Research And Markets, a market and industry research report corporation, released a new report outlining the dramatic growth of the global friction products and materials market, which is expected to reach an astounding $43.6 billion by 2030. According to PRNewswire, the global market for friction products and materials is currently valued at $28.4 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 5.5% during the analysis period from 2022 to 2030.
The market for friction products and materials includes various materials used primarily as braking units to create friction between two surfaces. Examples of these products include brake pads, brake shoes, clutch plates, bonded assemblies, and friction bands, liners, and rolls.
According to the report, key segments within the market are also poised for substantial growth. The pads segment is expected to reach $16.7 billion by 2030, with a CAGR of 6.7% during the analysis period. Similarly, the lining segment is estimated to experience steady growth with a CAGR of 5.8% over the next eight years.
The United States and China are two significant markets driving the overall growth of the friction products and materials market. In the United States, the market is estimated to be worth $5.6 billion in 2022. Meanwhile, China, as the world's second-largest economy, is forecasted to experience remarkable growth, with a projected market size of $11.3 billion by 2030. China's market is expected to have an impressive CAGR of 9.3% from 2022 to 2030.
Research and Markets, headquartered in Dublin, Ireland, is the world's largest market research store, providing data and insights for over 450 clients and 800 different industries and markets. They offer a diverse range of data and information, covering industries from automotive to telecommunications.
The projected growth of the global friction products and materials market highlights the increasing demand for these materials in various industries. With the automotive industry and other sectors relying on friction products for efficient braking and motion control, the market is expected to continue its upward trajectory in the coming years.