According to our latest market study, titled "Automotive Brake Pad Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Material Type, Vehicle Type, and Geography," the automotive brake pad market is expected to grow from US$ 2,580.57 million in 2021 to US$ 3,342.58 million by 2028. It is estimated to grow at a CAGR of 3.8% from 2020 to 2028.

The use of automotive brake pads is important to ensure the safety of passengers. Therefore, brake pad materials must be with utmost precision and must function for long durations. To reduce the weight of the disc rotor, it is necessary to achieve a design with a good balance for achieving an optimum thermal, vibration, and weight balance. In past decade. Asbestos was the most suitable and widely used brake lining material. However, the nature and environment agencies have forcefully banned it.

Therefore, the non-asbestos organic type of brake pads were introduced, which is most widely used. However, non-asbestos organic type brake pads wear out rapidly and generate lots of wear debris. Thus, a combination of semi-metallic formulation for high performance and non-asbestos organic (NAO) material for lower noise and smoother braking is mostly preferred.

Brake Parts Inc. LLC.; Robert Bosch GmbH; SANGSIN BRAKE; and Util Industries S.p.A are the five key market players operating in the global automotive brake pad market. The automotive brake pad market is highly fragmented and competitive due to occurrence of huge number of small scale and medium scale manufacturers in both developed and developing economies.

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Furthermore, the ongoing boom in SUVs and trucks sales worldwide has created an unprecedented need for composite spring leaves to improve vehicles' performance. For instance, China registered a 27% increase in year-on-year sales of SUVs. Additionally, various leading players in the market are focusing on the R&D of composite leaf springs, primarily for heavy-duty vehicles. For instance, Kordsa developed heavy-duty composite leaf spring materials that reduce carbon emissions and improve fuel efficiency. However, the uptake of composite leaf springs in the global automotive industry is relatively low as steel leaf springs have lower production costs and lesser complexities in their manufacturing.

Automotive Brake Pad Market - Key Findings of Study

The automotive brake pad market is analyzed on the basis of material type, vehicle type, and geography. Based on material type, the global automotive brake pad market is segmented into the metallic brake pad, semi-metallic brake pad, ceramic brake pad, asbestos brake pad, and non-asbestos organic brake pad. The non-asbestos organic brake pad segment accounted for the largest share of the automotive brake pad market in 2020. Moreover, the semi-metallic brake pad segment is projected to grow at a faster pace during the forecast period in automotive brake pad market.

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