Global Brake Friction Products Market is expected to foresee steady growth. Asia Pacific holds the largest share!
- Himanshu Patni
- January 19, 2022
- AUTOMOTIVE, NEWS
- Brake Friction Products Market, Brake Friction Products Market growth, Brake Friction Products Market share, Brake Friction Products Market size, Brake Friction Products Market trends
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Global Brake Friction Products Market is expected to grow at a CAGR of around 3% during the forecast period 2021-2027. The global increase in vehicle manufacturing is driving the brake friction industry. Braking systems, which are made up of various brake friction components, are installed on every vehicle. Disc brake systems, for example, include rotors and pads, whereas a drum brake has a brake shoe and a braking drum. The growing desire for comfort and convenience has resulted in a growth in vehicle manufacturing all over the world. Furthermore, improving economic conditions and rising population have resulted in a rise in car manufacturing in several locations. As a result, the market for brake friction products has grown. Every car has a brake system that stops or slows down the vehicle. As the number of cars produced rises, so does the need for brake components, propelling the industry forward. Furthermore, increased usage of brakes decreases brake shoe size, power, and time to replace, resulting in an increase in the brake friction market.
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The use of brakes when driving rises as traffic congestion increases. More braking wears out the brake pads and diminishes braking power. When braking power is reduced, there is a strong need for brake pads and brake shoes to be replaced. As a result, replacing the brake raises the need for brake pads, causing the brake friction market to develop. The introduction of disc brakes to improve the braking system in automobiles has resulted in an increase in demand for automotive brake friction materials, mostly from the automotive sector. The market is being pushed by increased interest in commercial and passenger cars, which has resulted in the development of automotive brake friction materials for use in automotive parts.
Due to travel limitations and the projected dismal financial performance of market players in 2020, the spread of the COVID-19 pandemic has had a negative impact on the Brake Friction Products industry. Supply chain execution, regulatory and policy changes, labour reliance, working capital management, and liquidity and solvency management are all major concerns for brake friction products manufacturers. Massive industrial disruptions have been reported as a result of the COVID-19 outbreak, and brake friction products production processes have been suspended throughout the world. Because to physical distance and lockdowns, there was a sharp decline in vehicle miles travelled (VMT) and consumer foot traffic as a result of the COVID-19 incident. As a result of the delayed economic recovery, aftermarket demand may take years to recover to levels seen in 2019. With so many constraints, aftermarket players should enhance their business strategies now to emerge stronger from the crisis. As a result, brake friction product makers must devise better tactics in order to survive in this fragmented aftermarket and must introduce cost-effective goods in order to win market share.
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For a better understanding of the market adoption of Brake Friction Products, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, France, UK, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Rest of APAC), and Rest of World. Asia Pacific dominated the market in 2020 and is expected to grow at a higher rate during the forecasted period. The improvement in socioeconomic conditions of growing countries such as China, India, Indonesia, and Thailand can be linked to the expansion. The market for brake friction products would be boosted by growing vehicle production and future severe safety standards in China and India. China and India’s expanding need for trucks, buses, railways, industrial machinery, and robotics is driving demand for friction materials in a variety of applications. Because of the region’s significant expansion in the automotive and aerospace industries, the Asia Pacific automotive brake friction materials market is expanding. Rapid development and rising demand for personal automobiles are propelling the global automotive brake friction materials market forward.
Global Brake Friction Products Market Segmentation
Market Insight, by Product Type
- Brake Disc
Market Insight, by Disc Material
Market Insight, by Liner Type
Market Insight, by Vehicle Type
Market Insight, by Region
- North America Brake Friction Products Market
- United States
- Rest of North America
- Europe Brake Friction Products Market
- United Kingdom
- Rest of Europe
- Asia Pacific Brake Friction Products Market
- South Korea
- Rest of Asia-Pacific
- Rest of World Brake Friction Products Market
Top Company Profiles
- Aisin Corporation
- Robert Bosch
- Nisshinbo Holdings Inc.
- Brembo S.p.A
- Tenneco Inc.
- Federal-Mogul Corporation
- Delphi Technologies
- ANAND Group
- Akebono Brake Industry Co., Ltd.
- Miba AG