Growth of the Metal Polish Market in India - P&S Intelligenceby Vijay K. Web Marketing
Due to the rising demand for better aesthetics of metallic surfaces, the requirement for metal polishing is surging sharply in India. The increasing per capita expenditure and disposable income of the people residing in the country is contributing heavily toward the changing lifestyles and customer requirements. This is pushing up the demand for materials such as metal polishes that can significantly improve the aesthetics of various products and their durability.
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In the case of metals such as aluminum, chrome, brass, copper, and stainless steel, metal polishes are used for achieving better aesthetics. These polishes help in removing corrosion, making the surface better and smoother, and restoring gloss. Because of these beneficial traits, the requirement for metal polishes is growing rapidly across the country. Besides being extensively used for enhancing the aesthetics of metallic surfaces, metal polishes are also used for removing tarnish and surface rust in ships and boats.
This is further boosting the demand for metal polishes in the country. Due to these factors, the Indian metal polish market is demonstrating rapid advancement. According to the estimates of P&S Intelligence, a market research company based in India, the value of the market will grow from $26.51 million in 2019 to $37.10 million by 2030. Furthermore, the market is predicted to progress at a CAGR of 4.6% between 2020 and 2030.
Metal polishes are sold via supermarkets/hypermarkets and department/convenience stores in India. Between these, the sales of metal polishes via department/convenience stores were found to be higher during the past few years and this trend is likely to continue in the coming years as well. This is mainly attributed to the growing preference of industrial workers and residential consumers for buying these materials from nearby hardware stores and general stores over buying them from hypermarkets or supermarkets.
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Hence, it can be said with full certainty that the demand for metal polishes will shoot-up in India in the future years, primarily because of their growing requirement for improving the aesthetics of metallic surfaces and removing corroded materials from automotive parts and marine vehicle components.
Created on May 13th 2021 06:54. Viewed 74 times.
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