PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1454137
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1454137
Friction Modifiers Market size was valued at USD 1,290.43 Million in 2023, expanding at a CAGR of 5.10% from 2024 to 2032.
Friction modifiers and mild anti-wear agents are polar molecules incorporated into lubricants to reduce the occurrence of light surface contacts (sliding and rolling) in a specific machine design. These additives are commonly referred to as boundary lubrication additives. Friction modifiers exhibit their highest effectiveness in situations where metal-to-metal contact takes place or under boundary conditions. Organic friction modifiers possess lengthy, soluble chains and a polar head. The polar head binds to the metal surfaces, while the soluble chains align themselves parallel to one another, resembling fibers in a carpet.
Friction Modifiers Market- Market Dynamics
Increasing demand for fuel-efficient lubricants and functional fluids in the automotive industry are projected to drive the growth of market
Stringent fuel efficiency regulations and emissions standards worldwide are pushing automotive manufacturers to develop more fuel-efficient vehicles. Friction modifiers play a crucial role in reducing energy losses due to friction in engines, transmissions, and drivetrain components, thereby aiding automakers in meeting regulatory requirements. As technology improves, consumers' demand for fuel-efficient vehicles has grown, too. In fact, a 2021 survey from Consumer Reports found that 89% of Americans believed automakers should continue improving fuel economy. Growing interest in sustainable and bio-based lubricants creates opportunities for friction modifier manufacturers. However, Compliance with specifications related to performance, emissions, and environmental impact may pose challenges for friction modifier manufacturers.
Friction Modifiers Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 5.10% over the forecast period (2024-2032)
Based on product type segmentation, Organic Friction Modifier was predicted to show maximum market share in the year 2023
Based on Formulation segmentation, Solvent-based was the leading type in 2023
Based on Application segmentation, Railway Transportation was the leading type in 2023
On the basis of region, North America was the leading revenue generator in 2023
The Global Friction Modifiers Market is segmented on the basis of Product Type, Formulation, Application, and Region.
The market is segmented into two categories according to product type: Organic Friction Modifier and Inorganic Friction Modifier. Leading the market is the Organic Friction Modifier. These organic friction modifiers showcase outstanding lubricating characteristics and friction-reducing abilities, which improve the effectiveness and productivity of lubricants in various machinery and equipment.
The market is categorized into two groups according to Formulation: Solvent-based, Water-based, and UV-cured formulations. The dominant segment in the market is the Solvent-based category. Solvent-based friction modifiers demonstrate exceptional surface compatibility with various metal surfaces, such as ferrous and non-ferrous metals, alloys, and composite materials. They create a long-lasting and consistent lubricating film on metal surfaces, effectively reducing surface roughness, preventing metal-to-metal contact, and providing protection against corrosion and oxidation.
The market is categorized into two segments according to its application: Automotive, Aviation, Railway Transportation, and Mechanical Equipment. Railway Transportation holds the majority share in the market. In order to ensure compliance with regulatory standards and industry specifications, railway operators are required to adhere to the use of friction modifiers in railway transportation. These standards encompass performance requirements, environmental considerations, and safety guidelines pertaining to the utilization of additives in railway lubrication systems.
Friction Modifiers Market- Geographical Insights
This market is geographically widespread across North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided based on the countries involved in business activities. The growth of the market is expected to be driven by the Asia Pacific region, primarily due to the expansion of the transportation and logistics sectors. Various projects such as road construction, highway expansions, railway networks, and port development contribute to a significant demand for friction modifiers, which enhance the efficiency and durability of vehicle fleets and infrastructure. According to the China Federation of Logistics and Purchasing and the National Bureau of Statistics (NBS), China's Logistics Prosperity Index for July remained at 50.9%, indicating a stable overall logistics demand and a favorable trend. In the forecast year, Europe holds the second-largest region for market growth, mainly due to increasing consumer preference for vehicle maintenance.
The competitive landscape of the friction modifiers market is driven by the race for technological advancements in additives that provide better performance, efficiency, and environmental friendliness. Manufacturers strive to stand out by offering products with unique formulations, functionalities, compatibilities, and performance attributes. Features like superior lubrication, enhanced wear protection, eco-friendliness, and specialized applications set products apart and appeal to customers looking for specific performance advantages. This competition spans across the globe, as manufacturers aim to grow their market presence in emerging economies and niche segments.
Infineum researchers have developed an exceptional and unparalleled tool that has the potential to meet customer demands and enhance sustainability credentials. This remarkable achievement has been made possible through fruitful partnerships with renowned universities, research laboratories, and industry professionals.
GLOBAL FRICTION MODIFIERS MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Infineum International Limited (UK)
Afton Chemical Corporation (USA)
BASF SE (Germany)
Lubrizol Corporation (USA)
Croda International Plc (UK)
Evonik Industries AG (Germany)
Vanderbilt Chemicals, LLC (USA)
Multisol Group (UK)
Clariant AG (Switzerland)
Chevron Corporation (USA)
Innospec Inc. (USA)
LANXESS AG (Germany)
King Industries, Inc. (USA)
Dow, Inc. (USA)
BRB International BV (Netherlands)
Lubriplate Lubricants Company (USA)
Shamrock Technologies, Inc. (USA)
JX Nippon Oil & Energy Corporation (Japan)
Wuxi South Petroleum Additive Co., Ltd. (China)
Shamokin Carbons (USA)
Others