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Global Friction Modifier Market to Grow at a CAGR of 3.5% During 2022-2027, Aided by the Rising Application of the Friction Modifiers in the Industrial Lubricants

According to a new report by EMR titled, ‘Global Friction Modifier Market Report and Forecast 2022-2027’, the global friction modifiers market reached an approximate value of USD 970.4 million in 2021. The market is expected to grow at a CAGR of 3.5% in the forecast period of 2022-2027, to reach a value of USD 1192.8 million by 2027.

The friction modifier market is driven by the growing demand for friction modifiers in the industrial lubricants, such as hydraulic fluids, metalworking fluids, machine and compressor oils and industrial gear oils. The rise in demand can be attributed to the advancements in the manufacturing, oil and gas, agriculture, forestry and food processing sectors. The demand for friction modifiers will further be propelled by the emerging new and upgraded commercial and passenger vehicles in the emerging economies. Friction modifier is a crucial component in the automotive industry.

 

In July 2019, Croda International Plc (LON: CRDA) acquired Rewitec GmbH, which is known to be a prominent manufacturer of friction and wear-reducing additives. Under this acquisition, Croda’s friction modifier portfolio will get bolstered.

 

In terms of region the Asia Pacific accounts for a significant share in the market, owing to the robust growth of marine industry, coupled with the growing demand for ships, submarines, frigates and corvettes in the Navy, owing to the geopolitical stress and increasing government expenditure towards expanding the naval capabilities. Over the forecast period, the growing investments in India and China, aimed towards adding more ships to the fleet, is likely to be crucial driving factor in the market. The market will further be aided by the thriving transportation sector.

 

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Market Breakup by Types, End Users and Region:

  • The market is segmented based on type, into organic friction modifiers and inorganic friction modifiers.
  • The different end users in the friction modifiers industry include automotive, industrial, and marine, among others.
  • Region-wise, the global market for friction modifiers can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

 

Key Findings of the Report:

  • The global market for friction modifiers is being driven by the rising application of friction modifier in the marine industry.
  • The growing demand for passenger and commercial vehicles is likely to propel the demand for friction modifiers.
  • The market is anticipated to be driven by the growing demand for friction modifiers in the industrial lubricants such as hydraulic fluids, metalworking fluids, machine and compressor oils and industrial gear oils.
  • The market will further be aided by the growing advancements in the end use industries of the friction modifiers.

 

Key Offerings of the Report:

  • The EMR report gives an overview of the global friction modifiers market for the periods (2016-2020) and (2022-2027).
  • The report also offers historical (2016-2020) and forecast (2022-2027) market information for the type, end user industry, and regions of friction modifiers.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

 

The major players in the global friction modifiers market are BASF SE, Lubrizol Corporation, Croda International Plc, Chemtura Corporation, and Afton Chemical Corporation, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

 

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

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