The increasing consumption of motor oil is one of the major trends being witnessed in the global friction modifiers market 2019–2023. Countries such as China is 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 as it extends. As per the latest market research report published by Technavio, the global friction modifiers market size will grow by USD 180.8 million during 2019–2023. Get the free sample report below for the detailed information.
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Global friction modifiers industry overview
The growing automotive industry in APAC is driving the global friction modifiers market. The region is witnessing the rise of the automotive industry due to several factors such as rapid industrialization, increase in disposable income, and improved standard of living. With the increase in the number of automobiles, there is also the need to achieve fuel efficiency which is resulting in the high demand for friction modifiers. Friction modifiers reduce friction and slippage and thus improve fuel economy and efficiency. This will encourages end-users to adopt and invest in the market, thus leading to market growth.
The increasing consumption of motor oil is a key trend that will positively impact the global friction modifiers market. Friction modifiers are primarily used in motor oils to extend the life span of automobile engines. Thus, the growth of the automotive industry in APAC has led to an increase in the consumption of motor oil which will drive the friction modifiers market at a CAGR of close to 4% during the forecast period.
Demand for new lubricants with improved fuel economy
The demand for new lubricants with improved fuel economy is increasing due to technological advances. In machinery, lubricants help in reducing the amount of friction between two surfaces. When the base oil in the oil or grease does not have enough lubricity, friction modifiers are added to perform the function efficiently.
The lifespan of automobiles increased from eight years in 1995 to approximately twelve years in 2018 due to superior engine performance. Engine performance depends on the type of the lubricant used, its viscosity, and its ability to reduce friction and wear in machine components. The function of friction modifiers depends on the application in which they are used.
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