The friction modifiers market is projected to grow from USD 843.0 Million in 2017 to USD 1,004.3 Million by 2022, at a CAGR of 3.6% during the forecast period. The major driver for the growth of the friction modifiers market is the growing demand for lubricants from the Asia Pacific region, owing to the rapid development of the infrastructure and automotive industries in the region.
Key players operating in the friction modifiers market include Lubrizol (US), Afton (US), Infineum (UK), Chevron Oronite (US), Croda (UK), Chemtura (Germany), BASF (Germany), Kings Industries (US), BRB International (Netherlands), and Vanderbilt Chemicals (US). These players have adopted various growth strategies such as new product launches, expansions, and acquisitions to expand their presence and increase their shares in the friction modifiers market.
The growth of the friction modifiers market has been largely influenced by expansions and new product launches that took place between 2013 and 2017. Companies such as Lubrizol (US), Afton (US), Infineum (UK), Chevron Oronite (US), Croda (UK), BASF (Germany) have adopted strategies of expansions and new product launches to expand their regional presence and enhance their product offerings.
Lubrizol (US) is one of the leading manufacturers of friction modifiers globally. The company has been focusing on expansions to maintain its leading position in the market. For example, in September 2017, the company announced the opening of its new warehousing and state-of-the-art drumming facilities in Painesville Township Plant, Ohio, US. This plant will act as a key source in the global supply chain of the company’s lubricant additives division. The company invested USD 70 million in these facilities. This expansion helped the company to meet the increasing demand for friction modifiers.
Croda (UK) is another major player in the friction modifiers market. The company has been focusing on expansions and new product launches as part of its strategic development activities. In June 2016, the company carried out the expansion of its research & development facility at the University of Liverpool (UK). This expansion helped the company focus on new product formulations and enhance their research capabilities. The company launched a new antifriction additive, Perfad 3100 in May 2013, which is used in industrial gear oils.
This report provides a detailed analysis of the friction modifiers market and segments the market based on type, application, and region. Based on type, the friction modifiers market has been segmented into organic and inorganic. Based on application, the market has been segmented into automotive lubricants and industrial lubricants. The friction modifiers market has been studied for Asia Pacific, Europe, North America, South America, and the Middle East & Africa.
Friction Modifiers Market by Type (Organic and Inorganic), Application (Transportation Lubricants (Commercial Vehicle, Passenger Vehicle, Aviation, Marine), and Industrial Lubricants), and Region - Global Forecast to 2022
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