by The global 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 to polish surfaces and provide a smooth, high-gloss finish. They are used in various industrial and consumer applications such as metal polishing, woodworking, vehicle refinishing, optics polishing and equipment maintenance. Polishing cloths help remove minor scratches and imperfections from surfaces easily without causing damage. They are made from diverse materials including cotton, polyester, nylon and other synthetics depending on the desired application. Precision manufacturing processes requiring highly smooth and reflective surfaces have been driving the demand for high-quality polishing cloths in recent years.
Market key trends:
One of the key trends in the polishing cloth market is the increasing demand from the optics industry. Precision lenses and mirrors used in various optical devices demand the highest levels of surface smoothness and finish. Polishing cloths specially tailored for optics applications help provide molecular level polish without flaws or imperfections. Furthermore, the growing electric vehicle industry is another factor fueling the market growth. EVs require sophisticated battery modules and electronic systems that need to be polished perfectly for optimum performance and safety. This is propelling the demand for specialized polishing solutions including cloths. Additionally, the rising adoption of advanced manufacturing technologies such as 3D printing is augmenting the need for high-performance polishing equipment and consumables to process complex geometries with consistency.
Porter’s Analysis
Threat of new entrants: Low capital requirement and ease of manufacturing allows new companies to enter the market. However, established players enjoy economies of scale and brand recognition.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and large number of established players.
Bargaining power of suppliers: Suppliers have low bargaining power due to availability of raw material substitutes and large number of suppliers.
Threat of new substitutes: Threat of new substitutes is low as polishing cloths have well-established applications and substitution requires changes in processes.
Competitive rivalry: The global polishing cloth market is a fragmented market with the presence of several global and regional players.
Key Takeaways
The global polishing cloth market is expected to witness high growth, exhibiting CAGR of 4.1% over the forecast period, due to increasing demand from automotive and furniture industries. The automotive production is growing at a significant rate especially in Asia Pacific which is driving the demand for polishing cloths in the region.
Regional analysis: Asia Pacific dominates the global polishing cloth market and is expected to continue its dominance during the forecast period. Abundant availability of raw materials and low labor costs makes Asia Pacific an ideal manufacturing hub for polishing cloths. China, India, and Japan are some of the major markets in the region.
Key players: 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.
