The global market for friction modifiers reached a valuation of USD 937.7 Million in 2020 and is anticipated to ascend to USD 1,195.7 Million by 2028, with a projected compound annual growth rate (CAGR) of 3.0% during the forecast period. The escalating production and sales of automobiles are poised to elevate the demand for friction modifiers, serving as lubrication additives in internal combustion engines. This surge in demand is further fueled by the increasing preference for fuel-efficient lubricants, the imposition of stringent regulations pertaining to fuel economy standards, and the ongoing advancements in technologically sophisticated friction modifiers. Moreover, the burgeoning adoption of friction modifiers in digital printing machines, which facilitate the printing of diverse texts, images, and digital graphics on various media substrates, is expected to significantly bolster market expansion.Get a sample of the report @ [URL]https://www.reportsanddata.com/download-free-sample/2081
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Market Overview:
Different businesses in the chemicals and materials industries differ in size, geography, business style, and end-market focus. These businesses are part of a larger ecosystem that includes oil, gas, coal, minerals, and bio-based products as raw materials on one hand and a wide range of application industries on the other. It is traditional to divide the chemical industry into three major categories: petrochemicals, diversified manufacturers, and specialized industries.
Companies considered and profiled in the market report
Lubrizol Corporation, Croda International PLC, Vanderbilt Chemicals, LLC, BASF SE, Chevron Corporation, F.I.L.A. Group, BRB International BV, Kings Industries, Inc., Afton Chemical Corporation, and LANXESS. The market players have adopted various strategies including mergers, acquisitions, partnerships, and new product developments, among other strategies, to stay ahead of the competition and expand market footprint.
Segments covered in the report:
By Modifier Type Outlook • Organic Friction Modifiers (OFM)
• Organomolybdenum Friction Modifiers (MoFM)
• Polymer Friction Modifiers (PFM)
• Dispersed Nanoparticles
By Compound Type Outlook • Organic
• Inorganic
By Application Outlook • Automotive
• Engineering Vehicles
• Aviation
• Marine
• Railway
• Machinery
• Others
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