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Description
The friction products and materials market is valued at USD 20,436.5 million in 2021 and is poised to grow at a significant CAGR of 4.7% over 2022–2028. Manufacturers of friction materials and brakes are compelled to maintain their products’ secrecy due to the industry’s ongoing development and applications. They use this action to differentiate themselves from the competition. Modern brake systems for automobiles, spacecraft, and industries use friction materials. In the last ten years, asbestos has been phased out in automotive brake friction materials based on ongoing research and development, and the market for friction products has grown for asbestos-free friction materials as a safer substitute. As a result, the friction industries created various grades of brake linings and brake pads, each of which had its own special composition yet served the same purpose and claimed to be superior to others. More on tradition and experimental trial and error than on fundamental knowledge, the choice of brake friction materials is made. By focusing on digitalizing processes and adjusting to new technologies in robotic automation and artificial intelligence, market participants in the market are aligning their operating model to the new standard. It is projected that rapid urbanization and industrialization will increase demand for passenger and commercial vehicles, supporting market expansion. Additionally, the global market for friction products and materials has lucrative potential due to the increase in demand for lightweight friction products in the automotive end-use industry.
