Global Friction Modifiers Market - 2023-2030

Global Friction Modifiers Market - 2023-2030

Market Overview

The global friction modifiers market reached US$ XX million in 2022 and is projected to record significant growth by reaching up to US$ XX million by 2030, growing at a CAGR of XX% during the forecast period (2023-2030).

The most widely used lubricants, industrial and automotive oils, contain modifiers that minimize friction between metal surfaces. To reduce friction and wear in machine components, friction modifiers are added to lubricants. They are particularly crucial in the boundary lubrication regime, where they can significantly reduce friction and wear by preventing solid surfaces from coming into direct contact.

It eliminates the possibility of rubbing between flat solid surfaces. Friction is reduced to increase overall fuel economy and efficiency, which increases equipment longevity. They are also referred to as boundary lubrication additives and are added to lube oils for internal combustion engines and transmissions. Friction modifiers' raw materials come from petrochemical byproducts like solvents, carbon black, resins, mineral oils and intermediates. Friction modifiers are widely used in various fine arts, advertising and promotions. The global market is segmented into type (organic friction modifiers and inorganic friction modifiers), application (industrial lubricants and transportation lubricants) and formulation (water-based, fatty acid-based and others).

Market Dynamics

Owing to the lower cost and exceptional performance, the demand for inorganic friction modifiers is anticipated to boost the global friction modifiers market. The demand for friction modifiers is rising significantly in various business sectors, including the aviation, building and automobile industries, due to rapid industrialization across the globe. To keep their machinery and equipment in the best working condition, the major manufacturing and construction industries use a variety of friction modifiers.

The growing adoption of organic polymeric friction modifiers in a variety of application boost the demand for the product market

A variety of novel organic polymer friction modifiers have been developed. These are similar to current organic friction modifiers but merged into a single, considerably larger molecule. It has the exceptional ability to lower lubricant coefficients of friction to levels that are impossible with traditional organic friction modifiers. It also has excellent film-forming properties, which have the potential to reduce wear and increase durability. It also offers greater oxidative stability than standard organic friction modifiers and is effective between 0.1% and 0.5% at low doses. Therefore, the rise in adopting these friction modifiers contributes to the market's growth.

Owing to the need for equipment increasing life in the power industry, the adoption of power generation lubricants is become crucial, which bolsters the market growth

Equipment failure is more likely in the power generation industry due to factors like high temperatures & pressure swings and extreme temperature and pressure conditions. Due to frequent seasonal replacements, equipment breakdowns can be very expensive. Friction modifier additives are used in power generation lubricants to address this issue. Lubricant additives that act as friction modifiers help prolong the equipment's life by reducing friction. Therefore, rising electricity consumption in both developed and developing countries, rising government initiatives to advance power generation technologies and rising usage of friction modifier additives in power generation lubricants will further support market growth during the forecast period.

However, some limitations and difficulties can impede market expansion. The market is likely constrained by the availability of less expensive alternatives like oiliness agents, dispersant additives and detergent additives. High raw material volatility rates would be a significant obstacle to market expansion in the upcoming years.

COVID-19 Impact Analysis

COVID-19 had a negative effect on the friction modifiers market. Friction-reducing additives are mostly used in the lubricants used in the automotive sector. Due to the pandemic scenario, passenger air travel was temporarily suspended during the lockdown and even after the lockdown, people tended to travel less frequently by plane or their own vehicles. Thus, this resulted in less demand for automotive and aviation lubricants, which negatively affects the demand for lubricant additives like friction modifiers.

Segment Analysis

The global friction modifiers market is segmented based on type, application, formulation and region.

Owing to a rapid increment of commercial and passenger vehicles across all nations propels the demand for elastomers in the friction modifiers market

The rise in passenger and commercial vehicles has led the transportation lubricants application segment to dominate in the global friction modifiers market and is anticipated to expand more quickly with the increasing number of vehicle sales and production. Further, the expansion in the transportation sector, which has witnessed a rise in lubricant usage, may also favorably affect the friction modifiers market.

Geographical Analysis

The global friction modifiers market is segmented based on type, application, formulation and region.

The growing usage of industrial lubricants in Asia-Pacific nations propels the friction modifiers market demand

Because emerging economies like China, Japan, South Korea and India are recognized as automotive hubs, the Asia-Pacific region will hold the largest market share. For various industrial applications, inorganic friction modifiers are in high demand. According to the National Bureau of Statistics of China, Chinese industrial production increased by about 2.4% in 2020 compared to 2019. The demand for friction modifiers for various industrial applications increased due to industrial production increasing by 7.3% year over year in December 2020 after increasing by 7% year over year the previous month. Furthermore, the growing industrial production generates the demand for industrial lubricants in the region and further, it will boost the growth of the cold flow improvers market.

Competitive Landscape

In order to develop effective technologies and increase production rates to meet market demand, manufacturers are making many strategic decisions in the global friction modifiers market. The primary focus areas include product launches, collaborations, strategic mergers and acquisitions. The key players in the market are Lubrizol Corporation, Afton Chemical Corporation, BASF SE, Croda International Plc, Chemtura Corporation, Chevron Oronite Company LLC, Iinfineum International Limited, Kings Industries, Inc., BRB International BV and Vanderbilt Chemicals, LLC.

BASF SE

Overview: BASF is headquartered in Germany and was founded in 1965, the German multinational largest chemical manufacturer. It has provided customers with high-performance chemical solutions while employing about 11,000 persons. BASF's product offering includes six segments: chemicals, materials, surface technologies, industrial solutions, agricultural solutions and nutrition & care. It operates in the Americas, Europe, Asia-Pacific and MEA. BASF has its subsidiary in Ludwigshafen as BASF SE and one manufacturing facility in Sandefjord. BASF's product portfolio offers raw materials for the formulation of paints and coatings, printing and packaging goods, construction chemicals, adhesives, fiber bonding, plastics, paper and other products. BASF offers essential raw materials. The company primarily develops formulations for thermal insulation, chemicals, materials, industrial solutions, surface technologies, nutrition and care and agricultural solutions. Most of the company's formulations are custom-made according to client requirements and are sold under strict confidentiality agreements. The BASF Group produces, develops and markets about 700 intermediates worldwide.

Product Portfolio

IRGALUBE: The IRGALUBE line of antiwear additives has been developed especially for making antiwear gear oils, greases and hydraulic fluids. IRGALUBE protects industrial and mobile equipment operating at high pressure and temperature by delivering long-term lubricant stability and excellent antiwear and corrosion prevention. Products from IRGALUBE are compatible with system contaminants like calcium, zinc and water and are hydrolytically stable.

Key Development: On August 30, 2022, In Shanghai, China, BASF opened a new production facility for fuel performance additives. The new facility meets the rising regional demand for fuel performance additives and offers customers in Asia more supply security and supply flexibility. The facility has recently been incorporated into BASF's global network, enhancing its regional manufacturing presence in Asia. The multifunctional additive packages made by BASF, known as KEROPUR, are well-known on the market and offer the best engine cleanliness, increased fuel efficiency and reduced emissions. The market for fuel additives in Asia is anticipated to expand at a compound annual growth rate of more than 4% through 2032 due to the expanding trend toward the use of multifunctional additives in fuels and the rising demand for products that are cleaner and more efficient.

Why Purchase the Report?
• To visualize the global friction modifiers market segmentation based on type, application, formulation and region, as well as understand key commercial assets and players.
• Identify commercial opportunities in the global friction modifiers market by analyzing trends and co-development.
• Excel data sheet with numerous data points of friction modifiers market-level with all segments.
• PDF report consisting of cogently put together market analysis after exhaustive qualitative interviews and in-depth market study.
• Product mapping available as excel consisting of key products of all the major market players.

The global friction modifiers market report would provide approximately 61 tables, 55 figures and 230 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies