by The global Polishing Cloth Market is estimated to be valued at US$ 529.7 Mn or Million in 2023 and is expected to exhibit a CAGR of 4.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Polishing cloths are used widely in applications such as automobiles, metal fabrication, tools refinishing, hardware maintenance and more. They aid in smooth polishing and offer scratch resistance and durability.
Market key trends:
One of the key trends in the polishing cloth market is the increasing demand from the automotive industry. Polishing cloths play a vital role in maintaining the exterior paints and surfaces of automobiles. With rising vehicle production worldwide, especially in Asia Pacific and developing regions, the demand for polishing cloths is also increasing from automotive OEMs and auto repair and detailing shops. Microfiber polishing cloths are becoming particularly popular for automotive polishing due to their superior abilities to trap and remove contaminants without causing any damage to automobile paints and surfaces.
SWOT Analysis
Strength: Polishing cloths are used in various industries such as automotive, metalworking, and electrical & electronics for finishing and polishing applications. This wide applicability leads to overall market growth.
Weakness: Volatile prices of raw materials used to manufacture polishing cloths can adversely impact the profit margins of companies.
Opportunity: Rising automotive production across developing nations owing to growing disposable incomes offers significant opportunities for polishing cloth companies.
Threats: Slowdown in the global economy poses threats in the form of reduced spending on luxury and discretionary items including high-end vehicles where polishing cloths are majorly used.
Key Takeaways
The global polishing cloth market size is expected to witness high growth, exhibiting a CAGR of 4.1% over the forecast period, due to increasing automotive production globally. Increasing disposable incomes especially in emerging economies are driving automotive sales which in turn is boosting the demand for polishing cloths.
Asia Pacific dominates the global polishing cloth market, with China holding a major share. This is attributed to presence of a robust automotive manufacturing industry led by China, Japan, and India. Increasing automotive component exports from the region is further propelling the APAC polishing cloth market.
Key players operating in the polishing cloth market are 3M Company, Saint-Gobain Abrasives, Mirka Ltd., Keystone Abrasives, Hermes Abrasives Ltd., Carborundum Universal Limited, KLINGSPOR Abrasives Inc., ARC Abrasives Inc., Indasa USA Inc., Schaffner Manufacturing Company, Inc., Norton Abrasives, Meguiar’s Inc., Stanley Black & Decker, Inc., Deerfos Co., Ltd., and sia Abrasives Industries AG.
