From 2018 to 2022, the global friction modifier additives market experienced moderate growth, with a CAGR of approximately 3.2%. This expansion was driven by the increasing use of friction modifier additives across various new end-use sectors and industries. Traditionally, these additives have been extensively applied in aviation lubricants to enhance engine performance and fuel economy.
Looking ahead, the market is projected to expand at a CAGR of around 4.3% from 2023 to 2033, fueled by the rising demand for friction modifier additives. FMI anticipates that the global market could reach a substantial valuation of USD 2,464.7 million by 2033, up from USD 1,617.8 million in 2023. These additives have become essential for reducing wear in car engines and gearboxes, thereby improving fuel economy, reducing emissions, and extending engine life.
Empower Your Strategy: Sample Our Insightful Report for a Competitive Edge!
https://www.futuremarketinsights.com/reports/sample/rep-gb-1656
The demand for friction modifier additives is expected to grow, offering profitable prospects for businesses in the manufacturing industries. Moreover, these additives have drawn a lot of interest in recent years because of their capacity to increase the effectiveness and performance of lubricants. So, as it lengthens the total operating lifespan of machinery and equipment, the automobile sector is the leading consumer of friction modifier chemicals nowadays.
With an increase in commercial and freight flights, the aerospace sector is expanding significantly, and the use of friction modifier chemicals is anticipated to increase dramatically. Likewise, the rail transportation sector is another significant contributor to the demand for friction modifier additives as it enhances operational efficiency and minimizes maintenance costs.
Concerns about the environmental effect of the rising usage of friction modifier additives may arise, particularly in light of possible pollution and disposal challenges. The price and availability of the raw materials might vary, which can also affect production costs and, in turn, product pricing.
Key Takeaways from the Global Friction Modifier Additives Market Study Report by FMI
- The sales of friction modifier additives in the United States were higher in comparison to other countries, and in 2022, it captured 15% of the global market share.
- Germany is the leading producer and supplier of friction modifier additives in Europe, with a 6.7% global market share in 2022.
- As a result of their broad use across several sectors, friction modifier additives are enjoying substantial expansion in the Asia Pacific countries. China and India, for instance, are projected to witness CAGRs of 4.8% and 5.1% respectively over the forecast years.
Request a Complete TOC of this Report with figures!
https://www.futuremarketinsights.com/toc/rep-gb-1656
Competitive Landscape for the Friction Modifier Additives Market Players
Adeka, BRB International, Croda, Chevron, Lubrizol, BASF, Afton Chemicals, CSW Industrial, Wynn’s, Dorf Ketal, DOG Chemie, ABITEC, Lanxess are some top market players. Continuous research and development efforts by these leading market players have introduced innovative friction modifier additives with enhanced properties.
The need for sophisticated lubricants with friction modifier additives has increased as a result of the expanding global automobile industry and strict environmental requirements. To fulfill the changing needs of end consumers and gain a competitive edge, new players may take advantage of the innovations made by existing manufacturers. Moreover, they should focus on burgeoning industrialization and expanding automotive and aviation industries in emerging regions to broaden their clientele.
Maximize Growth Opportunities: Purchase Our Report for Crucial Insights!
https://www.futuremarketinsights.com/checkout/1656
Friction Modifier Additives Market Segmentation
By Product Type:
- Organic
- Polymer
- Fatty Acids
- Esters & Amides
- Inorganic
- MoDTC
- MoS2
- Graphite
- Other Product Types
By Application:
- Automobile Lubricants
- Industrial Lubricants
- Rail Lubricants
- Aviation Lubricants
- Power Generation Lubricants
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- The Middle East & Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube