Increasing utilization in military and defense sector is a key factor driving market revenue growth
The global Polishing Powder Market size was USD 205.9 Million in 2023 and is expected to register a revenue CAGR of 7.2% over the forecast period, according to a latest report by Reports and Data. Revenue growth of the market is expected to be driven by increasing number of technological advancements, along with rising demand for the product from the automotive sector.
Rising demand for polishing powders in the automotive sector owing to increasing adoption of luxury cars and Electric Vehicles (EVs). For instance, according to The International Energy Agency (IEA), renewable energy sources currently provide around 26% of the world’s electricity and are projected to supply 30% of it by 2024, which will increase demand for electric motors. Government agencies are investing in development of infrastructure. For instance, the International Trade Administration projects that between 2019 and 2023, revenue of the China construction sector is expected to exand by an average of 5% each year in real terms. Also, according to the Government of Japan, efforts are being made by the Japan government to promote modern architectural technologies in the construction sector through collaborations with private enterprises. With the objective to maintain worker safety, businesses are creating and introducing new and more sophisticated paints, varnishes, materials, and products.
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Top Lading Players: DuPont, Solvay, Hunan Haozhi Technology Co., Ltd., AMG Chrome Limited, Universal Photonics, Reade International Corp., Resonac Holdings Corporation, RCMPA, Beijing Grish Hitech Co., Ltd., Mitsui Chemicals, Inc. and among others.
Polishing Powder Market Demand:
- Industry trends: The demand for polishing powder is largely driven by the demand for finished products that require polishing, such as electronics, automotive, and aerospace components.
- Economic factors: Economic conditions can impact demand for polishing powder. In periods of economic growth, there may be higher demand for consumer products, resulting in higher demand for polishing powder.
- Technological advancements: Advances in polishing technology can increase the demand for polishing powder as it may be required to achieve the desired level of finish.
- Environmental regulations: Increasing regulations on the use of harmful chemicals in polishing processes may result in a shift towards more environmentally friendly polishing powder.
- Consumer preferences: Changes in consumer preferences can also impact demand for polishing powder. For example, there may be a growing demand for more natural or organic products, which could lead to a shift away from synthetic polishing powder.
Overall, the demand for polishing powder is likely to be influenced by a complex set of factors, and it may vary depending on the specific market and industry.
Some Key Highlights from the Report:
- High Ce segment is expected to register fastest revenue growth rate over the forecast period. It is a commonly accepted solution for various end-use sectors owing to its superior susceptibility property, non-acidic nature, high temperature and chemical resistance capabilities, and anti-slip nature. It is mostly used in the packing industry, to polish ceramic and tile surfaces. These factors are driving revenue growth of this segment.
- Construction segment is expected to account for largest revenue share over the forecast period. Factors such as growing infrastructure development in commercial and residential sectors, construction of smart homes, and increasing government measures to minimise carbon footprint are major factors driving revenue growth of this segment. According to the U.K. government, a total of USD 32 million is being provided by the government to enhance the production of sustainable biomass, which can be used as a source of renewable energy. A net amount of USD 5 million more will be provided to support innovative new technologies that will create hydrogen from waste and biomass.
Segments covered in the report:
Product Type (Revenue, USD Million; 2019-2032)
- High Ce
- Medium Ce
- Low Ce
Application Outlook (Revenue, USD Million; 2019-2032)
- Electric and electronics
- Military and defense
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- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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