The report "Friction Materials Market by Product (Pads, Linings, Discs, Blocks), Business Type (OE and Aftersales), Application (Brakes, Clutches), End-use Industry (Automotive, Railway, Construction), and Region - Global Forecast to 2023" The friction materials market size is projected to grow from USD 44.65 million in 2018 to USD 57.04 million by 2023, at a CAGR of 5.0%. Increasing demand for passenger and commercial vehicles has led to the rise in the consumption of automotive components, which is driving the growth of the friction materials market.
The Asia Pacific region is the largest consumer of friction materials across the globe and is also projected to lead the market during the forecast period. The growth of the friction materials market in Asia Pacific can be attributed to the economic growth of emerging economies such as China, India, and South Korea, among others. Improving economic conditions and rising demand for personal vehicles have led to the increased demand for friction products in the Asia Pacific region.
The key players operating in the friction materials market include Akebono Brake Industry (Japan), Federal-Mogul Holdings (US), Miba (Austria), Fras-Le (Brazil), Nisshinbo Holdings (Japan), Aisin Seiki (Japan), Valeo Friction Materials India (India), Yantai Hi-Pad Brake Technology (China), and Carlisle Brake & Friction (US).
