August 15, 2018
WELLESLEY, Mass., Aug 15, 2018 – As a necessary material in any expanding economy due to its widespread usage in the heavy machinery, appliances and transportation industries, the demand for friction products continues to grow steadily, as indicated in a new report from BCC Research.
The global market for friction products is projected to grow at a CAGR of 5.2% between 2018 and 2023, reaching nearly $24.7 billion by 2023, according to the recently published report Global Markets for Friction Products and Materials.
“Although not always apparent at the surface, technological and product innovation has been a driving force behind the friction materials business,” said BCC Research analyst Andrew McWilliams. “The commercialization of new technologies such as carbon fibers and metal matrices attest to the importance of R&D. In general, German, Japanese and American companies are recognized as being technological leaders in friction materials technologies.”
Opportunities for Carbon Fibers in Friction Products
Within certain industries, the mixture of friction products is changing dramatically. Asbestos and NAO products represent mature technologies and will offer only modest business opportunities during the next five years. Sintered and other metallic products will offer similar growth opportunities. Carbon-carbon composites will offer the best opportunities, in which demand for carbon fibers in friction applications will increase at a CAGR of 7.9%. This is partially driven by the dynamism of the aircraft/aerospace business but also by the inherent performance characteristics of this technology. This will engender renewed opportunities for carbon fibers, partially oxidized polyacrylonitrile (POA), aramid, ceramic, metal and other advanced fibers.
Editors/reporters requesting analyst interviews should contact Eric Surber at email@example.com.
Global Markets for Friction Products and Materials( AVM028H )
Publish Date: Aug 2018
Data and analysis extracted from this press release must be accompanied by a statement identifying BCC Research LLC as the source and publisher. For media inquiries, email firstname.lastname@example.org or visit www.bccresearch.com/media to request access to our library of market research.