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FRICTION PADS MARKET TO SURPASS VALUATION OF US$ 7.97 BN BY 2031

 

Friction Pads Market: Introduction

Transparency Market Research delivers key insights on the global friction pads market. In terms of revenue, the global friction pads market is estimated to expand at a CAGR of 4.4% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global friction pads market. The global friction pads market is broadly affected by several factors, including increase in usage of friction pads in various end-use industries such as automotive, railways, construction, mining, aerospace, and agriculture.

The rise in the global demand for ceramic friction pads and sinter metallic friction pads has led to significant growth in the usage of friction pads. The increase in production and demand for non-asbestos organic friction pads is expected to be the primary driver of the global friction pads market. The growth of automotive, railways, aerospace, and agriculture industries is also propelling the demand for friction pads.

Friction Pads Market: Dynamics

Friction pads are components of disc brakes used in automotive and other applications. Friction pads are composed of steel backing plates with friction material bound to the surface that faces the disc brake rotors. Friction pads convert the kinetic energy of the vehicle into thermal energy through friction. Two friction pads are contained in the brake with their friction surfaces facing the rotor. When the brakes are hydraulically applied, the caliper clamps or squeezes the two pads together onto the spinning rotor to slow and stop the vehicle. When a brake pad heats up due to contact with the rotor, it transfers small amounts of its friction material onto the disc, leaving a dull grey coating on it. Friction pads are used in automotive, railways, aerospace, agriculture, and various other industries.

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Based on product type, the ceramic segment dominated the global friction pads market in 2020. This can be primarily ascribed to the increase in the demand for friction pads in various end-use industries, including automotive, railways, construction, mining, aerospace, and agriculture.

The global automotive sector is expected to expand considerably during the forecast period. Thus, the rise in production of automotive, railways, aerospace, and agriculture is projected to boost the demand for friction pads during the forecast period.

Manufacturers are focusing on the automotive industry, as the share held by this segment in the friction pads market is likely to increase during the forecast period.

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Friction Pads Market: Prominent Regions

Asia Pacific holds the major share of the global friction pads market. The market in the region is anticipated to expand at a CAGR of more than 4.77% during the forecast period. The increase in the demand for friction pads in various end-use industries such as automotive and agriculture is driving the friction pads market in Asia Pacific. China is a key country of the friction pads market in Asia Pacific. It held a significant share of the friction pads market in Asia Pacific in 2020. The country is estimated to maintain its dominant position in the region during the forecast period.

Europe is also a prominent region of the global friction pads market. Germany led the friction pads market in Europe in 2020. The rise in the demand for friction pads in automotive and railway industries is driving the market in Germany.

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Friction Pads Market: Major Players

The global friction pads market is consolidated with the presence of key players. Prominent players operating in the global friction pads market include AKEBONO BRAKE INDUSTRY CO., LTD., AISIN CORPORATION, Asimco, Robert Bosch GmbH, EBC Brakes, Japan Brake Industrial Co., Ltd, Brembo S.p.A, Nisshinbo, Tenecco Inc., TMD FRICTION HOLDINGS GMBH, ZF Friedrichshafen AG, Masu Brakes, Brake Parts Inc. LLC., Carlisle Brake & Friction, and Miba AG.

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