Global Brake Pads Market Growth To Be Driven By Increasing Production Of Automobiles Across The Globe

Brake pads are the components of the disc brakes useful in different automobile and other applications. Brake pads are one of the steel backing plates which has resistance material bound at the surface which helps in facing the disc brake rotor. Brake pads are the essential part of the disc braking system. These brake pads are helpful in stopping the motion and braking the vehicle. They are made out of material that has high friction.

Rising global population and rising demand for the low noise brake system and an increasing number of individuals who are preferring smooth driving experience and rising awareness about the personal safety and security while driving the vehicle that are propelling the demand for the brake pads market. Increasing disposable income and increasing number of individuals who are purchasing cars are among the other factors which help to drive the growth of the target market. However, factors such as the strict instructions while manufacturing the brake pads and volatile raw material cost are the factors that are hampering adoption of brake pads.

Mainly four types of brake pads are available in the market currently, including semi-metallic brake pads, low metallic, non-asbestos ceramic brake pads, non-asbestos ceramic brake pads, brake pads, and organic brake pads. Demand for non-asbestos organic brake pads is high as compared to the other two types as they are made out of fibers such as glass, rubber, Kevlar, and carbon. And these types of brake pads have low noise and ease of operability.

Rapid technological advancements in automobile industries and increasing production of automobiles especially in US and Canada are the factors that are resulting in high demand for the target market in North America. There is increasing popularity for the brake pads in the region of Asia Pacific due to the important penetration of vehicles and the higher concentration of OEMs in this region. In addition, the increasing number of government schemes for increasing foreign direct investments (FDIs), and accessibility of economical labor in countries such as India and China is another factor driving the growth of the market. Demand for brake pads is comparatively less in regions such as Latin America, and the Middle East & Africa.

The brake pads market worldwide is expected to grow at a compound annual growth rate of nearly 2.1% over the next 10 years and was valued at around US$ 12,661.6 Mn in 2018 to US$ 1,380.4 Mn in 2028. The brake pads are used in various applications including vehicles OEM industry and vehicles aftermarket industry. Demand for brake pads is increasing in vehicles aftermarket industry due to the quality of friction material, as brakes usage pattern, due to the overall weight of the vehicle, and poor road conditions.

Some of the major players operating in the global brake pads market are BOSCH, TRW（ZF), Nisshinbo Group company, MAT Holdings, Federal Mogul, Delphi Automotive, FBK CORPORATIOIN, Sumitomo (JP), Honeywell, Acdelco, MK Kashiyama (JP), Akebono, BREMBO, SAL-FER, ADVICS, ITT Corporation, Sangsin Brake, ATE, ICER, and Hitachi Chemical.