New York, NY, May 18, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Friction Modifiers Market (Organic and Inorganic) for Transportation Lubricants (Commercial Vehicle, Passenger Vehicle, Aviation and Marine), and Industrial Lubricants Applications: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2023” . According to the report, global friction modifiers market was valued at USD 858 million in 2017 and is expected to reach USD 1,048 million in 2023, growing at a CAGR of 3.40% between 2018 and 2023.
Friction modifiers are fuel additives that are generally used in boundary lubricant applications to improve the lubricity as well as energy efficiency. They are polar chemical compounds having a high affinity for metal surfaces and possessing long alkyl chains. They are known as boundary lubrication additives or friction reducers. Friction modifiers are used to enhance adhesion levels to the required minimum during traction and braking.
Browse through 60 Tables & 29 Figures spread over 110 Pages and in-depth TOC on "Global Friction Modifiers Market Size & Share 2017: Industry Type, Segments, Analysis and Forecast 2023”.
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Friction modifiers are more preferable in multiple applications and lead to huge demand in 2017. The rising consumer demand for friction modifiers is expected to boost friction modifier market. The rising maintenance awareness of vehicles in consumers is expected to fuel the market. Government is also encouraging the green environmental policies and raw material availability helps to grow the market. The alternative cheap substitutes like detergent additives, oiliness agents, etc. may obstruct the growth of the market. Companies focusing on development and of innovative products are expected to open new avenues for the market.
The global friction modifiers market is classified into type, applications, and regions. Depend on the types; global friction modifiers market includes organic friction modifier and inorganic friction modifier. In terms of value, Organic friction modifier type is expected to grow at the highest CAGR in the forecast period. The Organic friction modifiers are versatile and environment-friendly. These additives have a high potential to replace inorganic additives in sectors where the consequences of lubricant discharge are hazardous.
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In 2017, the transportation lubricants segment was anticipated to account for the largest share of the friction modifiers market, in terms of value. The demand for friction modifiers in public transport and passenger vehicles is expected to increase with growing environmental concerns. The rising demand for friction modifiers in aviation turbine engine oils is expected to propel the market growth. The marine industry holds several opportunities and will be the major growth driver for the friction modifiers Market in the future.
Transport lubricants were the foremost application of the global friction modifiers market in 2017. The growing automobile industry (commercial, passenger vehicles) is expected to accelerate the market’s growth during the coming years. Industrial lubricants were the second most attractive application of the market in the same year. Automotive, aviation and marine are important outlets that are expected to leverage the market consumption over the next few years owing to the escalating immense demand for friction modifier in the emerging markets of developing countries.
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Among the regions, Asia Pacific region is anticipated to grow highest CAGR during the forecast period. This mainly attributed to the growing demand for additive in emerging countries such as India and China, as they are undergoing an industrial revolution and experiencing an economic boom. The stringent rules and regulations are the driving forces of the market in the region. Moreover, the changing dynamics in China, India are likely to fuel the market’s profit margin during the years to come. Moreover, emerging automotive trend of commercial vehicle and passenger vehicles is likely to boost the consumption of friction modifiers in the automotive industry in the region. From the automotive industry, the rising demand for fuel-efficient lubricants in emerging economies such as China and India are anticipated to fuel the growth of the friction modifiers market in Asia Pacific region. Higher spending power and proliferation of the organic friction modifier manufacturing facilities is likely to influence the growth of the market.
North America is also an important market of friction modifiers. The new regulations that will help to promote the usage of friction modifiers are the major driving factor of the market in the region. The U.S. is a major contributor of the market in 2017. This trend is expected to continue during the next few years. Growing demand for friction modifiers in automotive and industries is expected to boom the market size in the region over the forthcoming years. The market growth rate in North America is expected to remain relatively higher as compared to the global average in the forecast period.
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In 2017, Europe was one of the leading players in global friction modifier market. The stringent rules and regulations are the driving forces of the market in the region. Moreover, the changing dynamics in UK, France, and Germany are likely to fuel the market’s profit margin during the years to come. These UK, France, and Germany region are the matured market for friction modifier additive suppliers.
Favorable economic and political scenario in Latin America has encouraged friction modifier manufacturers to invest in this region, which is anticipated to propel the market growth in the forecast period. Middle East & Africa are also expected to experience the decent growth of friction modifiers in the near future due to the significant investment by the international companies for friction modifiers projects. Moreover, emerging industries such as commercial vehicles, passenger vehicles and marine industries in the region are projected to grow the business of friction modifiers materials in the region in the near future.
Some of the major players of the global friction modifiers market include Lubrizol, BASF SE, Afton Chemical Corporation, AkzoNobel N.V., Vanderbilt Chemicals, LLC, Infineum, Croda International Plc, Evonik Industries, Chevron Oronite Company LLC and Archoil among others.
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This report segments the global friction modifiers market as follows:
Global Friction Modifiers Market: Type Analysis
- Organic
- In-organic
Global Friction Modifiers Market: Application Analysis
- Transport Lubricants
- Commercial Vehicle
- Passenger Vehicle
- Aviation
- Marine
- Industrial Lubricants
Global Friction Modifiers Market: Regional Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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