Global Friction Modifiers Market: Snapshot
The demand within the global market for friction modifiers is increasing on account of the willingness of several industries to experiment with the usage of new materials. Friction modifiers are primarily meant to reduce the friction caused by the rubbing of two or more components, and these modifiers are extremely useful in the automotive industry. It is expected that the successful marketing and promotion of friction modifiers would accelerate demand within the global market for friction modifiers. Furthermore, several quality checks to test the effectiveness of these modifiers have given a seal of credibility to these modifiers. Hence, it is safe to estimate that the demand within the global market for friction modifiers would outdo all the previous marks of demand.
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The automotive sector is characterised by precision and meticulousness, and the slightest of carelessness could have dire consequences. For this reason, the use of friction modifiers to regulate friction between automobile parts has become a necessity in the contemporary times. Furthermore, the government has given approvals and certifications for the usage of friction modifiers in the automotive industry, and this has further propelled demand within the global market.
On the negative end, the global market for friction modifiers faces stiff competition from the growing popularity of conventional fuels. Furthermore, environmental concerns have brought electric vehicles to the fore, and the growing popularity of these vehicles is expected to be a roadblock for the global friction modifiers market.
Geographically, the market for friction modifiers in Europe has been prospering on account of the expansive automotive sector in England, Germany, and France.
Global Friction Modifiers Market: Overview
The global friction modifiers market is foreseen to gain momentum in growth due to its widening scope as a result of the rise of the transportation industry. Increase in the use of lubricants around the world could be one of the vital factors attaining support from the overall growth of the transportation industry. In the near term, market growth is anticipated to increase on the back of swelling demand for friction modifiers in South Korea, India, and other developing nations. Also known as antifriction additives, friction modifiers could improve their demand as strict government regulations offer strong growth prospects.
Friction modifiers could be offered in two main types, viz. inorganic and organic, where the former is foretold to secure a larger share of the global market in the near future. Compared to organic friction modifiers, their inorganic counterpart is said to be economically priced.
Global Friction Modifiers Market: Trends and Opportunities
Inorganic friction modifiers offering exceptional friction reduction and outstanding performance are envisaged to collect massive demand in the global market. According to a study of market dynamics for friction modifiers, there could be telling growth prospects birthing on account of increasing vehicle parc and expansion of the automotive industry. Furthermore, magnifying demand for fuel-efficient lubricants is prognosticated to set the tone for valuable growth in the world friction modifiers market.
However, increase in the use of alternative fuels and preference for electric vehicles could hamper the demand for friction modifiers. Moreover, there could be an adverse effect on the overall production cost of friction modifiers because of inconsistency in raw material prices. Nonetheless, developments in friction modifier additive technologies and massive research and development investments are prophesied to create a wealth of opportunities in the world friction modifiers market.
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Global Friction Modifiers Market: Market Potential
Novel crop enhancement business, Plant Impact Plc was acquired by Croda International Plc after the latter announced the completion of its purchase in March, 2018. Plant Impact is said to report into its acquisitor’s Life Science business following the acquisition. However, taking shape as a subsidiary within Croda Europe, the company will retain its identity after the acquisition, said a press release by Croda. President of Croda Life Sciences, Nick Challoner said that their strategy would be to maximize benefits offered by this integration.
Global Friction Modifiers Market: Regional Outlook
At least until the completion of 2022, Asia Pacific is projected to take over a commanding position of the international friction modifiers market. It could be a larger region of the market taking advantage of favorable situations in prominent countries such as India, South Korea, Japan, and China. Considered as automotive hubs of the region, all of these country-wise markets could prove to be extremely vital for the overall growth of Asia Pacific.
Europe and North America could bank on stringent emission standards required to be followed in the automobile industry. Besides their use in meeting these standards, friction modifiers find application in enabling efficient functioning of lubricants. For automotive and automotive lubricants manufacturing, the usage of fuel-efficient lubricants is mandatory in both the regions.
Global Friction Modifiers Market: Competitive Landscape
Entry of new players seems to be difficult with the need to keep up with current changes and developments in friction modifier technology, which requires vast investments in research and development activities. One of the go-to developmental strategies adopted by leading companies could be market expansion. In order to meet changing consumer demands, companies are expected to focus on launching cost-effective and new materials. Some of the key players of international friction modifiers market are Infineum, Afton, and Lubrizol.
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