The Indian metal polish market generated a revenue of $26.51 million in 2019 and it is predicted to reach $37.10 million value by 2030. Furthermore, the market will advance at a CAGR of 4.6% from 2020 to 2030 (forecast period), as per the estimates of the market research company, P&S Intelligence. The market is being driven by the increasing focus of organizations on improving the appearance and aesthetics of metallic surfaces and the increasing usage of metal polishes in the marine industry.
With the increasing disposable income of people and the surging per capita spending of residents in India, the demand for better lifestyles has surged sharply, which has, in turn, augmented the need for materials that can improve the aesthetics of products and their durability. Polishes help organizations achieve this objective for metals, such as copper, stainless steel, brass, chrome, and aluminum, as they remove corrosion and make the surface smooth. Due to the various beneficial traits of metal polishes, their sales are predicted to soar in the upcoming years, thereby driving the expansion of the Indian metal polish market.
In addition, these polishes provide a shine to the marine vehicle’s deck. Thus, with the expansion of the marine industry, owing to the increasing maritime trade, the demand for metal polishes is soaring in the country. Depending on distribution channel, the Indian metal polish market is categorized into supermarkets/hypermarkets and department/convenience stores. Between these, the department/convenience stores category dominated the market in 2019, and it is predicted to retain its market dominance in the forthcoming years. This is attributed to the growing preference of industrial workers and residential consumers for buying these items from nearby hardware and general stores.
When end user is taken into consideration, the metal polish market in India is divided into automotive, marine, and residential categories. Amongst these, the automotive category is predicted to contribute the highest revenue to the market in the coming years. This will be because of the soaring demand for metal polishes for removing corroded material from various automotive components and parts, as it many affect the vehicle’s efficiency. In addition, the surging manufacturing of automobiles in the country is predicted to propel the requirement for metal polishes in the coming years.
Hence, it can be said with confidence that the demand for metal polishes will soar in India in the coming years, mainly because of their surging usage in the marine industry and the growing requirement for aesthetically pleasing products and surfaces in the country.
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