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The India metal polish market stood at $26.51 million in 2019, and it is expected to demonstrate a CAGR of 4.6% during the forecast period (2020–2030). Some of the key growth factors for the metal polish industry in the country are the rising realization about improving the aesthetic appearance of metallic surfaces and surging consumption of such polishes in the marine industry.
The COVID-19 pandemic has brought the world to a standstill, affecting major operations and resulting in an industrial catastrophe. The pandemic has affected every industry, including the India metal polish market, due to the temporary shutdown of automotive, electronic goods, and shipbuilding units. This, in turn, has led to a slump in the demand for metal polishes, which, coupled with the disruptions in the supply chain, has significantly changed the market scenario for the short term. However, with the lifting of lockdowns and reopening of manufacturing facilities in the country, the market is projected to showcase recovery in 2021.
In 2019, the department/convenience stores category accounted for the largest size in the India metal polish industry, on the basis of distribution channel. This can primarily be attributed to the major chunk of the population having better access to general stores in comparison to hypermarkets. Additionally, the lack of awareness about online modes of shopping makes departmental stores a suitable choice for industrial workers and residential users.
The paste category, based on product type, accounted for the largest volume share during the historical period (2014–2019), and the trend is likely to continue throughout the forecast period. This can primarily be attributed to the high suitability and ease of use of pastes for polishing purposes in numerous applications, ranging from marine and automotive to residential.
During the forecast period, the knives category is expected to witness a spur in demand for metal polishes, based on application. This can primarily be ascribed to the widescale usage of knives for marine utilities, as well as automotive diecasting. Such heavy-duty applications require the knives and blades to be polished at all times, in order to prevent corrosion and ensure smooth production operations.
Automotive was the largest end user of metal polishes in India in 2019, and the category is further expected to hold the largest share in the market during the forecast period. This can be ascribed to the increase in automotive production, along with the surge in the investments for the setup of new automobile manufacturing facilities. Automobile parts and components require frequent polishing in order to allow vehicles to run smoothly, on account of which there is a high demand for such polishes. With the growth of the automobile sector in the country, the metal polish market is expected to grow.
The India metal polish market is majorly being driven by the rising need for aesthetically appealing metallic surfaces for residential as well as industrial applications. Additionally, polishing helps in removing the corroded metal thus making the product more durable. The rise in automotive production and shipbuilding activities in the country is expected to create ample growth opportunities owing to the requirement of such polishes in high volumes for two-wheelers and other automobiles and marine vessels. The components of such vehicles frequently require surface polishing for continuous and efficient operations.
Additionally, since India is a developing country, the surging consumer spending on aesthetically appealing silverware and polished goods for display at hotels, restaurants, and malls, along with the need for metallic products to demonstrate appreciable performance, significantly propels the consumption of polishing materials. Such factors are expected to promote the growth of the India metal polish market during the forecast period.
The most prominent trend being observed in the India metal polish market is the technological advancements in polishing methods. Traditional metal polishing involved manual labor, due to which industrial lines would often come to a standstill, which impacted the production efficiency. Hence, in recent times, the usage of conveyor belts for mechanical polishing, chemical polishing, electrochemical polishing, and electrolyte plasma polishing (EPP) has garnered pace. Additionally, EPP offers a high performance, efficiency, and quality at a low material cost and flammability risk.
In India, an increase in the disposable income and per capita spending of citizens has created a focus shift toward better lifestyles. This, in turn, has increased the living standards and requirement for materials that can help in improving the aesthetics of products, as well as increase their durability. For metals, including stainless steel, aluminum, copper, chrome, and brass, polishes fulfill these purposes. Such polishes help in the restoration of gloss, make the surface smoother, and remove corrosion. Owing to such advantageous properties of metal polishes, the demand for them is expected to increase in the coming years, in turn, propelling the India metal polish market.
Metal polishes are widely used on boats and cargo ship railings, metal fittings, and other components to remove the surface rust, corrosion, and tarnish caused by saltwater, air, and prolonged exposure to ultraviolet rays. Additionally, the polish provides a shine to the deck of the marine vehicle. With the increase in maritime trade from India, the marine industry has showcased strong growth, owing to which the maintenance of ships has come into the limelight. This, in turn, has benefitted the metal polish market to a great extent, since traders and ship owners are now prioritizing the maintenance of vessels.
|Base Year (2019) Market Size||$26.51 million|
|Forecast Period (2020-2030) CAGR||4.6%|
|Report Coverage||Market trends, revenue estimation and forecast, segmentation analysis, value chain, analysis, Porter’s five forces analysis, company share analysis, company profiling|
|Market Size by Segments||Distribution channel, product type, application, end user|
|Market Size of Geographies||Chrome Star Chemical Works, Western Abrasive Industries Pvt. Ltd., Dara Allied Products, menzerna polishing compounds GmbH & Co. KG, The Waxpol Industries Limited, Pitambari Products Pvt. Ltd., ABRO Industries Inc., WD-40 Company, 3M Company, Reckitt Benckiser Group plc|
|Secondary Sources and References (Partial List)||All India Non-Ferrous Metal Exim Association, Aluminium Association of India, Indian Metal Component Manufacturers Association, Indian Stainless Steel Development Association, Indian Steel Association, International Chromium Development Association, International Industrial Association, International Monetary Fund, Jamnagar Factory Owner's Association, World Health Organization|
The India metal polish market is consolidated in nature with the presence of a few large-scale players, such as 3M Company, menzerna polishing compounds GmbH & Co. KG, Reckitt Benckiser Group Plc, WD-40 Company, Pitambari Products Pvt. Ltd., and The Waxpol Industries Limited. Of these, 3M Company held the largest share in the India metal polish industry in 2019, primarily on account of its extensive supply chain and distributor network across the country.
Additionally, the metal polishing products provided by this company are widely adopted by various industries, namely automotive and automotive refinish, marine, defense (for the polishing of guns), and residential (for the polishing of knives and aluminum, nickel, and cobalt (ALNICO) and megallium metal alloys used in furniture). The polishes delivered by this firm restore the aesthetic beauty of products, such as cars in showrooms, which makes them more irresistible to potential buyers.
The india metal polish market report offers comprehensive market segmentation analysis along with market estimation for the period 2014-2030.
Based on Distribution Channel
Based on Product Type
Based on Application
Based on End User
The Indian metal polish market will witness a CAGR of 4.6% during 2020–2030.
The most significant Indian metal polish industry distribution channel is department/convenience stores.
The use of conveyor belts for chemical polishing, mechanical polishing, electrolyte plasma polishing, and electrochemical polishing is the major Indian metal polish market trend.
The automotive sector, as an end user, will generate the highest Indian metal polish industry revenue.
The 3M Company dominates the Indian metal polish market because of its developed supply chain and extensive dealer and distributor network in the country.