The rise in the need to improve the aesthetic appearance of metallic surfaces, along with an increase in the consumption of metal polishes in the marine industry, is the key factor that is positively impacting the demand for such materials. Owing to these factors, the Indian metal polish market is expected to generate $37.10 million revenue in 2030, advancing at a CAGR of 4.6% during the forecast period (2020–2030).
The demand for metal polish in the nation has witnessed a decline on account of the ongoing COVID-19 pandemic. This is primarily ascribed to the shutdown of manufacturing facilities and government-imposed restrictions on the movement of people and vehicles, which, in turn, led to significant supply chain disruptions. However, with the reopening of manufacturing facilities, with proper sanitization measures in place, the market situation is expected to normalize by the third quarter of 2021.
On the basis of distribution channel, the Indian metal polish market is classified into department/convenience stores, supermarkets/hypermarkets, and others. In terms of volume, the department/convenience stores category held the largest share in 2019, and it is projected to retain its dominance during the forecast period. This is primarily ascribed to the strong preference of residential consumers and industrial workers for purchasing such items from nearby general stores and hardware stores.
Further, on the basis of end user, the metal polish market in India is categorized into marine, automotive, residential, and others. The automotive category is projected to account for the largest volume share during the forecast period. This can primarily be attributed to the high-volume requirement for such polishes to remove the corroded material from automotive parts and components, which may hamper the efficiency of a vehicle. Additionally, the growing automotive production in the country is expected to propel the consumption of such polishes, in turn, boosting the Indian metal polish market.
The India metal polish market comprises a few large-scale players, such as 3M Company, menzerna polishing compounds GmbH & Co. KG, Reckitt Benckiser Group Plc, and WD-40 Company. Amongst these, 3M Company held the largest market share in 2019 on account of its wide distribution and dealer network, along with a strong focus on the development of the supply chain. Additionally, the company is heavily involved in research & development activities in order to offer products for new applications that can help it enter new markets and expand its customer pool.
ABRO Industries Inc., AUTCA, Dara Allied Products, menzerna polishing compounds GmbH & Co. KG, Chrome Star Chemical Works, Western Abrasive Industries Pvt. Ltd., The Waxpol Industries Limited, and Pitambari Products Pvt. Ltd. are the other major players operating in the Indian metal polish market.