Rockville, MD , Dec. 10, 2024 (GLOBE NEWSWIRE) -- According to Fact.MR, a market research and competitive intelligence provider, the global Friction Shims market is estimated to reach a valuation of US$ 720.2 million in 2024 and is expected to grow at a CAGR of 7.2% during the forecast period of (2024 to 2034).
Thin friction shims are manufactured predominantly from stainless steel, aluminum, and copper to support improvements in friction, enhancements in grip, and structural stability in their respective mechanical assemblies. Thus, one of the key drivers that influence market growth is the rising adoption of electric and hybrid vehicles, which have growing requirements for lightweight and high-performance components to ensure efficiency and durability.
Friction shims provide real benefits related to torque transmittance and stability in highly thermally and mechanically strained EV powertrains and battery assemblies. Manufacturers focus on light material weight, including shims manufactured with aluminum and copper-based materials with a high strength-to-weight ratio, encouraged through government commitments to ambitious targets for emission reductions.
Another key driver in the market is the rapid growth of renewable energy projects, particularly within wind and solar fields. Friction shims are finding increasing applications in key components related to turbine assemblies, solar panel structures, and heavy machinery used in the installation process for renewable energy.
For More Insights into the Market, Request a Sample of this Report: https://www.factmr.com/connectus/sample?flag=S&rep_id=10501
Key Takeaways from Market Study:
- The global friction shims market is projected to grow at 7.2% CAGR and reach US$ 1,443.4 million by 2034
- The market created an opportunity of US$ 158.7 million growing at a CAGR of 6.5% between 2019 to 2023
- East Asia is a prominent region that is estimated to hold a market share of 38.4% in 2024
- Predominating market players include 3M, CCT GmbH, Freudenberg Group, Heraeus, and Sintex.
- Stainless steel under material type are estimated to grow at a CAGR of 6.7% creating an absolute $ opportunity of US$ 243.5 million between 2024 and 2034.
- North America and East Asia are expected to create an absolute $ opportunity of US$ 446.2 million collectively
“Friction shims are vital for enhancing stability and efficiency in EVs and renewable energy projects, driving significant market growth” says a Fact.MR analyst.
Leading Players Driving Innovation in the Friction Shims Market:
Key industry participants like 3M; AccuTrex Products; American Metric Corporation; CCT GmbH; Freudenberg Group; Heraeus; MAT Holdings Inc.; Northern Industrial Mfg.; Sintex; SKF; SPIROL, etc. are driving the friction shims industry.
Market Development:
The friction shims market is highly competitive, characterized by a mix of established players and specialized manufacturers focused on innovation and material advancements. Leading companies like 3M, CCT GmbH, Heraeus, and Sintex dominate the market with strong commitments to research and development, advanced manufacturing processes, and strategic partnerships.
As demand for high-performance friction shims continues to rise across automotive, aerospace, and renewable energy sectors, manufacturers are increasingly investing in lightweight and durable materials, such as advanced alloys and composites, to meet the stringent requirements of these industries.
Friction Shims Industry News:
• Over 300 million Friction Shims have been produced and sold worldwide, according to a major accomplishment reported by 3M on September 4, 2024. By improving the friction coefficients in bolted connections, these tiny, nickel-coated steel shims with diamond particles imbedded in them provide better load and torque carrying capabilities.
Get Customization on this Report for Specific Research Solutions: https://www.factmr.com/connectus/sample?flag=S&rep_id=10501
More Valuable Insights on Offer:
Fact.MR, in its new offering, presents an unbiased analysis of the global friction shims market, presenting historical data for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study reveals essential insights on the basis of the material type (Stainless Steel, Aluminum, Copper, Others), application (Energy Technology & E- Mobility, Automotive & Engine Technology, Tools & Mould Construction, Automation & Handling), End-Use Industry (Automotive, Aerospace, Construction, Renewable Energy, Industrial Machinery) across major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia, and Pacific, Middle East & Africa).
Segmentation of Friction Shims Industry Research:
- By Material Type :
- Stainless Steel
- Aluminum
- Copper
- Others (Brass, Carbon Steel, Lead, and Nickel)
- By Application :
- Energy Technology & E- Mobility
- Automotive & Engine Technology
- Tools & Mould Construction
- Automation & Handling
- By End-use Industry :
- Automotive
- Aerospace
- Construction
- Renewable Energy
- Industrial Machinery
Check out More Related Studies Published by Fact.MR Research:
Steel tubes market is expected to grow from a valuation of US$ 93.3 billion in 2022 to US$ 114.8 billion by 2032, expanding at a modest CAGR of 2.1% over the forecast period.
Pre-painted steel coil market, valued at $10.64 billion in 2022, is projected to grow at a 6.4% CAGR from 2022 to 2032, reaching $19.79 billion by the end of the forecast period.
Wear-resistant steel plate market is valued at $31.46 billion in 2024 and is projected to grow at a 4% CAGR, reaching $46.58 billion by 2034.
Polyurethane in automotive filters market is estimated at USD 791 Million in 2022 and is forecast to reach USD 1.2 Billion by 2032, growing with a CAGR of 4.5% from 2022 to 2032.
Automotive vibration absorber market is set to grow from $24.45 billion in 2022 to $34.41 billion by 2032, at a CAGR of 3.5%.
About Us:
Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning.
With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
Contact:
US Sales Office:
11140 Rockville Pike
Suite 400
Rockville, MD 20852
United States
Tel: +1 (628) 251-1583
Sales Team : sales@factmr.com
Follow Us: LinkedIn | Twitter | Blog
