Global Polishing Market Worth Over US$ 69.12 Billion in 2016, and Expected To Surpass US$ 91.25 Billion at A CAGR Of 4.7% during the Forecast Period (2016-2022).
In the world of polishing, current trends are mirroring industry trends: overseas competition, shorter lead-times and high-speed machining technology decreasing the need for handwork and finishing. Significant rise in automobile industry across the globe is expected to continue during the forecast period, thereby leading to the growth of auto polishing sector. Marine and aircraft polishing is the fastest growing sectors due to the number of developments taking place in private sector as well as in defense sectors. Industrial end-user sector is largest user of polishing industry due to the number of machinery and the maintenance cost of the machinery is high as well as the production of the products totally depend upon the proper working of machines.
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The report on the global Polishing market uses the top-down and bottom-up approaches to define, analyze, and describe the market trends for the next five years. The report also tracks the emerging applications, innovative technologies, and mergers & acquisitions. It also focuses on the growth drivers and restraints for the key market players during the forecast period.
KEY BENEFITS OF THE REPORT:
In-depth analysis of the market ecosystem and its impact on the revenue growth
Understanding of the strategies that are being adopted by the key players in this market to stay competitive
Valuable insights into the key technological and market trends impacting this market
KEY PREMIUM INDUSTRY INSIGHTS:
The growth in this market is mainly attributed to growing purchase of vehicle. This will increase the investment of owners towards vehicle maintenance, in turn, augmenting the growth of the polishing market.
Furthermore, the availability of different channels such as private owners, franchised dealers, and independent dealers and the increasing penetration of the online platform will also drive the market growth. With the increase in disposable income of individuals across the globe, there will be a rapid growth in the market.
High-speed machining advances and growth of water-based coatings are factors which are aiding the market growth. Also to prevent vehicles from corrosion and rust, polishing is the cost-effective solution.
On the other hand, outdating technologies & systems, capital intensity and stringent regulatory policies are some of the restraining factors of the polishing market.
Geographically, North America holds the largest share among all other regions due to the significant R&D taking place in aircraft and marine manufacturing units. Unfortunately, the polishing industry has also suffered due to a majority of mold build work. However, the poor quality of molds that are built overseas is bringing polishing work back to North America. India and China are expected to be the fastest growing markets in the forecast period due to the growth in all the major segments in individual sectors as well as defense sectors. Moreover, South-east Asia leads in crystal polishing market due to the rise in demand from individuals.
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This report analyzes the polishing market by the following segments:
Polishing Market by Type
Ophthalmic Lens Polishing
Other Polishing Types
Polishing Market by End-user
KEY MARKET PLAYERS:
Key players in the polishing market include:
Praxair Technology, Inc.
Universal Photonics, Inc.
Demeter Technologies, Inc.
Micro Abrasives Corporation
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