Polishing cloths are soft fabrics that are used to clean and shine surfaces by buffing out fine scratches and swirl marks. They help remove dirt, grime, and other particles from polished surfaces like metals, glass, plastics, and wood. Polishing cloths are preferred for buffing cars as they give a smooth, streak-free shine without scratching the clear coat. The global polishing cloth market is estimated to be valued at US$ 2.28 billion 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 Opportunity:
The opportunity in the automotive industry will drive the demand for polishing cloths over the forecast period. Polishing cloths play a vital role in detail polishing during paint correction and contamination removal stages of automotive detailing. With rising vehicular ownership, increasing consumer preference for an appealing exterior appearance of cars, and expanding automotive aftermarket, the demand for polishing from auto repair and maintenance shops is growing. The auto industry's dependence on polishing cloths for achieving high gloss and swirl-free finish will continue boosting market revenues in the coming years.
Porter's Analysis
Threat of new entrants: Low. Established players dominate the market with strong brands and distribution network. Bargaining power of buyers: High. Buyers have multiple suppliers to choose from. Bargaining power of suppliers: Moderate. Suppliers have established relationships with buyers. Threat of new substitutes: Low. No major substitute products discovered yet. Competitive rivalry: High. Intense competition among key players to gain market share.
SWOT Analysis
Strengths: Established brands and supply chain. Weaknesses: Sensitivity to raw material price fluctuations. Opportunities: Growth in electronics and automotive industries. Threats: Increase in low cost products.
Key Takeaways
The global polishing cloth market is expected to witness high growth over the forecast period of 2023 to 2030.
Regionally, Asia Pacific dominates the market and is expected to continue its dominance due to extensive electronics and automotive manufacturing.
Key players operating in the polishing cloth market are 3M, KWH Mirka, Siaair, Sheng Zhe En, TWE, and VWR International. 3M is a leading player with a diversified product portfolio and global presence.
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