Global Industrial Brakes Market Overview
Industrial brakes market attained a size of $830.3 million in 2016 and is projected to witness a CAGR of 4.5% during 2017-2023.
The industrial brakes market is expected to witness steady growth, owing to rise in the adoption of automation processes and subsequent demand for industrial robotics. Stable macroeconomic trends, increase in the demand for manufactured goods like tractors, draglines and mining equipment, and the increase in the construction activities worldwide are driving the market growth. Globally, Asia-Pacific has been the largest market of these brakes. Asia has become a manufacturing hub of these materials due to the availability of cheap labor, and easy mining of raw materials.
On the basis of type, the market is divided into mechanically applied brakes, hydraulically applied brakes, pneumatic applied brakes, electrically applied brakes, drum and disc brakes, and spring brakes. The electrically applied brakes category has been holding the largest share in industrial brakes market, contributing more than 30.0% share in 2017. This can be attributed to the superior level of precision and accuracy that this brake type offers.
Based on application, the market is trifurcated into holding brakes, dynamic and emergency brakes, and tension brakes. The holding brakes category has been holding the largest share in the industrial brakes market, with more than 55.0% contribution in 2017.
By industry, the market is divided into metals and mining, construction, manufacturing, entertainment, marine and shipping, and others. Others include military, aerospace, printing, power generation, and transportation. The manufacturing category has been holding the largest share in the industrial brakes market, with more than 35.0% contribution in 2017.
Industrial Brakes Market Dynamics
Growth in construction and manufacturing industries, rise in adoption of industrial robotics and automation processes, and high focus on safety and efficiency of industrial machineries are some of the drivers expected to push the growth of the global industrial brakes market.
Industries across the globe are now demanding strong machines and equipment which can work in all kinds of environment. The manufacturing sector is slowly transitioning to automation, making it easy for product manufacturing, which in turn is driving the industrial brakes market growth and creating opportunities for industry players.
For example, Akenbo Brake Industry Co. Ltd launched a brake pad line called EURO Ultra-Premium, which are ceramic brakes and were deemed the best overall import aftermarket product by Import Vehicle Community in 2016. Also, Altra Industrial Motion Corp. provides innovative braking technology for draglines across the world.
Increasing use of industrial machinery and the adoption of new technologies are the major trends witnessed in the industrial brakes market. Technological advancements are resulting in improved performance of brakes and clutches. For example, due to friction-material improvement, brakes that perform well in high temperature applications are now available in the market. Thus, the market is witnessing a shift in preference toward technologically advanced brakes.
Developing countries are growing at a fast rate, thus, resulting in an increase in construction activities. Countries like India and China have witnessed a significant growth in infrastructure construction over the past years. There is a significant demand for construction equipment like cranes and construction machines, which need industrial brakes to hold the heavy load. They are also required for holding the heavy payload of platforms, escalators, and lifts. These products are expected to boost the growth of the industrial brakes market.
Despite the multiple benefits offered by these brakes, the industrial brakes market is hampered by the stringent rules imposed by the government to curb the environmental effects of irresponsible mining.
In order to reduce the harmful effects of mining activities, governments worldwide have laid down stringent environment norms, which is only resulting in reduced mining. This has been impacting the price of raw materials for brake manufacturing, such as metals and alloys, leading to the high price of these brakes. This acts as a major restraint to the market growth.
Industrial Brakes Market Competitive Landscape
Some of the major players operating in the industrial brakes industry are Akebono Brake Industry Co., Ltd., Altra Industrial Motion Corp., Antec S.A., Carlisle Brake & Friction, Coremo Ocmea S.p.A., GKN Walterscheid Gmbh, Pintsch Bubenzer Gmbh, Ringspann GmbH, SIBRE - Siegerland Bremsen GmbH, and Eaton Corporation.