Friction Modifiers Market

Friction Modifiers Market Size-(2023-2028):

The Friction Modifiers Market was valued at $ 815.6 million in 2022 and is predicted to reach $ 1,004.7 million in 2028, with a CAGR of 3.1% during the foreseen period.

Anti-friction additives are lubricating additives added to the base oil to control the friction properties of lubricants by reducing the friction coefficient. This results in lower fuel consumption, which contributes to fuel economy. Anti-friction additives are composed of carboxylic acids, fatty acid esters, alcohols, sulfurous fatty acids, esters and amides, molybdenum compounds, and functional polymers. They provide better lubricity and longer equipment life, which is predicted to drive the market between 2021 and 2026. Friction modifiers often referred to as boundary lubricant additives are oil-soluble chemicals employed in lubricating oils as additives for internal combustion engines and transmissions. These lubricants are added to reduce wear and friction on machine components. They are essential at the lubrication regime limit, where they help prevent solid surfaces from lubricating each other, thus reducing friction and wear. Although they represent only a small part of the total motor oil market, they play a vital role in modern motor oils by reducing friction at the main metal-to-metal interaction points in engines and transmissions. In addition to improving fuel economy by reducing friction, they help minimize light contact on surfaces, reduce wear and engine noise, and prevent micro-pitting on metal surfaces when employed in industrial gears.

Over the years, the automotive industry has seen significant expansion in the production and sale of vehicles. The automotive industry is currently experiencing substantial expansion in the APAC and North American regions, among other regions, and annual vehicle sales have escalated significantly. Technological advances have fueled the expansion of the automotive industry in APAC and North America. Therefore, the escalating production of vehicles in the main markets directly influences the call for vehicles worldwide. This is considered a positive factor responsible for the expansion of the Friction Modifiers market.

Friction Modifiers Market Drivers:

The rise in the overall transportation industry has increased the use of lubricants worldwide, thus expanding the reach of the friction modifier market. Escalating the call for friction modifiers in emerging economies such as India and South Korea is predicted to drive the friction modifier market's expansion worldwide. Additionally, expansion in the automotive industry is predicted to affect the call for friction modifiers in developed markets in North America and Europe, as regulations mandate the use of energy-efficient lubricants in automotive lubricants and automotive manufacturing. Friction modifiers are also called anti-friction additives. The automotive sector's expansion potential and rapid industrialization in developing countries are predicted to drive the friction modifier market in the coming years. The escalating consumption of motor oil is a key trend that will positively impact the worldwide market for friction modifiers. Friction modifiers are employed primarily in motor oils to extend the life of automobile engines. Therefore, the expansion of the APAC region's automotive industry has led to an increase in motor oil consumption that will drive the friction modifier market at a CAGR of nearly 4% during the foreseen period.

Friction Modifiers Market Restraints:

Fluctuating raw material prices have a negative impact on the total cost of production borne by manufacturers of friction modifiers.

Opportunities in the Friction Modifiers Market:

The friction modifier market is driven by escalating calls for fuel-efficient lubricants, strict regulations for fuel economy standards, and the continued development of friction modifier technology. Also, the expansion of the automotive industry and the vehicle fleet is predicted to drive the market. The friction modifier market is predicted to grow over the foreseen period due to drivers such as the boom in the automotive industry and vehicle fleet in developing countries, coupled with an escalating call for energy-efficient lubricants. Advances in additive friction modifier technologies and strict environmental regulations provide lucrative opportunities for major players in the Friction Modifier market during the foreseen period.

Challenges in the Friction Modifiers Market:

The preference for the electric vehicle also poses a challenge to the expansion of the friction modifier market.

FRICTION MODIFIERS MARKET REPORT COVERAGE:

Friction Modifiers Market Segmentation:

Friction Modifiers Market - By Type:

• Organic

• Inorganic

The inorganic sector is predicted to be leading the friction modifier market throughout the foreseen period on the basis of value. The expansion of this segment can be attributed to the exceptional performance and reduced friction provided by inorganic friction modifiers. Also, these additives are less expensive than organic friction modifiers.

Friction Modifiers Market - By Application:

• Transportation lubricants

• Industrial lubricants

Friction Modifiers Market - By Region:

 The Friction Modifiers Report includes the segmentation of Regions:

•  North America 

•  Europe 

•  Asia Pacific 

•  Latin America 

•  Middle East & Africa 

The Asia-Pacific region is the largest friction modifier market and is predicted to continue to dominate the market until 2026. The region is predicted to dominate the world market during the foreseen period. This can be attributed to the recognition of countries such as China, Japan, South Korea, and India as automotive hubs. The COVID-19 outbreak has affected all countries' economic expansion right now, as almost all manufacturing and service sectors have rushed due to the shutdown. Furthermore, the predicted increase in various manufacturing industries and the automotive sector's potential in India and other ASEAN countries are predicted to support the call for friction modifiers in the coming years.

Impact of Covid-19 on the Friction Modifiers Market:

COVID-19 is caused by SARS-CoV-2, first identified in Wuhan, China. The coronavirus is showing mild to severe symptoms depending on the human immunity system. Patients suffering from chronic illness are likely to have more risk when affected by this virus. So, World Health Organization declared this a pandemic in March 2020. This led to strict lockdown restrictions all over the world. Key players faced huge challenges during this time as there was no supply chain and production. The friction modifiers market had a negative impact due to COVID-19. The shares were going high until the pandemic hit the world. With the disruption in the supply chain and manufacturing units, the shares started to fall rapidly. However, with the unlock guidelines released by the government in the last months of 2020, all the activities were back to normal which is expected to level up the market's growth rate. 

Friction Modifiers Market Key Players:

The major players covered in the friction modifiers market report are 

1. Cabot Corporation

2. INX International Ink Co.

3. Kornit DigitalMarabu GmbH & Co. KG

4. Nazdar

5. Nutec Digital Ink

6. Sensient Imaging Technologies

7. Siegwerk Druckfarben AG & Co. KgaA

8. Sun Chemical

9. Toyo Ink Co., Ltd.

10. Wikoff Color Corporation