Metal polish products commerce is expected to display a CAGR of 5.7% while garnering a market value worth USD 23.5 Billion by the end of the forecast period from 2022 to 2032. As of 2021, the market was valued at USD 9.2 Billion and is poised to reflect a Y-o-Y growth rate worth 4% to reach USD 13.53 Billion in 2022.
Increasing usage of various metal alloys in machinery, furniture, and other metal products is expected to play a key role in strengthening the market during the forecast period.
| Report Attributes | Details |
|---|---|
| Expected Base Year Value (2021) | USD 9.2 Billion |
| Projected Market Value (2022) | USD 13.53 Billion |
| Anticipated Forecast Value (2032) | USD 23.5 Billion |
| Estimated Growth Rate (2022 to 2032) | 5.7% |
A growing focus to enhance aesthetics is expected to increase demand for metal polish products during the forecast period. Increasing demand for metal furniture is anticipated to play a significant role in the coming period. With this, demand for premium-quality furniture has increased which is expected to benefit the industry in the coming period. The growing application of products like metallic benches and drawers for better aesthetics has boosted the market growth graph considerably.
Expanding furniture sector is likely to be a major consumer of metal polish products. Metal-based products witness significant demand in commercial gardens and playgrounds. Thus, increasing playground and garden infrastructural settings are projected to further drive market growth. In 2018, the Government of Australia announced the ‘The Monish Playground and Playspace Strategy 2020’, an initiative to develop garden parks and reserves in Monish, Australia. Such factors are expected to benefit the industry in the forecast period.
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Rising disposable income has resulted in an increased demand for luxurious and premium-quality furniture, which is projected to boost demand for metal polish products in the forecast period. Increasing adoption of cubicles and other corporate infrastructural settings is expected to grow demand for modern furniture, thus, growing demand for metal polish products during the forecast period.
Players in the industry are taking various initiatives to expand their footprint in other regions, which is expected to benefit the industry in the coming time. For instance, in 2020, BAXTER, a renowned Italian home fixture products company, along with its Indian supplier, Sources Unlimited, rolled out various luxurious and premium quality items in India. Such factors are expected to increase demand for metal polish products in the coming time.
Innovative methods to do marketing campaign is likely to offer exposure to the players, thereby, expanding market size in the forecast period. For instance, in October 2020, Inter IKEA Systems B.V. rolled out its regular Black Friday Sale campaign ‘buy-back’ across 27 countries to enhance its sales. Owing to such factors, the market is anticipated to expand significantly in the forecast period.
Health issues associated while applying metal polish are expected to hinder the market growth in the forecast period. Metal polish poisoning is expected to hinder the market since it can cause problems with breathing, throat swelling, and others. Further, the growing popularity of using second-hand furniture is expected to impact the market severely in the forecast period.
However, the growing demand for metal polish in automobiles, cookware, architectural metal, and kitchenware is expected to boost demand for the product and thus, benefit the industry in the forecast period.
Asia is anticipated to be the most lucrative market during the forecast period. The growth of the market can be attributed to the growing disposable income and the rapid development of various sectors such as furniture, automotive, and others. The presence of rapidly evolving countries such as India, China, Japan, and Indonesia is expected to make a notable contribution to strengthening the industry.
As per the USA Department of Agriculture, as of 2020, there were about 4,100 wood house furnishing products manufacturers in Guangdong, China. Such factors are likely to benefit the industry in Asia. Moreover, rapid industrialization in the region is expected to augment demand for metal polish, as the number of residents is expected to rise considerably in the forecast period.
Also, the development of the industrial sector will fuel demand for metal polish products in the forecast period. Owing to such factors, the market in Asia is expected to witness significant growth of the market in the forecast period.
North America is projected to dominate the market in the forecast period. The domination of the region can be attributed to the active participation of developed countries such as the USA and Canada. Expansion of the furniture market in the region is expected to play a key role in driving the market growth.
Growing initiatives to expand players’ footprint in the market are expected to further strengthen the market. For instance, in 2018, Alibaba.com, a Chinese e-commerce giant, invested USD 2.88 Billion in furniture retailer EasyHome. EasyHome is a Canadian retailer business. Such initiatives are anticipated to boost demand for metal polish products in the forecast period.
Key players in the global metal polish products market are Rubbedin Cleaning Products, Canadian Tire Corporation, Limited., California Custom Products Inc., Reckitt Benckiser Group PLC, S. C. Johnson & Son, Inc, Diversified Chemical Technologies, Inc., White Diamond Detail Product, Weiman Products, LLC., Wizards Products, Turtle Wax, Inc., Halfords Limited, Menzerna polishing compounds GmbH & Co. KG, Cyclo Industries, Inc., Renaissance, and White Diamond.
| Report Attribute | Details |
|---|---|
| Growth Rate | 5.7% CAGR from 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Market Value in 2022 | USD 13.53 Billion |
| Market Value in 2032 | USD 23.5 Billion |
| Historical Data | 2017 to 2021 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | USD Million for Value and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Form Type, End User, Sales Channel, Region |
| Regions Covered | North America; Latin America; Europe; East Asia; South Asia; Oceania; Middle East & Africa |
| Key Countries Profiled | USA, Canada, Brazil, Mexico, Germany, France, United Kingdom, Italy, Russia, Spain, BENELUX, China, Japan, South Korea, India, Thailand, Malaysia, Indonesia, Australia, New Zealand, GCC Countries, South Africa, Turkey, Israel, Egypt |
| Key Companies Profiled | Tri-Peek International Limited; Rubbedin Cleaning Products; Canadian Tire Corporation Limited; California Custom Products Inc.; Reckitt Benckiser Group PLC; S. C. Johnson & Son Inc.; Diversified Chemical Technologies, Inc.; White Diamond Detail Product; Weiman Products LLC.; Wizards Products; Turtle Wax Inc.; Halfords Limited; Menzerna Polishing Compounds GmbH Co. KG; Cyclo Industries Inc.; Renaissance |
| Customization Scope | Available upon Request |
The global metal polish products market is expected to expand at a 5.7% CAGR during the forecast period from 2022 to 2032
Asia Pacific is anticipated to be the most lucrative market during the forecast period
White Diamond Detail Products, Weiman Products, LLC, Wizards Products, and Turtle Wax, Inc., are some of the renowned players in the market.
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Metal Polish Products Market
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