PUBLISHER: The Business Research Company | PRODUCT CODE: 1531895
PUBLISHER: The Business Research Company | PRODUCT CODE: 1531895
Brake friction products are utilized in vehicle braking systems to create friction, thereby decelerating or halting a vehicle. They typically encompass brake pads, shoes, and linings composed of diverse materials such as composites, ceramics, and metals. These products are engineered to endure high temperatures and deliver consistent performance across varied driving conditions.
The primary types of brake friction products include brake discs, pads, drums, and shoe liners. A brake disc, a round metal disc rotating with the wheel, serves as a surface against which brake pads exert friction to slow or halt the vehicle. Disc materials vary and encompass metallic and ceramic discs tailored for use in different vehicle categories such as passenger cars, light commercial vehicles, trucks, and buses.
The brake friction products market research report is one of a series of new reports from The Business Research Company that provides brake friction products market statistics, including brake friction products industry global market size, regional shares, competitors with a brake friction products market share, detailed brake friction products market segments, market trends, and opportunities, and any further data you may need to thrive in the brake friction products industry. This brake friction products market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The brake friction products market size has grown strongly in recent years. It will grow from $10.51 billion in 2023 to $11.09 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. Historical growth can be credited to the enforcement of safety and environmental regulations, a transition towards performance-focused braking systems, higher vehicle manufacturing rates, and the growing acceptance of electric vehicles (EVs).
The brake friction products market size is expected to see strong growth in the next few years. It will grow to $13.85 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. Forecasted growth is expected due to heightened demand for dependable, high-performance braking systems, expanding vehicle ownership levels, ongoing efforts to minimize brake dust emissions, and escalating infrastructure and construction projects. Key trends in the forecast period encompass the integration of sensors and smart technologies, advancements in quieter braking mechanisms, customization options, sustained exploration of novel materials, as well as increased collaborations and partnerships.
The increasing number of autonomous vehicles is expected to drive the growth of the brake friction products market in the future. Autonomous vehicles are self-driving cars that use advanced sensor technologies, computer systems, and artificial intelligence to operate and navigate without constant human intervention. The rise in autonomous vehicles is due to advancements in artificial intelligence and sensor technology, coupled with substantial investment and support from private companies and governments to enhance safety and efficiency in transportation. Brake friction products are crucial for the safe, reliable, and efficient operation of autonomous vehicles, ensuring precise and controlled braking, seamless integration with advanced driving systems, and contributing to the overall performance and durability of these vehicles. For example, in December 2022, the National Association of Insurance Commissioners reported that there are expected to be 3.5 million autonomous vehicles on American roads by 2025 and 4.5 million by 2030. Thus, the increasing number of autonomous vehicles is driving the growth of the brake friction products market.
Major companies in the brake friction products market are developing innovative products using advanced absorbent glass mat (AGM) technology, ensuring greater safety and reliability for both conventional and autonomous vehicles. AGM technology is a type of lead-acid battery design that uses a glass fiber mat to absorb and hold the battery's acid, improving the performance and reliability of electronic components within braking systems. For instance, in July 2023, Bosch, a Germany-based engineering company, launched Blue Line brake pads, considered next-gen auto parts. These brake pads offer excellent friction stability, low noise and vibration suppression, and asbestos-free formulas. They are designed to provide high braking performance, excellent thermal stability, and quiet braking, making them a reliable choice for everyday drivers.
In August 2021, CentroMotion, a US-based company that manufactures engineered products, acquired Carlisle Brake & Friction for an undisclosed amount. This strategic move marks a significant milestone for CentroMotion, expanding its portfolio of industrial products and enhancing its global presence in the market. Carlisle Brake & Friction is a US-based company that manufactures brake friction pads.
Major companies operating in the brake friction products market are Meritor Inc., Miba HydraMechanica Corporation, H-E Parts International LLC, American Friction Inc., TMD Friction Holdings GmbH, Hilliard Corporation, Superior Graphite Co., Brake & Equipment Warehouse Inc., Raybestos Products Company, Cardolite Corporation, ProTec Friction Group, Midwest Brake, Logan Clutch Corporation, Phoenix Friction Products, Accurate Specialties, ALL FRICTIONS CO. LLC, Cook Bonding & Manufacturing Co. Inc., Cleveland Oak, Pyrogenics Group/MINTEQ, Clutch Engineering, Great Lakes Friction Products, Friction, The Rowland Company, Orttech
Asia-Pacific was the largest region in the brake friction products market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the brake friction products market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the brake friction products market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The brake friction products market consists of sales of hybrid brake pads, glass, fillers, and high-temperature resins. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Brake Friction Products Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on brake friction products market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for brake friction products ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The brake friction products market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.