The friction materials market size is projected to grow from USD 44.65 million in 2018 to USD 57.04 million by 2023, at a CAGR of 5.0%. The market is driven by the rising demand for passenger and commercial vehicles, which leads to the growth of friction materials consumption in auto components.
Key players operating in the friction materials market include Akebono Brake Industry (Japan), Federal-Mogul Holdings (US), Miba (Austria), Fras-Le (Brazil), Nisshinbo Holdings (Japan), Aisin Seiki (Japan), Valeo Friction Materials India (India), Yantai Hi-Pad Brake Technology (China), and Carlisle Brake & Friction (US). These players adopted various strategies such as new product development and agreement to strengthen their position in the friction materials market.
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Akebono Brake Industry (Japan) focuses on expansion and new product development to meet the increased demand for friction materials from end-use industry across the globe and enter the untapped markets. In September 2017, Akebono Brake Industry entered into an agreement with Toyota for installation of brake pads in Toyota’s products - Toyota C-HR, Toyota Prius PHV, and Camry. In June 2017, Akebono Brake Industry developed 13 new products for its premium ceramic brake pad lines, which would expand its vehicles coverage to more than 6.5 million additional vehicles in the US and Canada. These strategies helped the company to strengthen its position in the global friction materials market.
Fras-Le (Brazil) is another leader in the friction materials market and is the largest friction material manufacturer in Brazil. It focuses on inorganic growth strategies such as joint venture, partnership, and acquisition to acquire a large share in the friction materials market. In January 2018, Fras-le joint ventured with Federal-Mogul Motorparts to form JURID do Brasil Sistemas Automotivos Ltda. The joint venture company provides high-quality friction brake products to OE and aftermarket customers in the light vehicle segment in Brazil and other parts of South America. This strategy has strengthened the company’s position in the friction brakes market in the South America region.
Federal-Mogul Holdings (US) is one of the leading players in the friction materials market. The company concentrates on organic growth strategy such as new product development to supply competitive product in the friction materials market. In January 2018, Federal-Mogul Holdings introduced a series of premium brake rotors for the heavy-duty vehicle segment through its brand Abex. In July 2017, the company introduced a series of air disc brake products for popular commercial vehicle braking applications. These disc brake products conform to 2025 copper-free requirements of less than 0.05% by weight, with no copper added to this advanced OE-quality formulation. These strategies are expected to help the company expand its product portfolio in the untapped market and increase its share in the friction materials market.
Friction Materials Market by Product (Pads, Linings, Discs, Blocks), Business Type (OE and Aftersales), Application (Brakes, Clutches), End-use Industry (Automotive, Railway, Construction), and Region - Global Forecast to 2023
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