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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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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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