to establish R&D centers in Asia Pacific countries owing to the enormous potential for the market, in countries such as India.
North America is anticipated to stand second, while Europe is expected to stand third in the global friction modifiers market.
The countries in both the regions are expected to witness high demand for friction modifiers in the manufacturing of various components in the automotive industry.
Also, leading market players could establish R&D centers in countries such as the U.S and Canada, which would function to produce improved quality of product, which would meet the customer requirements.
Other regions such as Latin America and Middle East and Africa are expected to witness moderate growth in the friction modifiers market in the years to come due to the lack of presence of well-established players in both the regions.
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