Surge in Marine Industry Driving Indian Metal Polish Market Growth

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.

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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.

Moreover, India is an emerging economy and it is thus, witnessing a sharp surge in consumer spending on various aesthetically appealing polished goods and silverware, which are widely used for display at restaurants, malls, and hotels. This is further boosting the demand for metal polishes in the country. Apart from the aforementioned factors, the growing use of metal polishes in the marine industry is also pushing up their sales in the country. These polishes are extensively used in cargo and boat ship railings, metal fittings, and various other components in order to remove the corrosion, tarnish, and surface rust caused by air, exposure to ultraviolet rays, and saltwater.

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When end user is taken into consideration, the Indian metal polish market 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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About P&S Intelligence

P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

This release was published on openPR.