Global Friction Modifiers Market Overview 2023-2028
IMARC Group, a leading market research company, has recently releases report titled “Friction Modifiers Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global friction modifiers market trends, size, share, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
The global friction modifiers market size reached US$ 1004.3 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 1263.26 Million by 2028, exhibiting a growth rate (CAGR) of 4.00% during 2023-2028.
Friction modifiers, specialized chemical additives, have been designed to decrease friction and improve the lubricating qualities of diverse mechanical elements. These additives are meticulously crafted with the purpose of diminishing wear and tear, prolonging the operational life of machinery and equipment, and ultimately enhancing overall performance. Their compatibility with a wide array of lubricants and fluids allows for seamless integration into a variety of industrial applications. By promoting smooth and efficient operations, they concurrently mitigate the adverse effects of friction. This not only aids in reducing energy consumption, thus contributing to cost-effectiveness and environmental sustainability but also results in quieter and more pleasant working environments by reducing noise generated by mechanical components. Additionally, they play a crucial role in enhancing fuel efficiency, lowering emissions, and ensuring the durability of critical engine components in vehicles, which is driving the growing global demand for friction modifiers.
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Global Friction Modifiers Market Trends and Drivers:
Currently, several significant factors are driving the market's expansion. First and foremost, there is a growing demand to enhance fuel efficiency and reduce emissions in vehicles, which is a primary driver of market growth. Moreover, the increased adoption of friction modifiers in industrial machinery to enhance operational efficiency and lower maintenance expenses is further bolstering market growth. Furthermore, the rising interest in environmentally friendly friction modifiers with low volatile organic compounds (VOCs) is gaining momentum. This, in conjunction with the increased utilization of friction modifiers, which help conserve energy by reducing friction losses in mechanical systems, is creating a favorable market outlook. Additionally, the aerospace sector is increasingly employing friction modifiers as lubricants to ensure the smooth operation of aircraft components and systems. This trend is providing attractive growth opportunities for industry investors. Simultaneously, the ongoing development of advanced friction modifiers with enhanced performance characteristics is propelling market growth even further. Lastly, the increased use of friction modifiers in the oil and gas industry to enhance equipment performance and durability in challenging conditions is contributing significantly to the market's expansion.
Global Friction Modifiers Market 2023-2028 Analysis and Segmentation:
Top Key Players covered in this report are:
ABITEC Corporation (ABF Ingredients Ltd.), ADEKA Corporation, AFTON Chemical Corporation (NewMarket Corporation), Archoil, BASF SE, Chevron Corporation, Croda International plc, CSW Industrials Inc., Infineum International Limited, King Industries Inc., Lanxess AG, Vanderbilt Chemicals LLC (R.T. Vanderbilt Holding Company Inc.), etc.
The report segmented the market on the basis of region, type and end use industry.
Breakup by Type:
- Organic
- Inorganic
Breakup by End Use Industry:
- Automotive
- Industrial
- Marine
- Others
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023- 2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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