According to our latest market study on “Automotive Brake Shims Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Material Type and Application,” the market is expected to grow from US$ 540.78 million in 2021 to US$ 705.11 million by 2028; it is estimated to grow at a CAGR of 3.9% from 2021 to 2028.
The disc brake pad is an essential element of any vehicle's braking system. When a heavy car traveling at 100 km/hr needs to be brought to a stop in a short time, it generates more than 100 kW of heat. This heat is then absorbed by the brake pads, which can quickly reach temperatures of 600°C or higher. Ensuring safe and smooth braking has become increasingly important, with a growing emphasis on health, safety, and environmental concerns. As a result, manufacturers of disc brake pads are actively seeking alternative raw materials to replace traditional options like copper.
Friction materials for brake pads must meet high standards for performance under extreme braking conditions. They must maintain consistent pedal feel and deceleration during repeated braking and sudden stops in a range of weather conditions, including wet, dry, muddy, or icy roads. Advancements in braking technology and the implementation of various standards to reduce emissions are increasingly affecting the automotive industry. In particular, there is a growing need to reduce fine particulate emissions in urban areas. The rise of electric vehicles, which use regenerative braking to reduce wear and emissions, has placed unique demands on braking systems that new friction materials must meet.
The brakes of a vehicle must operate smoothly and without noise, vibration, or harshness, and they must be reliable and fail-safe under repeated use. Achieving this requires modern design, a consistent manufacturing process, and high-quality base materials. Automotive manufacturers are constantly seeking new and improved materials for disc brake pads, driving advancements in brake technology. This necessitates collaboration between brake compounders and raw materials suppliers to enhance brake friction, lubrication, and durability. As a result, these factors will contribute to the future demand for automotive brake shims.
Impact of COVID-19 Pandemic on Automotive Brake Shims Market
Prior to the onset of the COVID-19 pandemic, there was a strong demand for automotive brake shims, driven by the increasing sales of passenger vehicles. According to a report by the Society of Indian Automobile Manufacturers, there were 33,77,436 domestic passenger vehicles sold in India during 2018-2019, surpassing the previous record of 32,88,581 units in 2017-2018. This growth in passenger vehicle sales in India was a significant contributing factor to the expansion of the automotive brake shims market.
The global automotive industry was adversely affected by the COVID-19 pandemic in 2020, leading to significant disruptions in the manufacturing of various products, including automobiles. The sharp decline in automobile production had a negative impact on the growth of the global automotive brake shims market. According to data collected by OICA (Organisation Internationale des Constructeurs d'Automobiles), there was a 16% decline in vehicle production in 2020, resulting in less than 78 million vehicles being produced worldwide. The outbreak led to the imposition of various restrictions such as factory shutdowns, travel bans, trade bans, and border closures, which disrupted the manufacturing, supply, and sales of automobile components required to produce cars.
The automotive industry experienced a notable increase in vehicle sales in 2021 and 2022. The International Energy Agency (IEA) reported in December 2021 that global vehicle sales grew by 4% more than in the previous year. In November 2021, some major car market recorded a significant market share of electric cars. The IEA report revealed that Germany had a market share of over 34%, the UK had 28%, France had over 23%, and China had 18%.
Although the COVID-19 pandemic had a negative impact on the automotive brake shims market in 2020, the market is expected to grow during the forecast period owing to the rise in sales of automotive vehicles.
Key Findings of Study:
The automotive brake shims market is segmented based on material type, application, and geography. The segments based on material type are rubber coated, PSA material, thermoset material, and others, with the others segment leading the market in 2021. The application segments include two-wheelers, passenger vehicles, and commercial vehicles, with the passenger vehicle segment accounting for the largest market share in 2021. Geographically, the market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM), with APAC holding a significant share of the global automotive brake shims market in 2021.
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