LONDON--(BUSINESS WIRE)--Jan 13, 2020--
The friction modifiers market size is poised to grow at a CAGR of close to 4% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
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Technavio announced its latest market research report titled global friction modifiers market 2019-2023. (Graphic: Business Wire)
The automotive industry in APAC has registered remarkable growth over the past few years and will continue to grow during the forecast period. Rapid industrialization and rise in disposable incomes have improved the standard of living and increased the demand for automobiles. China, Japan, and South Korea lead the automotive production market in APAC, while Vietnam and the Philippines are also expanding their automobile production capacities. Fuel economy is crucial to the automotive industry, and the growing emphasis on achieving fuel economy has led to the introduction of friction modifiers in passenger car motor oils. Thus, the thriving automotive industry in the APAC region will fuel the consumption of friction modifiers, thereby making APAC the leading regional segment.
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As per Technavio, the increasing consumption of motor oil will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Friction Modifiers Market: Increasing Consumption of Motor Oil
Countries such as China are 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 to extend the lifespan of automobile engines. Thus, the increasing consumption of motor oil is one of the major trends being witnessed in the global friction modifiers market.
“Other factors such as the growth in the industrial gear oil market and technological advances will have a positive impact on the growth of the friction modifiers market value during the forecast period,” says a senior analyst at Technavio.
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Friction Modifiers Market: Segmentation Analysis
This market research report segments the friction modifiers market by type (organic and inorganic), application (transportation lubricants and industrial lubricants), and by region (the Americas, EMEA, and APAC).
The APAC region held the largest share of the market in 2018, followed by the Americas and EMEA respectively. During the forecast period, the APAC region is expected to maintain its dominance and register the highest incremental growth owing to the rise in the production of automobiles and related components in the region.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
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SOURCE: Technavio Research
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PUB: 01/13/2020 06:00 PM/DISC: 01/13/2020 06:00 PM