Global Friction Modifiers Market Size By Type, By Application, By End-User Industry, By Geographic Scope And Forecast

Friction Modifiers Market Size And Forecast

Friction Modifiers Market size is valued at USD 1.1 Billion in 2023 and is anticipated to reach USD 1.5 Billion by 2031, growing at a CAGR of 3.5% from 2024 to 2031.

Friction modifiers are oil-soluble additives in lubricants to reduce friction and associated wear and tear arising in several machine components. They eliminate the chances of rubbing between the solid surfaces.

The reduction in friction enhances the overall fuel economy, and efficiency, and therefore maximizes the equipment's lifetime. They are available in two variants namely organic and inorganic friction modifiers.

The growing automotive industry and vehicle fleet, favorable government regulations for green procurement policies, and growing consumer preference towards maintenance of their vehicles are expected to drive the friction modifiers market in the forecast years.

Global Friction Modifiers Market Dynamics

The key market dynamics that are shaping the Friction Modifiers Market include:

Key Market Drivers:

Growing Demand from Automotive Industry: The need for increased fuel efficiency and lower emissions is a major driver of the Friction Modifier Market in the automotive industry.

Environmental Regulations: The demand for friction modifiers is being driven by manufacturers' efforts to develop more fuel-efficient vehicles, which is being forced by stringent environmental regulations aimed at reducing greenhouse gas emissions.

Industrial Growth: The need for lubricants and friction modifiers, which are used in a variety of machinery and equipment, is driven by the world's growing infrastructure development projects and increasing industrialization.

Technological Advancements: The development of sophisticated additives and formulations, as well as ongoing research and development efforts to improve the performance of friction modifiers, support market expansion.

Key Challenges:

Volatility in Raw Material Prices: Market participants face challenges due to fluctuations in the prices of raw materials used in friction modifiers, such as fatty acids and esters, which have an impact on their pricing and profit margins.

Regulatory Compliance: Manufacturers may face difficulties in formulating and developing new products as a result of having to adhere to strict regulations governing the use of chemicals in lubricants and additives.

Competition from Substitutes: The emergence of substitute technologies and additives, like solid lubricants and nanoparticles that provide comparable advantages poses a threat to the expansion of the Friction Modifier Market.

Performance requirements: It can be difficult for friction modifier manufacturers to keep up with changing performance requirements, such as compatibility with various base oils and additives.

Key Opportunities:

Growing Adoption of Electric Vehicles: As EVs become more commonplace, friction modifier producers will have the chance to create specialized additives that are specifically designed to meet the lubrication needs of EV drivetrains.

Integration of Automation and Advanced Machinery in Industries: Growing demand for industrial automation and the use of advanced machinery is boosting the application of high-performance friction modifiers. These modifiers help extend equipment life, reduce maintenance costs, and improve operational efficiency.

Bio-Based Friction Modifiers: Growing environmental regulations are driving the demand for eco-friendly friction modifiers, and fuel-efficient, and optimized engine performance are opening opportunities for manufacturers to develop water-based and bio-derived friction modifiers with minimal impact on the environment.

Emerging Applications: Friction modifiers are currently widely being used in food processing equipment, cosmetics, and personal care products industries. This market diversification is projected to offer lucrative opportunities for market growth.

Global Friction Modifiers Market Regional Analysis

Here is a more detailed regional analysis of the Friction Modifiers Market:

Asia Pacific

Asia is a crucial area for the market for friction modifiers because of the swift expansion of the industrial and automotive sectors in nations like South Korea, Japan, China, and India.

The need for increased fuel efficiency and lower emissions is driving up demand for friction modifiers in Asia, especially in China and India, where the automotive industry is growing.

Asia is experiencing rapid industrialization and infrastructure development, which increases the demand for lubricants and friction modifiers by requiring the use of machinery and equipment.

Automotive manufacturers are being compelled to adopt friction modifiers in order to comply with regulatory standards due to growing environmental awareness and stricter regulations regarding emissions and fuel efficiency.

North America

North America is a noteworthy market for friction modifiers due to its established automotive industry and strict environmental laws.

The established automotive sector in North America, especially in the US, fuels the need for friction modifiers to improve vehicle emissions reduction and fuel efficiency.

Car manufacturers are compelled to use friction modifiers to comply with strict environmental regulations, such as emissions regulations and Corporate Average Fuel Economy (CAFE) standards.

The area is known for its intense focus on technological innovation, which has resulted in the creation of sophisticated lubricants and friction modifiers with enhanced performance attributes.

Global Friction Modifiers Market: Segmentation Analysis

The Global Friction Modifiers Market is segmented on the basis of Type, Application, End-User Industry, and Geography.

Friction Modifiers Market, Type

Organic Friction Modifiers

Inorganic Friction Modifiers

Polymer Friction Modifiers

Based on the Type, the market is bifurcated into Organic Friction Modifiers, Polymer Friction Modifiers, and Inorganic Friction Modifiers. The Inorganic Friction segment is expected to hold the largest market share. The factors can be attributed to the outstanding performance & friction reduction provided by inorganic friction modifiers and lower cost as compared to organic friction modifiers.

Friction Modifiers Market, Application

Transportation Lubricants

Industrial Lubricants

Based on Application, the market is segmented into Transport Lubricants, Industrial Lubricants, and Others. The transportation lubricants segment is expected to grow at a faster rate in the forecasted period. An increase in disposable income is leading to a rise in the purchasing power of consumers, and surging demand for advanced or electric automobiles.

Friction Modifiers Market, End-User Industry

Automotive

Mining

Construction

Manufacturing

Based on End-User Industry, the market is segmented into Manufacturing, Mining, Construction, and Automotive. The automotive industry is experiencing rapid growth due to the rising demand for vehicle production and sales. The development of eco-friendly technologies in the automotive industries is projected to bolster the use of vehicles, surging sales of friction modifiers.

Key Players

The "Global Friction Modifiers Market" study report will provide valuable insight with an emphasis on the global market. The major players in the market are Adeka Corp, BRB International BV, King Industries, Inc., Croda International, Inc., Chevron Corp, Lubrizol Corporation, BASF SE, Afton Chemicals Corporation, CSW Industrial, Wynn's, Dorf Ketal, DOG Chemie, ABITEC, Lanxess.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Friction Modifiers Market Recent Developments

In January 2021, Royal Dutch Shell PLC and Whitmore Manufacturing LLC, a wholly-owned subsidiary of CSW Industrials, Inc., announced a definitive agreement to form a joint venture, Shell & Whitmore Reliability Solutions LLC, to market, distribute, and sell lubricants, friction modifiers, greases, and other reliability products, and related industrial services to the North American rail and US mining sectors.

In July 2019, Croda International Plc announced the acquisition of Rewitec GmbH, a manufacturer of friction and wear-reducing lubricant additives. Thus, this, in turn, enhances the company's product portfolio and expands the additives business.