Friction Modifiers Market Summary
The global market for friction modifiers reached a valuation of USD 937.7 Million in 2020 and is anticipated to ascend to USD 1,195.7 Million by 2028, with a projected compound annual growth rate (CAGR) of 3.0% during the forecast period. The escalating production and sales of automobiles are poised to elevate the demand for friction modifiers, serving as lubrication additives in internal combustion engines. This surge in demand is further fueled by the increasing preference for fuel-efficient lubricants, the imposition of stringent regulations pertaining to fuel economy standards, and the ongoing advancements in technologically sophisticated friction modifiers. Moreover, the burgeoning adoption of friction modifiers in digital printing machines, which facilitate the printing of diverse texts, images, and digital graphics on various media substrates, is expected to significantly bolster market expansion.
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Market Overview:
Businesses within the chemicals and materials industries vary in terms of their size, geographic presence, operational approach, and target markets. These entities form part of a broader ecosystem that encompasses raw materials such as oil, gas, coal, minerals, and bio-based products, alongside a diverse array of application industries. Conventionally, the chemical industry is segmented into three main categories: petrochemicals, diversified manufacturers, and specialized industries.
While overarching trends discussed earlier pertain to the sector as a whole, the intricate differences among these players underscore the importance of segment-specific analysis. Deloitte, in its multiverse series, has categorized stakeholders in the chemical sector into three distinct groups: natural owners, distinctive commodities, and solution providers. Each group typically pursues its own strategic imperatives.
For vertically integrated natural owners, the emphasis often lies on continual improvement rather than groundbreaking innovation in their operations. Differentiated commodities thrive in a highly fragmented and intricate industry by prioritizing supply chain efficiency, market innovation, and cost optimization. Similarly, solution providers concentrate on maximizing the value of their unique products, leveraging their application expertise, and offering tailored services.
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Moreover, the report provides insight into how the Friction Modifiers market will develop between 2024 and 2028. Companies operating in the Friction Modifiers market can benefit from the in-depth dynamics presented in the report, thereby making strategic development decisions that will help them succeed. During the forecast period, the Friction Modifiers market is expected to undergo significant changes that will highly configure its growth.
Furthermore, the report highlights the growth prospects of the Friction Modifiers market and estimates market progress in terms of value (USD million) and volume (thousand units).
Companies considered and profiled in the market report
Lubrizol Corporation, Croda International PLC, Vanderbilt Chemicals, LLC, BASF SE, Chevron Corporation, F.I.L.A. Group, BRB International BV, Kings Industries, Inc., Afton Chemical Corporation, and LANXESS. The market players have adopted various strategies including mergers, acquisitions, partnerships, and new product developments, among other strategies, to stay ahead of the competition and expand market footprint.
In 2019, AkzoNobel acquired Mapaero, which is a France-based aerospace coating manufacturer. The acquisition was made to strengthen AkzoNobel’s global presence and market footprint in Aerospace Coatings market, particularly in cabin coating and structural business segments, and contribute to company’s revenue growth.
Segments covered in the report:
By Modifier Type Outlook
Organic Friction Modifiers (OFM)
Organomolybdenum Friction Modifiers (MoFM)
Polymer Friction Modifiers (PFM)
Dispersed Nanoparticles
By Compound Type Outlook
Organic
Inorganic
By Application Outlook
Automotive
Engineering Vehicles
Aviation
Marine
Railway
Machinery
Others
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Key Questions Answered in This report on the Friction Modifiers Market
The report provides detailed information about the Friction Modifiers market on the basis of comprehensive research on various factors that play a key role in accelerating the growth potential of the market. The information mentioned in the report answers path-breaking questions for companies that are currently functioning in the market and are looking for innovative ways to create a unique benchmark in the Friction Modifiers market, so as to help them formulate successful strategies and take target-driven decisions.
How are key market players successfully earning revenue from the advantages of the product?
What will be the Y-o-Y growth of the Friction Modifiers market between 2024 and 2028?
What are the winning imperatives of market frontrunners in the Friction Modifiers market?
Which end-user is expected to undertake maximum adoption of the product during the forecast period?
Research Methodology: Friction Modifiers Market
The research methodology adopted by analysts to compile the Friction Modifiers market report is based on detailed primary as well as secondary research. With the help of in-depth insights of industry-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts of the Friction Modifiers market.
During the primary research phase, analysts interviewed industry stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. On the basis of data obtained through interviews with genuine resources, analysts have emphasized the changing scenario of the Friction Modifiers market.
For secondary research, analysts scrutinized numerous annual report publications, white papers, import and export data of major countries around the world, industrial production index, industry association publications, and company websites to obtain the necessary understanding of the Friction Modifiers market.
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