Friction Materials
Global Friction Materials Market to Reach $85.8 Million by 2030
In the changed post COVID-19 business landscape, the global market for Friction Materials estimated at US$48.2 Million in the year 2022, is projected to reach a revised size of US$85.8 Million by 2030, growing at aCAGR of 7.5% over the period 2022-2030. Lining, one of the segments analyzed in the report, is projected to record 8.5% CAGR and reach US$32.8 Million by the end of the analysis period. Taking into account the ongoing post pandemic recovery, growth in the Pads segment is readjusted to a revised 7.7% CAGR for the next 8-year period.
The U.S. Market is Estimated at $13.1 Million, While China is Forecast to Grow at 11.9% CAGR
The Friction Materials market in the U.S. is estimated at US$13.1 Million in the year 2022. China, the world`s second largest economy, is forecast to reach a projected market size of US$19.9 Million by the year 2030 trailing a CAGR of 11.9% over the analysis period 2022 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.3% and 6% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 5.3% CAGR.
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