by Polishing cloths are soft, abrasive fabrics that are widely used for polishing applications in various industries including automotive, electronics and hardware. They help smooth out surfaces and remove minor scratches and blemishes. Polishing cloths are available in different materials such as nylon, polyester, cotton and microfiber. Nylon and polyester cloths are durable and long-lasting while microfiber cloths are very soft and produce superior polish.
The global polishing cloth market is estimated to be valued at US$ 574.03 Mn in 2024 and is expected to exhibit a CAGR of 4.1% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the polishing cloth market include 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 and Decker, Inc., Deerfos Co., Ltd., and sia Abrasives Industries AG. The increasing demand for consumer electronics such as smartphones, laptops and gaming devices is a key growth driver for the polishing cloth market. Major players are expanding their production capacities and geographical footprint to capitalize on opportunities across North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Market key trends
One of Polishing Cloth Market Demand is the rising popularity of cotton cloths for wood polishing applications. Cotton polishing cloths are extremely soft and absorb finishing oils well without leaving lint. They are widely used by professionals for polishing wood furniture and flooring without risk of scratches. The excellent absorbing properties of cotton make it ideal for achieving highest quality polish on delicate wood surfaces. This trend is expected to positively influence the sales of cotton cloths in the coming years.
Porter’s Analysis
Threat of new entrants: Low capital requirement and low branding required makes entry of new players easy in this market. However, established players have strong brand equity and distribution network.
Bargaining power of buyers: Buyers have high bargaining power in this market due to availability of substitutes. They can easily switch to substitute products.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of close substitute Polishing Cloth Market Size And Trends materials that can be used by manufacturers. This gives buyers other option if one supplier increases price.
Threat of new substitutes: Threat of substitution is moderate as new materials like microfiber cloths are emerging as close substitute.
Competitive rivalry: Intense competition due to large number of global and regional players offering undifferentiated products. Players compete based on pricing.
Geographical Regions
North America dominates the global polishing cloth market currently in terms of value due to high vehicle fleet and developed automotive aftermarket. The US contributes majorly to the North America market. Europe is the second largest market led by Germany.
Asia Pacific is expected to be the fastest growing region during the forecast period. Higher vehicle production in China and India coupled increasing automotive workshop will drive the APAC market. Replacement demand will further fuel the market in the region.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
About Author - Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile
