by Polishing cloths find wide applications across industries including electronics, transportation, and construction during dusting, cleaning, and polishing processes. These cloths are used to remove dirt, grime, stains and other contaminants in order to restore surface finish of materials like metals, glass, plastics and ceramics. Polishing cloths are made up of various materials such as cotton, microfiber, nylon and polyester for achieving optimal cleaning results. They are available in different sizes and specifications based on requirements. Increasing production activities across industries have raised the need for maintaining clean and polished surfaces using polishing cloths to ensure high quality output. The global Polishing Cloth market is estimated to be valued at US$ 580 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 key trends:
One of the major trends witnessed in the polishing cloth market is the growing preference for microfiber polishing cloths. Microfiber material is lighter in weight and extremely effective in trapping dirt particles without residue. It is made of polyester/polyamide fiber blend resulting in a fine nap that can remove contaminants swiftly from delicate surfaces without scratching. Manufacturers are focusing on developing advanced microfiber compositions with properties like anti-static, anti-bacterial and stain-resistant to suit diverse cleaning applications. Additionally, polishing cloth manufacturers are coming up with new fabrics infused with abrasives suitable for high precision polishing processes in industries such as automotive and aerospace.
Porter’s Analysis
Threat of new entrants: Low threat of new players entering this market as it requires significant investments and technical expertise to establish manufacturing facilities and distribution channels for specialized polishing cloths.
Bargaining power of buyers: Buyers have moderate bargaining power as there are several established players offering varied products in this market. However, switching costs are low.
Bargaining power of suppliers: Suppliers have moderate bargaining power since raw materials such as polyester, cotton, and resins required for manufacturing polishing cloths have many substitutes available.
Threat of new substitutes: Low threat as polishing cloths have widespread applications in industries such as automotive, electronics where no close substitutes exist for their specialized buffing and polishing function.
Competitive rivalry: High rivalry exists among key players to capture more market share by developing innovative products and through competitive pricing and marketing strategies.
Key Takeaways
The global Polishing Cloth Market is expected to witness high growth over the forecast period of 2023 to 2030. The Asia Pacific region dominates the market holding more than 40% share owing to large manufacturing bases in countries like China and India. Key factors driving the demand in the region include rapid industrialization and growth of automotive and electronics industry.
North America is also expected to grow at a healthy pace during the forecast period on account of rising adoption of advanced polishing technologies in various end-use industries. Major players in the region are focused on new product launches catering to niche application areas to expand their market reach.
Key players operating in the Polishing Cloth Market are 3M, Mirka, Sia Abrasives, Bibielle, Hermes Abrasives, Nihon Micro Coating, Laventhal, Ellis Abrasives, PRC Industries, and Buff and Shine. These companies are focusing on capacity expansion through strategic partnerships to better serve the global demand.
