Metal Polishing Compound Market Size to Worth $12.1 Billion by 2032 | CAGR: 5.1%: AMR
The rising demand for jewelry and the growing popularity of polishing industrial equipment due to rapid industrialization are projected to drive the global metal polishing compound market’s growth during the forecast period. The Asia-Pacific region is predicted to witness prominent growth by 2032.
Wilmington, Delaware , May 07, 2024 (GLOBE NEWSWIRE) -- Allied Market Research has recently published a report, titled, *“**Metal Polishing Compound Market** Size, Share, Competitive Landscape and Trend Analysis Report by Type, by End-**use :** Global Opportunity Analysis and Industry Forecast, 2023-2032**.”* According to the report, the global metal polishing compound market generated $7.4 billion in 2022, and is anticipated to generate $12.1 billion by 2032, rising at a CAGR of 5.1% from 2023 to 2032. *Prime Determinants of Growth*
The increasing demand for jewelry along with the growing consumer preference for customized jewelry and the growing popularity of polishing of industrial equipment due to rapid industrialization are the factors expected to drive the growth of the global metal polishing compound market in the forecast period from 2023 to 2032. However, the market instability and the variable costs of raw materials may restrict market growth in the coming future. On the contrary, technological advancements and the rising demand for specialized polishing compounds from different industries are expected to offer remunerative opportunities for the expansion of the metal polishing compound market during the forecast period.
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*Report Coverage & Details:*
*Report Coverage* *Details*
Forecast Period 2023–2032
Base Year 2022
Market Size in 2022 $7.4 billion
Market Size in 2032 $12.1 billion
CAGR 5.1%
No. of Pages in Report 305
Segments covered Type, End-use, and Region
Drivers Increasing demand for jewelry Growing preference for customized and unique jewelry pieces Rapid industrialization
Opportunities Increasing consumer demand for quality metal polishing compounds Rising demand for specialized polishing compounds for different industries
Restraints Fluctuating prices of raw materials
*Type: **Aluminum Oxide** Sub-segment to Hold Major Market Share by 2032*
The aluminum oxide sub-segment accounted for the largest *global **metal polishing compound market** share* of 45.4% in 2022 and is expected to hold major share by 2032. This significant growth is mainly due to the widespread adoption of aluminum oxide in metal polishing compounds owing to its exceptional hardness and abrasive properties. Its precision in abrading metal surfaces yields glossy, polished finishes sought after in industries like aerospace and automotive. Its consistent delivery of high-quality results reinforces its reliability and makes it a preferred choice for producers and consumers.
*End**-u**se**: **Industrial** Sub-segment to **Flourish Immensely During the Forecast Period*
The industrial sub-segment held the largest market share of 44.7% in 2022 and is predicted to grow at the highest CAGR of 5.3% during the forecast period. This is mainly because metal polishing compounds are indispensable across automotive, aerospace, and electronics industries, ensuring superior surface finishes crucial for product quality and visual appeal. In manufacturing, where large quantities of polished metal parts are essential, these compounds maintain steady demand, which is crucial for meeting quality standards and customer expectations. Their critical role in achieving desired outcomes highlights their importance in modern manufacturing, driving continued reliance and projected growth.
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*Region: Asia-Pacific Market to be the Most Dominant During the forecast Period*
The Asia-Pacific metal polishing compound market accounted for the largest share of 35.3% in 2022 and is predicted to grow at the highest CAGR of 5.5% during the forecast period. This growth is mainly owing to the robust industrialization in the region, particularly in automotive, electronics, and construction sectors. China’s manufacturing prowess and growing urbanization fuel significant demand, while Japan and South Korea’s technological advancements bolster the region’s market dominance. Moreover, India’s emergence as a manufacturing hub further amplifies demand, which makes Asia-Pacifica dominant region in the global market.
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*Leading Players in the **Metal Polishing Compound Market**:*
· Metkorp Equipments Pvt. Ltd.
· Zhengzhou Ruizuan Diamond Tool Co., Ltd.
· New Western Abrasive
· Shital Industries
· Europolish Deutschland GMBH
· Foshan Hotech Tube Mill Co., Ltd.
· Menzerna Polishing Compounds GmbH & Co. KG
· Renegade Products USA
· Maverick Abrasives
· JETS INC.
The report provides a detailed analysis of the key players of the global metal polishing compound market. These players are employing various strategies including launching new products, entering collaborations, expanding operations, forming joint ventures, and signing agreements, all aimed at boosting their market share and securing their competitive position across different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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