Friction Modifiers Market worth 1,004.3 Million USD by 2022, at a CAGR of 3.6%

The friction modifiers market is projected to grow from USD 843.0 Million in 2017 to USD 1,004.3 Million by 2022, at a CAGR of 3.6% during the forecast period. The increasing demand for fuel-efficient lubricants from the automotive industry in emerging economies such as China, India, and Brazil is expected to fuel the growth of the friction modifiers market across the globe.

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The increasing demand for friction modifiers from emerging economies such as India and South Korea is expected to fuel the growth of the friction modifiers market across the globe. Stringent environmental regulations also provide huge growth opportunities for friction modifiers market. Friction modifiers are also termed as antifriction additives.

The demand for friction modifiers in public transport and passenger vehicles is expected to increase with growing environmental concerns. The demand for friction modifiers is also expected for aviation turbine engine oils. The marine industry holds several opportunities and will be the major growth driver for the friction modifiers market in the future.

The Asia Pacific region is the largest market for friction modifiers and is expected to continue leading the market till 2022. The growth of the Asia Pacific friction modifiers market can be attributed to the recognition of countries such as China, Japan, South Korea, and India as automotive hubs.

Key players operating in the friction modifiers market include Lubrizol (US), Afton (US), Infineum (UK), Chevron Oronite (US), Croda (UK), Chemtura (Germany), BASF (Germany), Kings Industries (US), BRB International (Netherlands), and Vanderbilt Chemicals (US).

Target Audience:
• Manufacturers of Friction modifiers
• Lubricant Suppliers
• Chemical Suppliers
• Raw Material Suppliers
• Manufacturers of Lubricant Additives
• Government and Research Organizations
• Traders, Distributors, and Suppliers of Friction modifiers
• Industry Associations
• Research and Consulting Firms 

Comments

  1. Market NewsNovember 21, 2018 at 8:39 AM

    Due to the rising need for fuel-efficient lubricants in the automobile industry, the Friction Modifiers market will grow at a fast pace worldwide. Geographically, the market has been segmented into Asia-Pacific, North America, South America, Middle East & Africa and Europe. Asia-Pacific region is anticipated to grow at the highest CAGR due to the rising demand for friction modifiers in the automotive industry. According TechSci Research findigs, Global Friction Modifiers market is anticipated to reach USD 1.02 Billion by 2023.

    Facts and Figures Taken Form: https://www.techsciresearch.com/report/global-friction-modifiers-market/3620.html

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