The Polishing Cloth Market is estimated to be valued at US$529.7 Mn 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 abrasive textile materials used for finishing and polishing of surfaces. They are primarily used for polishing metals such as steel, aluminum, and other materials including wood, ceramics, and glass. Polishing cloths helps smoothen surfaces and removes scratches and stains. They add shine and durability to finished products in industries such as automotive, machinery, and furniture.
Market key trends:
Rise in automotive production globally is a major trend fueling the growth of the polishing cloth market. According to OICA, the global automotive production increased to 80.3 million units in 2017 from 66.5 million units in 2012. Polishing cloths plays a vital role in automotive manufacturing for polishing various metal components after welding, forming, and other joining processes. They help achieve smooth, uniform, and glossy finish on auto body parts and components. Moreover, growing demand for shiny and durable appliance surfaces from household as well as commercial sectors is also boosting the adoption of polishing cloths during manufacturing processes. Technological advancements with introduction of premium quality tightly-woven polishing cloths with chemical resistance and long-lasting ability further aids market growth over the forecast period.
Porter's Analysis
Threat of new entrants: Low capital requirements enable new companies to enter the market easily. However, established brands have strong customer loyalty and economies of scale which make it difficult for new entrants.
Bargaining power of buyers: Buyers have moderate bargaining power as there are numerous established players in the market offering differentiated products. However, commoditization of polishing cloths reduces bargaining power of buyers.
Bargaining power of suppliers: Suppliers of raw materials like cotton, synthetic fibers etc. have low bargaining power due to availability of substitutes and less differentiation in raw materials.
Threat of new substitutes: New substitute products constantly emerge but polishing cloths have well-established applications in automotive refinishing and hardware maintenance industries hence threats are low.
Competitive rivalry: Intense due to numerous global and regional players competing on basis of product quality, pricing and innovation.
SWOT Analysis
Strengths: Well known brands, product quality, wide distribution channels, innovation in materials used.
Weaknesses: Heavy reliance on automotive sector, vulnerable to raw material price fluctuations, low entry barriers.
Opportunities: Growth in DIY trend, demand from industrial sectors like aviation, energy, shipbuilding etc.
Threats: Competition from alternative polishing products, economic slowdowns impacting certain end-use industries.
Key Takeaways
The global polishing cloth market is expected to witness high growth at a CAGR of 4.1% over the forecast period due to increasing automotive production and focus on equipment maintenance across industries. The market size is projected to reach US$ 885.6 Mn by 2030 from US$ 529.7 Mn in 2023.
North America currently dominates the market owing to large automotive manufacturing base and machine tool industry in the US and Canada. Asia Pacific is expected to grow at the fastest pace during the forecast period supported by rapid industrialization and expanding middle class in China and India.
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. These players are focusing on new product launches and expansion in emerging regions.
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