USD 963.03 Million
Friction Modifiers Market Size, Share, Growth Analysis, By Type(organic friction modifiers, and inorganic friction modifiers), By Formulation(solvent-based, water-based, and UV-cured formulations), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG15E2450 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
62
|Figures:
75
Friction Modifiers Market Insights
Global Friction Modifiers Market size was valued at USD 963.03 Million in 2021 and is poised to grow from USD 996.74 Million in 2022 to USD 1312.51 Million by 2030, at a CAGR of 3.5% during the forecast period (2023-2030).
The global friction modifiers market has witnessed substantial growth in recent years, driven by the increasing demand from various industries such as automotive, aerospace, and manufacturing. Friction modifiers are chemical additives used to reduce friction and wear between two interacting surfaces. They are employed in lubricants, oils, and greases to enhance the performance and efficiency of machinery and equipment. One of the key growth factors for the global friction modifiers market is the rapid expansion of the automotive industry. As automotive manufacturers strive to meet stringent emission regulations and improve fuel efficiency, the demand for friction modifiers has soared. These additives help in reducing energy losses due to friction and improve the overall performance of automotive components, including engines, transmissions, and drivetrains. Moreover, the rising adoption of high-performance lubricants and the growing awareness regarding the benefits of friction reduction are bolstering market growth. Industries such as aerospace, marine, and industrial machinery rely heavily on lubricants and oils to ensure smooth operations and prevent mechanical failures.
Friction modifiers play a crucial role in minimizing wear and tear, thereby extending the lifespan of critical components and reducing maintenance costs. However, the global friction modifiers market also faces several challenges. One of the primary obstacles is the fluctuating prices of raw materials. Many friction modifiers are derived from petroleum-based chemicals, and the volatility in oil prices directly impacts the manufacturing costs. Additionally, stringent environmental regulations and increasing concerns about the environmental impact of chemical additives pose challenges to the market. Companies are under pressure to develop sustainable and eco-friendly friction modifiers to comply with regulations and meet consumer demands. Furthermore, the market is highly competitive, with numerous players offering a wide range of friction modifiers. This intensifies the competition among manufacturers, leading to pricing pressures and the need for constant innovation. Companies are investing in research and development activities to develop advanced friction modifiers with improved performance characteristics.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Organic
Fastest Growth
Organic
Growth Rate
3.5% CAGR
Global Friction Modifiers Market ($ Bn)
Country Share for North America Region (%)
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Friction Modifiers Market Segmental Analysis
The global friction modifiers market is segmented on the basis of type, formulation, and region. By type, the market is segmented into organic friction modifiers and inorganic friction modifiers. By formulation, the market is segmented into solvent-based, water-based, and UV-cured formulations. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis By Type
The global friction modifiers market can be segmented into two types: organic friction modifiers and inorganic friction modifiers. Organic friction modifiers are chemical compounds that are typically derived from organic sources. They are widely used in various applications due to their excellent friction reduction properties. These modifiers form a protective layer on the surface, reducing the contact area and minimizing friction between the interacting surfaces. One dominant organic friction modifier in the market is molybdenum disulfide (MoS2). MoS2 is known for its exceptional lubricating properties and high load-carrying capacity. It is extensively used in automotive applications, such as engine oils, transmission fluids, and greases.
On the other hand, inorganic friction modifiers consist of solid particles that are typically of mineral origin. They work by altering the surface characteristics of the interacting materials, reducing friction and wear. One of the fastest-growing inorganic friction modifiers in the market is nanomaterial-based modifiers. These modifiers utilize nanoparticles, such as graphene, tungsten disulfide, and boron nitride, to provide superior lubrication and reduce friction. Nanomaterial-based friction modifiers offer enhanced performance compared to traditional modifiers, enabling industries to achieve higher efficiency and extend the lifespan of their equipment.
Analysis By Formulation
The global friction modifiers market can also be segmented by formulation, which includes solvent-based, water-based, and UV-cured formulations. Solvent-based formulations are widely used in various industries due to their effective lubricating properties and compatibility with different materials. They are typically composed of friction modifier additives dissolved in a solvent carrier. One dominant formulation in the market is solvent-based friction modifiers. These formulations offer excellent lubrication, high film strength, and good adhesion to surfaces. They are commonly used in applications such as automotive lubricants, industrial machinery, and metalworking fluids.
Water-based formulations have gained significant traction in recent years, driven by the increasing demand for environmentally friendly and sustainable solutions. These formulations are composed of friction modifiers dispersed in water as the carrier. They offer advantages such as low VOC emissions, reduced flammability, and easy cleanup. One of the fastest-growing formulations in the market is water-based friction modifiers. They are widely adopted in industries where environmental regulations are stringent, such as automotive manufacturing, metalworking, and consumer goods.
Global Friction Modifiers Market By Type
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Friction Modifiers Market Regional Insights
One dominant region in the friction modifiers market is North America. The region has a strong presence of major industries such as automotive, aerospace, and manufacturing, which are significant consumers of friction modifiers. The automotive sector, in particular, drives the demand for friction modifiers in North America due to the large production and consumption of vehicles in countries like the United States, Canada, and Mexico. Moreover, stringent regulations and the emphasis on fuel efficiency and emission reduction further contribute to the dominance of North America in the market.
On the other hand, the Asia-Pacific region is experiencing significant growth in the friction modifiers market. Rapid industrialization, expanding automotive production, and increasing investments in infrastructure are driving the demand for friction modifiers in this region. Countries like China, India, Japan, and South Korea are witnessing substantial growth in automotive and manufacturing sectors, which translates into higher demand for friction modifiers. Additionally, the rising awareness about the benefits of friction reduction and the need for improved efficiency in various industries fuel the growth of the friction modifiers market in the Asia-Pacific region.
Global Friction Modifiers Market By Region
- Largest
- Fastest
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Friction Modifiers Market Dynamics
Drivers
Increasing Awareness of Energy Conservation
- The rising awareness about energy conservation and the need for sustainable solutions drive the demand for friction modifiers. These additives help in reducing energy losses due to friction, thereby improving overall efficiency and reducing operating costs in industrial processes.
Stringent Environmental Regulations
- Environmental regulations and directives that aim to reduce emissions and promote eco-friendly practices create opportunities for friction modifiers. These additives can help industries comply with environmental standards by reducing friction-related energy losses, extending equipment lifespan, and minimizing the need for maintenance and replacement.
Restraints
Volatile Raw Material Prices
- Fluctuating prices of raw materials used in friction modifiers, such as petroleum-based chemicals, can impact the manufacturing costs for producers. Uncertainty in raw material costs poses a challenge to market growth and profitability.
Environmental Concerns
- While friction modifiers offer performance benefits, there are concerns about their environmental impact. Some traditional friction modifiers may contain chemicals that can be harmful to the environment. This has led to increased scrutiny and regulatory pressure, pushing the market towards the development of more sustainable and eco-friendly alternatives.
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Friction Modifiers Market Competitive Landscape
The global friction modifiers market exhibits a competitive landscape characterized by intense rivalry among market players. Companies in this market strive to differentiate their offerings through product innovation, technological advancements, and strategic partnerships. The market is witnessing increased investments in research and development activities to develop advanced friction modifiers with enhanced performance characteristics. The competitive dynamics of the market are driven by factors such as pricing strategies, product quality, brand reputation, and customer relationships. Companies focus on expanding their market presence by establishing strong distribution networks and collaborations with key industry participants. Additionally, mergers and acquisitions play a significant role in shaping the competitive landscape, as companies aim to strengthen their market position and expand their product portfolios. The market also witnesses a significant emphasis on sustainability and environmental responsibility. Companies are increasingly developing eco-friendly friction modifiers that comply with stringent regulations and meet the growing demand for sustainable solutions. These initiatives help market players gain a competitive edge and cater to the evolving needs of environmentally conscious consumers. Furthermore, technological advancements in the field of friction modifiers drive competition. Companies are investing in research and development to develop innovative formulations with improved performance characteristics, such as reduced friction, enhanced wear resistance, and extended equipment lifespan. The pursuit of novel additives and lubrication technologies enables companies to stay ahead in the competitive landscape and meet the diverse requirements of end-use industries.
Top Player’s Company Profile
- 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)
Recent Developments
- In February 2023, Lubrizol announced the launch of its new line of friction modifiers for automotive applications. The new products are designed to improve fuel economy, reduce emissions, and extend the life of engine components.
- In March 2023, Infineum announced the expansion of its production capacity for friction modifiers in Asia. The new capacity will help meet the growing demand for friction modifiers in the region.
Friction Modifiers Key Market Trends
- Increasing Demand for Sustainable Solutions: There is a growing trend towards the development and adoption of sustainable friction modifiers. Companies are focusing on eco-friendly formulations that comply with environmental regulations and reduce the overall environmental impact. This trend is driven by the increasing awareness of sustainability and the demand for greener alternatives in various industries.
- Advancements in Nanotechnology: Nanomaterial-based friction modifiers are gaining prominence in the market. Nanotechnology enables the development of additives with superior lubrication properties and reduced friction at the nanoscale. Nanoparticles such as graphene, tungsten disulfide, and boron nitride are being used to enhance the performance and efficiency of friction modifiers, catering to the demand for high-performance solutions.
Friction Modifiers Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global friction modifiers market analysis, the increasing demand for sustainable solutions and the focus on reducing environmental impact are resulting in the development and adoption of eco-friendly friction modifiers. Advancements in nanotechnology are enabling the formulation of high-performance additives with superior lubrication properties. Additionally, the automotive industry's emphasis on fuel efficiency and emission reduction is driving the adoption of friction modifiers to improve engine and drivetrain efficiency. Customized and specialty formulations are gaining importance, catering to the specific requirements of different industries. The market is witnessing the rise of bio-based friction modifiers derived from renewable sources. Integration of AI and ML technologies is optimizing formulation development and performance prediction. Emerging economies are emerging as key growth drivers due to rapid industrialization and infrastructure development. Overall, the global friction modifiers market is evolving with a focus on sustainability, technological advancements, and customized solutions to meet the diverse needs of industries while reducing friction-related losses and improving efficiency.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 963.03 Million |
| Market size value in 2031 | USD 1312.51 Million |
| Growth Rate | 3.5% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Friction Modifiers Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Friction Modifiers Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Friction Modifiers Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Friction Modifiers Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Friction Modifiers Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Friction Modifiers Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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