The Brake Friction Products Market is projected to reach $13.3 billion by 2026 from $10.8 billion in 2021, at a CAGR of 4.3% during the forecast period. Stringent emission norms and brake disc technology, advanced brake friction materials to drive the brake friction products market.
Stringent brake emission norms, increased safety standards, stopping distance regulations, increase in vehicle par, and average miles travelled will boost the brake friction products OE & aftermarket. The use of lightweight materials and eco-friendly and nontoxic friction products have created opportunities for brake friction products. The increase in demand for enhanced braking and durability has led to innovations in new-age brake friction products. Hence, with an increased focus on R&D, companies such as Robert Bosch have developed new brake friction product technologies such as replaceable brake pads with increased stopping power, increased pad life, quiet stops, low dust, and great pedal feel for medium-duty vehicles.
The brake friction products market is dominated by key players, which are Robert Bosch (Germany), AISIN CORPORATION (Japan), Nisshinbho Holdings Inc. (Japan), Brembo S.p.A (Italy), and Tenneco Inc. (US).
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The market for brake friction products is driven by the increasing production of passenger cars and commercial vehicles. The increasing focus on safety, especially in passenger cars, is another growth driver for brake friction products. Asia Oceania is estimated to lead the market for brake friction products due to increasing vehicle production in China, India, and others. According to OICA publications, key Asia Oceania countries—China, Japan, India, and South Korea—accounted for ~59% of the global vehicle production in 2020. In 2020, the region contributes 58% of the demand for OE brake friction products globally and is projected to grow at a CAGR of 4.3% over the period of next five years.
In the product type segment, the brake disc is expected to be the largest segment during the forecast period in terms of value. Asia Oceania holds the largest share in the brake disc market and the key countries included are China, Japan, India, South Korea.
The passenger car segment is estimated to be the largest and the fastest-growing market for brake friction products because of the higher production of passenger cars than commercial vehicles.
Asia Oceania region is expected to be the largest market. The growth can be attributed to the improving socio-economic conditions in emerging economies such as China, India, Indonesia, and Thailand. The increased vehicle production and upcoming stringent brake emission & safety norms in China and India will boost the brake friction products market.
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Recent Developments:
- In March 2021, Brembo introduced its new Brembo Sport | T3 brake disc, a direct replacement for original equipment discs. It has two easily recognizable elements distinguishing it from the previous version – Type3 slotting and the Brembo logo engraved on the braking surface. These new technologies and design features are a first for a road disc.
- In March 2021 TMD Friction, owned by Nisshinbo Holdings, upgraded the brake product segment by introducing brake linings for new vehicle models.
- In August 2021, Pagid Hella operates as an OE brand of TMD Friction, a part of Nisshinbo Holdings Inc., and offers a range of brake discs for Mercedes models.
- In August 2020, TMD Friction, a Nisshinbo Group company, developed strong ceramic friction material to produce brake pads for light commercial vehicles and heavy SUVs, which emit less brake dust
- In March 2019, Robert Bosch GMBH invested USD 110 million in a new plant for electromechanical brake boosters in Nanjing, China, to support the fast-growing demand for electromechanical brakes.
- In Sept 2019, AISIN AW CO, LTD ( a subsidiary of AISIN CORPORATION) expanded a new production base in the US and capital investments up to USD 400 million, contributing to the overall auto part manufacturing business of Texas.
- In Nov 2017, Bosch introduced Brake disc 2.0 with a non-corrosive tungsten carbide coating reducing wear and airborne particulate
