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 used for finishing surfaces and removing blemishes during polishing processes. They are made up of materials like cotton, microfiber and nylon. Polishing cloths are used in industries like automotive, machinery, aerospace and metalworking to polish surfaces of vehicles, machinery parts and other metal components. They provide excellent abrasion resistance and effectiveness in buffing out swirl marks and scratches.

Market Dynamics:

The polishing cloth market is driven by rising demand from automotive industry. Growing automotive production globally is augmenting the market growth. According to International Organization of Motor Vehicle Manufacturers, around 93 million vehicles were produced worldwide in 2021. Increasing repairs and maintenance activities of existing vehicles is also fueling the demand. Furthermore, growing industrial machinery production is another factor propelling market growth. However, availability of substitutes like sandpapers and scouring pads is expected to hamper the market growth during the forecast period.

SWOT Analysis

Strength: Polishing cloth are cost effective solution for polishing different materials like metal, wood, plastic etc. Polishing cloths are durable and last long providing value for money. They are available in wide range of grit sizes to suit different polishing needs.

Weakness: Polishing cloth quality depends on raw material used and manufactuing process. Inferior quality cloths may damage surface during polishing. Dust accumulation during polishing can be a issue.

Opportunity: Growing electronics, automotive and wood industries require frequent polishing of parts which will drive the demand. New application areas like aerospace composites polishing offers scope for market expansion.

Threats: Availability of alternatives polishing solutions like pads, papers poses threat. Economic slowdowns can impact the discretionary spending on polishing.

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, electronics and wood industries where polishing is frequently required process.

Regional analysis
The Asia Pacific region dominates the global polishing cloth market, accounting for around 35% of the total market share in 2023. This is attributed to presence of large automotive, electronics and furniture manufacturing hubs in countries like China, Japan, India, South Korea etc. North America and Europe are other major markets for polishing cloths driven by developed automotive, aerospace and medical device industries.

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.