Global Friction Modifiers Market to Reach $1.2 Billion by 2030
The global market for Friction Modifiers estimated at US$886.6 Million in the year 2023, is expected to reach US$1.2 Billion by 2030, growing at a CAGR of 4.3% over the period 2023-2030. Inorganic Friction Modifiers, one of the segments analyzed in the report, is expected to record 3.5% CAGR and reach US$619.4 Million by the end of the analysis period. Growth in the Organic Friction Modifiers segment is estimated at 5.2% CAGR for the next 7-year period.
The U.S. Market is Estimated at $236.4 Million, While China is Forecast to Grow at 6.2% CAGR
The Friction Modifiers market in the U.S. is estimated at US$236.4 Million in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$242.6 Million by the year 2030 trailing a CAGR of 6.2% over the analysis period 2023 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3% and 3.5% respectively over the 2023-2030 period. Within Europe, Germany is forecast to grow at approximately 3.5% CAGR.
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