The polishing powder market is expected to grow at a CAGR of over 6% during the forecast period. Major factor driving the market studied is growing demand of polishing powder from construction industry. On the flip side, volatile raw material price of polishing powder and unfavorable conditions arising due to the COVID-19 outbreak are hindering the growth of the market.
– Growing demand of polishing powder from medical and healthcare industry is forecasted to offer various opportunities for the growth of the market over the forecast period.
– Polishing powder from construction industry is expected to dominate the market studied over the forecast period.
– Asia-Pacific region represents the largest market and is also expected to be the fastest-growing market over the forecast period owing to the increasing consumption from countries such as China, India, and Japan.
Key Market Trends
Growing Demand of Polishing Powder from Construction Industry
– Polishing powder is often used to enhance the appearance of an item, prevent contamination of instruments, remove oxidation, create a reflective surface, or prevent corrosion in pipes.
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– Polishing Powder can be used for polishing process and regular maintenance of various marble in construction and can make the marble surface bright and shining and can enable the marble surface harder and more wearable.
– Additionally, Polishing Powder is used in pharmaceutical, dairy, and specialty plumbing to prevent corrosion and eliminate locations where bacteria or mold may reside.
– The increasing focus on infrastructure and customization in construction and manufacturing processes had a significant impact on the growing demand of polishing powder in construction industry.
– Hence, owing to the above-mentioned factors, the application of polishing powder from construction is likely to dominate during the forecast period.
Asia-Pacific Region to Dominate the Market
– Asia-Pacific region is expected to dominate the market for polishing powder during the forecast period. The rising demand of polishing powder from construction industry and growing application in industrial sector in developing countries like China, Japan and India is expected to drive the demand for polishing powder in this region.
– The largest producers of polishing powder are located in Asia-Pacific region. Some of the leading companies in the production of penoxsulam are Solvay, Universal Photonics, SHOWA DENKO K.K, DuPont, and Advanced Metallurgical Group NV among others.
– According to Global Construction 2030 (published by Global Construction Perspectives and Oxford Economics), Southeast Asia’s construction market is anticipated to exceed USD 1.0 trillion, by 2030 which in turn boosts the demand for polishing powder in residential building construction.
– Ruling Govt. Initiatives such as Housing for all the government’s flagship scheme PMAY launched in June 2015 aims to build 20 million urban homes and 30 million rural houses by 2022, Smart Cities, etc. are fuelling the growth of the Urban Infrastructure and construction development.
– Owing to the above-mentioned factors, the market for polishing powder in the Asia-Pacific region is projected to grow significantly during the study period.
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