Friction Products and Materials Market: Introduction
- Friction products and materials are used to create friction in a variety of circumstances requiring decreased or slow movement. Friction is a type of resistance that tries to stop objects from moving. The usage of friction products and materials by a wide range of industries and continuous investment in research and development is expected to fuel the market. The market for friction products and materials is expected to show significant growth during the forecast period.
Key Drivers and Opportunities of the Global Friction Products and Materials Market
- Friction products and materials, including friction pads and linings, disc brakes, and blocks, are consumable components utilized as both original equipment and aftermarket parts. Because they are prone to wear and tear, these friction goods are in great demand across a wide range of industries, particularly the automotive industry. As a result, the friction products and materials market is anticipated to expand throughout the forecast period, more so, with the expansion of the automotive industry, which is expected to fuel the market even further.
- Manufacturers are focusing on launching new friction products as well as continuously investing in research and development as part of their business strategy to gain a stronger foothold in the friction products and materials market during the forecast period. Moreover, manufacturers are targeting other end-use industries apart from automotive in order to increase their revenue and market share during the forecast period.
- Countries have their own set of regulations and standards for friction products and materials, such as the Environmental Protection Agency's regulations in the United States, the European Union's requirements for industrial components and products, and so on. This is projected to obstruct the global friction products and materials market during the forecast period, since it discourages businesses from entering regulated geographies because it is likely to increase their entire production cost while manufacturing products based on set regulations and standards.
Asia Pacific to Hold Major Share of the Global Friction Products and Materials Market
- In terms of region, the friction products and materials market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
- Asia Pacific is expected to hold major share of the global friction products and materials market during the forecast period. The region is known to be the manufacturing hub for automobiles, industrial machinery, automotive industries, and many other sectors. The major application and use of friction products and materials are in the above mentioned categories. Moreover, continuous investment in end-use industries by governments is further expected to fuel the demand for friction products and materials.
Key Players Operating in the Global Friction Products and Materials Market are Listed Below:
- ABS Friction Corporation
- Aisin Corporation
- Akebono Brake Industry Co., Ltd.
- Carlisle Brake & Friction, Inc.
- European Friction Industries Ltd.
- Fras-le S.A.
- Hindustan Composites Ltd.
- Nisshinbo Holdings Inc.
- Valeo Friction Materials India Private Ltd.
- Yantai Hi-Pad Brake Technology Co. Ltd.
Global Friction Products and Materials Market: Research Scope
Global Friction Products and Materials Market, by Products with Friction Material
- Brake Blocks
- Brake Shoes
- Friction Discs
- Clutch Discs
- Clutch Facings
- Others (Brake Linings, Brake Pads, etc.)
Global Friction Products and Materials Market, by Business Type
- OEM (Original Equipment Manufacturer)
Global Friction Products and Materials Market, by Application
- Clutch and Brake Systems
- Operating Systems
- Automotive Equipment
- Others (Industrial Machinery, Gear Tooth Systems, etc.)
Global Friction Products and Materials Market, by End-use Industry
- Oil and Gas
- Others (Forestry, Mining, etc.)
Global Friction Products and Materials Market, by Price
Global Friction Products and Materials Market, by Distribution Channel
- Direct Sales
- Indirect Sales
Global Friction Products and Materials Market, by Region
- North America
- Rest of North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.