According to the report by Expert Market Research (EMR), the global friction modifiers market size is projected to grow at a CAGR of 3.5% between 2023 and 2028. Aided by the growing demand for fuel-efficient vehicles and the escalating applications of friction modifiers in various industries, the market is expected to grow significantly by 2028.
Friction modifiers, or friction reducers, are speciality chemicals added to lubricants to modify the coefficient of friction between two surfaces in relative motion. They are widely used in the automotive industry to minimise friction between engine parts, enhancing the fuel efficiency and performance of vehicles. Apart from their primary usage in automotive lubricants, friction modifiers also exhibit excellent properties that make them valuable in numerous industrial applications, including aviation, manufacturing, and marine sectors.
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The global thrust towards fuel efficiency in the automotive sector is driving the friction modifiers market growth. With increasing awareness about environmental sustainability and the rising cost of fossil fuels, there has been a significant transition towards fuel-efficient vehicles. This shift has led to a surge in demand for friction modifiers, as they are key ingredients in lubricants that enhance engine efficiency and performance. Additionally, the rising trend of vehicle maintenance and regular engine check-ups has further boosted the appeal of friction modifiers in the automotive sector.
The broadening applications of friction modifiers in various industries play a substantial role in propelling the friction modifiers market development. In the aviation industry, friction modifiers are used in lubricants to minimise friction in airplane engines, contributing to improved fuel efficiency and engine performance. In the manufacturing sector, they are used in industrial machinery and equipment to reduce energy consumption and enhance operational efficiency. Similarly, in the marine industry, friction modifiers are utilised in marine lubricants to optimise engine performance and minimise wear and tear.
Furthermore, the increasing demand for bio-based lubricants in various industries has led to a heightened focus on friction modifiers as crucial components. With the rise of environmental consciousness and the growing popularity of sustainable industrial practices, friction modifiers have emerged as critical ingredients in the formulation of bio-based lubricants, thereby fuelling the friction modifiers market expansion.
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Friction Modifiers Market Segmentation
The market can be divided based on type, end-user industry, and region.
Market Breakup by Type
- Organic Friction Modifiers
- Inorganic Friction Modifiers
Market Breakup by End-User Industry
- Automotive
- Industrial
- Marine
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global friction modifiers companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- BASF SE
- Lubrizol Corporation
- Croda International Plc
- Chemtura Corporation
- Afton Chemical Corporation
- Others
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