An Incisive, In-depth Analysis on the Furniture Polish Market
This study offers a comprehensive, 360 degree analysis on the Furniture Polish market, bringing to fore insights that can help stakeholders identify the opportunities as well as challenges. It tracks the global Furniture Polish market across key regions, and offers in-depth commentary and accurate quantitative insights. The study also includes incisive competitive landscape analysis, and provides key recommendations to market players on winning imperatives and successful strategies.
Rise in Internet Penetration Paving the Way for Global Furniture Polish Market Growth
From an estimated market size of US$ 8,433.7 Mn in 2019, Furniture Polish Value Sales are expected to reach US$ 13,101.3 Mn by 2027, expanding at a CAGR of 5.0%
The global furniture market has been witnessing significant growth in terms of value sales, which can be attributed to the rising demand from various countries, especially those in Asia-Pacific and North America. Attributing to the rise in the number of customers in the global furniture industry, the industry has been evolving in terms of product offerings as well as quality. With the increase in the number of furniture installations in household and commercial sectors, maintaining furniture and protecting it from dust and other external factors has become crucial. Various types of furniture are used to provide spacious interior looks to a household as well as commercial spaces and furniture eventually requires periodical maintenance, which necessitates the use of furniture polish. Furniture polish is a non-foaming neutral liquid used for coatings to provide finishing touches to various carpentry and woodworks. Furniture polish finds a wide range of applications in household as well as commercial sectors as it can clean and polish any kind of furniture, ranging from wooden desks, panels, kitchen cabinets, table tops to woodwork.
Emphasis on Innovation and New Product Launches by Furniture Polish Companies
Consumer perception and buying behavior have been constantly changing with the new trends in various markets. The global furniture polish market has been witnessing a similar trend with its large customer base. With the use of various types of base materials such as hardwood gaining traction in the furniture industry, customers now seek furniture polish capable of maintaining the look of such hardwood furniture for a long span of time. As a result, various furniture polish manufacturers have been strategizing on introducing new variants of furniture polish products to cater to the varying demand from its target customers. For instances, in 2015, Bona US, one of the key players in the global furniture polish market announced the launch of a new line of furniture polish under the brand name ‘Bona Wood Furniture Polish’, which is a liquid-based product that cleans and protects hardwood furniture. Furniture Polish Wipes are another innovation inline, these wipes are beneficial in removing sticky spills and stains, and also helps in protecting furniture from dust and allergens.
Mergers and Acquisitions – A Key Factor Driving Value Sales
The confluence of various factors, such as the expansion of customer base and varying consumer perception, has compelled various key furniture polish manufacturers to opt for key strategies in the view of generating sales in the global market. Mergers and acquisitions have been considered as one of the key strategies adopted by various furniture polish manufacturers to generate sales as well as expand operations in domestic and international markets. For instance, in 2017, Axalta Coating systems, one of the marquee players in the global furniture polish market acquired The Valspar Corporation’s North American Industrial Wood Coatings business for US$ 420 Million. Valspar Corporation specializes in the production of various furniture polish products for the North America market.
Internet Penetration – A Key Influential Macroeconomic Factor Driving Market Growth
The average internet penetration around the globe has been rising at a significant rate with 2.8 Billion people aged above 15 years connected to the internet. Various e-commerce channels such as Walmart, Tesco and Amazon have been considered as the preferred e-commerce platforms for purchasing products. This critical macroeconomic factor has been paving way for the global furniture polish market growth in terms of value and volume sales. Attributing to this, several key furniture polish manufacturers now consider online platforms as a key tool in triggering demand as well as sales for their various furniture polish products. For instance, in 2018, Sherwin-Williams – a prominent player in the global furniture polish market – launched an online tool that provides detailed specifications of its various furniture polish products for the North America market.
Multinational Players are Relatively Highly Concentrated on a Global Scale, as Compared to Local & Regional Furniture Polish Manufacturers
The global furniture polish market is primarily characterized by the presence of a large number of regional and multinational companies. Detailed profiles of furniture polish companies have also included in the global furniture polish market report to evaluate their strategies, key product offerings, and recent developments. Some of the key players profiled in the global furniture polish market study include Altana, Cleenol Group Ltd., Liberon Limited, Reckitt Benckiser Group plc (Old English), S.C. Johnson & Son, Inc. (Pledge), The Sherwin-Williams Company, PPG Industries Inc., Akzo Nobel N.V., Axalta Coating Systems, Masco Cabinetry, LLC, RPM Wood Finishes Group, Blend well Chemicals, Milsek Furniture Polish Inc., Golden Star Inc., Blanchon UK Ltd, Movac Group, Chestnut Products, Teknos (UK) Ltd, Symphony Coatings Group Ltd and Bona US.
The report provides forecast and analysis of the global furniture polish market. It provides an analysis of the furniture polish market on the basis of the historical data as well as the forecast from 2018 to 2027 in terms of revenue (US$ Mn). The furniture polish market report reveals the market dynamics in seven geographical segments along with market analysis for the current and future scenario. In addition, it includes drivers, restraints, and recent trends in the furniture polish market. The report also comprises opportunities for the manufacturers of furniture polish and highlights the value chain analysis in detail. The study demonstrates market dynamics and trends across regions that are expected to influence the current status and future prospects of the furniture polish market.
The report studies the global furniture polish market for the period 2018–2027. The prime objective of this report is to offer quantitative and qualitative insights and study key market trends pertaining to the global furniture polish market that gradually help transform businesses.
The global furniture polish market numbers have been assessed by carefully scrutinizing the spending of countries in all the seven key regions, for the current year, as well as the historical performance of the market. Market size and forecast for each segment in the furniture polish market have been provided in the context of regional markets. All the segmentation for the furniture polish market has been considered after appropriate secondary research and revalidation of the data obtained through interviews with key thought leaders and industry experts. The market has been forecast based on constant currency rates. The report also includes the revenue generated from the sales of furniture polish across all regional economies.
The furniture polish report begins with an executive summary intended to give a clear perspective about the market to the reader. It is then followed by an overview of the furniture polish market and provides the furniture polish market definition, as well as an analysis of drivers, restraints, opportunities, and key trends in the market. The sections that follow include the global furniture polish market analysis, analysis by product type, source, end use, sales channel, and country-level analysis.
On the basis of product type, the global furniture polish market is segmented into solvent, liquid, and aerosols. On the basis of source, the global furniture polish is segmented into alkyd, melamine, polyester, lacquer, and others. The global furniture polish market is further segmented on the basis of end use. The potential end users of the furniture polish are household, corporate offices, hospitality, educational institutes, restaurants & cafes, furniture manufacturers, and others that include spiritual institutes as well. On the basis of sales channel, the global furniture polish market is segmented into wholesaler/distributors, supermarket/hypermarkets, specialty stores, and online stores.
All the above sections evaluate the furniture polish market on the basis of various factors affecting the market, covering the present scenario, and future prospects. For market data analysis, the report considers 2017 as the base year, with market numbers estimated for 2018, and forecast made for 2018–2027. All the segmentation for the furniture polish market has been considered after appropriate secondary research and revalidation of the data obtained through interviews with key thought leaders in the industry. The market has been forecast based on constant currency rates.
The next section of the furniture polish market report highlights the market by region and provides the market outlook for 2018–2027. The study investigates the regional year-on-year (Y-o-Y) growth of the furniture polish market. Key regions assessed in this report include North America, Latin America, Europe, Asia Pacific Excluding Japan, Middle East & Africa, & Japan. The report evaluates the present scenario and growth prospects of the regional market for 2018–2027.
The furniture polish market numbers have been assessed based on sales and weighted average pricing by nature and product type. Then, the aggregate revenue is derived through a weighted average of country pricing trends. Furniture polish market size and forecast for each segment have been provided in the context of each country. The furniture polish market has been analyzed based on the expected demand and current spending scenario. Pricing considered for the calculation of revenue is the average of the country prices obtained through primary quotes from numerous regional furniture polish manufacturers, suppliers, and distributors. All key product types of furniture polish have been considered on the basis of secondary sources i.e. OECD, UN data, and feedback from primary respondents. Country-wise demand patterns have been considered while estimating the furniture polish consumption across various regions. Furniture polish market numbers for all regions by product type, base material, end-use, and distribution channel have been derived using the bottom-up approach, which is cumulative of each country’s demand. Company-level furniture polish market share has been derived on the basis of revenue reported by key manufacturers. The furniture polish market has been forecast based on constant currency rates. Given the characteristics of the market, we have triangulated the outcome on the basis of three different types of analysis: based on supply side, demand side analysis for furniture polish, and the impact of macro-economic factors on the furniture polish market. In addition, it is imperative to note that in a fluctuating global economy, we not only conduct market forecasts in terms of Compound Annual Growth Rate (CAGR), but also analyze the market based on key parameters, such as Y-o-Y growth rates, to understand the predictability of the furniture polish market and identify the right opportunities for players.
The market segments for the global furniture polish market have been analyzed in terms of Basis Point Share (BPS) to understand the relative contributions of each segment to furniture polish market growth. This detailed level of information is important for identifying various key trends in the furniture polish market. Another key feature of this report is the analysis of the market in terms of absolute dollar opportunity represented by the furniture polish sales. Absolute dollar opportunity is critical for evaluating the scope of opportunity that a provider can look to achieve as well as to identify lucrative segments. The overall absolute dollar opportunity represented by the furniture polish market is mentioned in the report. To understand key growth segments in terms of growth and the adoption for furniture polish in the global market, FMI developed the market ‘Attractiveness Index.’ The resulting index is expected to help providers identify real market opportunities. A number of primary and secondary sources were referred during the course of the study. Few of the secondary sources include IMF, World Bank, Hoover’s, Factiva, company’s annual reports, government associations, and publications.
In the final section of the report on the furniture polish market, a ‘dashboard view’ of the companies is provided to compare the current industrial scenario and their contribution to the total furniture polish market. Moreover, it is primarily designed to provide clients an objective and detailed comparative assessment of key providers specific to a segment in the furniture polish market. Report audiences can gain segment-specific manufacturer insights to identify and evaluate key competitors in the furniture polish market. Detailed profiles of companies are also included in the report to evaluate their strategies, key product offerings, and recent developments. The key players in the global furniture polish market are Altana, Cleenol Group Ltd., Liberon Limited, Reckitt Benckiser Group plc (Old English), S.C. Johnson & son, Inc. (Pledge), The Sherwin-Williams Company, PPG Industries Inc., Akzo Nobel N.V., Axalta Coatin Systems, Masco Cabinetry, LLC, RPM Wood Finishes Group, Blendwell Chemicals, Milsek Furniture Polish Inc., Golden Star Inc., Blanchon UK Ltd, Movac Group, Chestnut Products, Teknos (UK) Ltd, Symphony Coatings Group Ltd, and Bona US.