Portland, June 12, 2019 (GLOBE NEWSWIRE) -- According to the report, the global friction products and materials market accounted for $17.04 billion in 2017 and is projected to garner $24.53 billion by 2025, growing at a CAGR of 4.7% from 2018 to 2025.
Rise in demand for friction materials in aerospace, machinery, and automotive industries coupled with development of the oil & gas, forestry, and mining sectors in the developing countries are the major factors that drive the growth of the global friction products and materials market. However, rapid technological advancements in brakes and clutches hamper the market growth.
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The global friction products and materials market is categorized on the basis of product, business type, end user, application, and geography. Based on product, the market is divided into pads, lining, discs, blocks, and others. The pads segment held the largest share in 2017, contributing nearly two-fifths of the market and is expected to continue its trend throughout the forecast period. Moreover, the segment is projected to manifest the fastest CAGR of 5.4% during the study period, owing to rise in demand for friction pads in braking systems with the growth in the automotive industry.
On the basis of business type, the market is divided into original equipment and aftersales. Based on end user, the market is bifurcated into brakes, clutches, and industrial brake & transmission systems. The brakes segment held the largest share in 2017, accounting for more than half of the market share and is expected to manifest the fastest CAGR of 5.1% during the forecast period. On the basis of application, the market is segmented into the automotive, railway, construction, aerospace & marine, and others.
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The market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across the Asia-Pacific region held the largest share, contributing nearly half of the total share in 2017. Moreover, the region is estimated to register the fastest CAGR of 5.3% during the study period, owing to rise in penetration of friction products.
The market report analyzes the major market players such as Akebono Brake Industry, European Friction Industries Ltd., ABS Friction Corp., Hindustan Composites Ltd., Carlisle Brake & Friction (CBF), GMP Friction Products, Fras-le, MIBA AG, Nisshinbo Holdings Inc., and Tenneco (Federal-Mogul Holding).