Technavio analysts forecast the global friction modifiers market to grow at a CAGR of nearly 4% during the forecast period, according to their latest market research report.
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Technavio has released a new market research report on the global friction modifiers market for the period 2019-2023. (Graphic: Business Wire)
The increasing consumption of motor oil is one of the major trends being witnessed in the global friction modifiers market 2019-2023. Countries such as China is one of the largest automobile producers in the world. In terms of infrastructure and production, the country is expected to expand heavily during the forecast period. Other countries in APAC, such as India and Japan are expanding in terms of automobile manufacturing. In the US and Europe, the light vehicles market is witnessing expansion. An increase in automobile manufacturing has a direct impact on the consumption of motor oil. Friction modifiers are primarily used in motor oils as it extends the lifespan of automobile engines.
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According to Technavio analysts, one of the key factors contributing to the growth of the global friction modifiers market is the demand for new lubricants with improved fuel economy:
Global friction modifiers market: Demand for new lubricants with improved fuel economy
The demand for new lubricants with improved fuel economy is increasing due to technological advances. In machinery, lubricants help in reducing the amount of friction between two surfaces. When the base oil in the oil or grease does not have enough lubricity, friction modifiers are added to perform the function efficiently.
According to a senior analyst at Technavio for research on specialty chemicals, "The lifespan of automobiles increased from eight years in 1995 to approximately twelve years in 2018 due to superior engine performance. Engine performance depends on the type of the lubricant used, its viscosity, and its ability to reduce friction and wear in machine components. The function of friction modifiers depends on the application in which they are used."
Global friction modifiers market: Segmentation analysis
The global friction modifiers market research report provides market segmentation by type (organic and inorganic), application (transportation lubricants and industrial lubricants), and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The organic segment held the largest market share in 2018, accounting for 56% of the market. This type segment is expected to dominate the global market throughout the forecast period.
APAC led the market in 2018 with a market share of nearly 53%. This region is expected to dominate the market through 2023, with over 1% increase in its market share.
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Five Forces Analysis
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- Vendors covered
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