WELLESLEY, Mass., Aug. 15, 2018 (GLOBE NEWSWIRE) — As a necessary material in any expanding economy due to its widespread usage in the heavy machinery, appliances and transportation industries, the demand for friction products continues to grow steadily, as indicated in a new report from BCC Research.
The global market for friction products is projected to grow at a CAGR of 5.2% between 2018 and 2023, reaching nearly $24.7 billion by 2023, according to the recently published report Global Markets for Friction Products and Materials.
- All forms of transportation, ranging from bicycles to 18-wheel trucks, utilize some form of friction materials in their braking systems. Both original equipment (OE) and aftermarket ground (or road) transportation applications (light vehicles and medium- and heavy-duty trucks) represent the largest single market for friction materials, accounting for 47.2% of the total in 2017.
- China has emerged as a large market for friction products as growth among major consuming end-use industries has been extremely dynamic.
- Railway, construction and other off-road, oilfield and other industrial applications collectively accounted for 43.1% of the total friction products market, or nearly $7.9 billion in 2017.
“Although not always apparent at the surface, technological and product innovation has been a driving force behind the friction materials business,” said BCC Research analyst Andrew McWilliams. “The commercialization of new technologies such as carbon fibers and metal matrices attest to the importance of R&D. In general, German, Japanese and American companies are recognized as being technological leaders in friction materials technologies.”
Opportunities for Carbon Fibers in Friction Products
Within certain industries, the mixture of friction products is changing dramatically. Asbestos and NAO products represent mature technologies and will offer only modest business opportunities during the next five years. Sintered and other metallic products will offer similar growth opportunities. Carbon-carbon composites will offer the best opportunities, in which demand for carbon fibers in friction applications will increase at a CAGR of 7.9%. This is partially driven by the dynamism of the aircraft/aerospace business but also by the inherent performance characteristics of this technology. This will engender renewed opportunities for carbon fibers, partially oxidized polyacrylonitrile (POA), aramid, ceramic, metal and other advanced fibers.
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.
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