The Global Friction Products market is to reach US$18.78 billion by 2016. One of the key factors contributing to this market growth is increasing demand from the Automotive industry. The Global Friction Products market has also been witnessing increasing demand for customized products. However, the increasing threat of low-cost products from local vendors could pose a challenge to the growth of this market.
The Global Friction Products market is witnessing the emerging demand for customized friction products. Many large vendors in the market are offering customized friction products to end-users based on the end-users' specific requirements. Vendors are developing long-term contracts with end-users by providing and developing customized friction products. For instance, Brembo S.p.A. offers customized products to key leading automotive original equipment manufacturers (OEMs). It creates a competitive edge for Brembo in the market and helps to maintain long-term contracts with OEMs.
The Global Friction Products market is driven by the Global Automotive industry, and the market receives most of its revenue from this industry. The Automotive industry is growing at a rapid rate across the globe, especially in developing countries, which enhances the demand for friction products. In particular the demand for passenger cars is growing at a rapid rate, although the rate of growth is faster in developing countries due to increasing disposable incomes among middle-class people in these countries. Therefore, the market is experiencing higher demand from the Automotive industry in developing countries than in developed countries. The Automotive industry is expected to retain its key leading position in the market during the forecast period.
The key vendors dominating this market space are Nisshinbo Brake Inc., Federal Mogul Corp., ITT Corp., and Brembo S.p.A. The other vendors mentioned in the report are ADVICS Co., Ltd., Akebono Brake Industry Co., Ltd., Carlisle Companies Inc., Fras-le SA, Honeywell International Inc., and Japan Brake Industrial Co., Ltd.
For more information on the Global friction products market, please click here: Global friction products market
For more information on the Industrial market, please click here: Industrial Reports
Companiesandmarkets.com issues news updates and report summaries covering all major industries and sectors. The service provides additional client monitoring and timely alerts to breaking industry and sector news leading the day's business headlines. News articles, written by our staff, contain additional analyst insight, providing value added insight for our readers. News updates and real-time alerts on newly-released market reports are also available from our Facebook page, Twitter feed @CandMResearch and RSS links. We also welcome inquiries from business journalists and the news media.