Friction modifiers are generally known as boundary lubrication additives which acts as oil soluble chemicals while mixed as additives in lube oils. These are the synthetic fatty acids, esters, and few solid materials. These additives boost transmission and internal combustion engines. These lubricants reduces the wear and friction in machine and one of the important component for lubricating the solid surfaces which are in contact and can lead to friction and wear. It also reduces the noise and decreasing friction. The aforementioned properties and advantages of modifiers are propelling growth of the global friction modifiers market. Additionally, the patent expiry and new patent availability propel growth of the global friction modifiers market. For instance, the small and med ranging companies operating in the US such as Altria Client Services LLC, Kara Partners LLC, and Afton Chemical Corp. received patent for their advanced modifiers in November 2018. Launch of these products are expected to fuel growth of the global friction modifiers market.
Which are the factors that are influencing on the growth of friction modifier market?
These additives provide a cushioning effect to surfaces when it is applied on one surface which is in contact with another surface. Additionally, market for friction modifiers is benefiting due to surging demand for fuel efficient lubricants coupled with stringent regulations for improving fuel economy standards and growing development and advancement in friction modifiers. Furthermore, growing automotive industry globally and especially in the developing region is augmenting growth of the market.
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However, availability of the cheaper substitutes for friction modifiers additives such as detergent additives and dispersant additives which offer better corrosion inhibition and used as anti-wear agents is restraining growth of the global friction modifiers market. Likewise, decline in oil prices from past two to three years is expected to leave a negative impact on prices of base oil and friction modifier additives which is limiting growth of the global friction modifiers market. Additionally, swift shift toward the uptake of alternative fuel sources is hampering growth of the friction modifiers market.
Which is the highest consuming region for friction modifiers?
In terms of consumption, Asia Pacific accounted for leading share in the overall consumption of friction modifiers in 2017, followed by Europe and North America. The region is expected to remain dominant the global market for friction modifiers over the forecast period. This growth of region is attributable to growing uptake in the countries such as Japan, China, South Korea, and India. These countries are the hubs of growing industries and thus, expected to remain as dominant over the forecast period.
Which are the key players operating in the global friction modifiers market and which are the key strategies adopted by them?
Some of the key players operating in the global friction modifiers market are Akzonobel N.V, Adeka Corporation, Abitec Corporation, Multisol Ltd., and PMC Biogenix, Inc. These players are focusing on the acquisitions, partnerships, and collaborations in order to enhance the production and operational efficiency. Additionally, these players are improving their distribution channel and taking efforts on innovative product developments.