In 2011 the friction materials market was valued at $13.8 billion and by the end of 2012 the market has been forecast to reach $14.7 billion.
Growing at a compound annual growth rate (CAGR) of 5.9% over the next five years, the friction materials market has been anticipated to reach a value of $19.5 billion in 2017.
Growth within the friction materials market is being driven by an increase in global income and the rise of middle classes in developing nations, and an eventual recovery of capital spending in combination with rapid industrialisation.
The friction materials market can be broken down into two segments, these are; dry friction materials, such as non-asbestos organic (NAO), semimetallic low-metallic, and asbestos friction materials, and wet-friction materials such as paper products.
The ground transportation sector is expected to account for $7.7 billion in 2012 and nearly $10.3 billion in 2017, growing at a CAGR of 5.9%.
The industrial and other sector is projected to total nearly $5.6 billion in 2012 and $7.9 billion in 2017, increasing at a CAGR of 7.1%.
The aircraft/aerospace market is the smallest of the segments, but is expected to increase at a CAGR of 7.7% to reach nearly $1.4 billion in 2014.
The US friction materials market suffered a slight dip in revenues back in the mid 2000's but has since recovered well and was estimated to be worth $7.7 billion in 2012.
For more information on the friction materials market, see the latest research: Friction Materials Market Report
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