The furniture polish market is experiencing a surge in popularity, with a projected valuation of US$ 22 billion by 2033, representing a significant growth opportunity for industry decision-makers. Here’s why you should take notice:
Explosive Growth: The market is expected to witness a CAGR of 7.4%, fueled by the increasing demand for furniture and the convenience of online shopping.
Sustainable Solutions: Eco-conscious consumers are driving the demand for furniture polish made from natural ingredients, recycled materials, and with low-impact manufacturing processes. This presents a lucrative opportunity to develop and market eco-friendly polishes.
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Personalization is King: Customers are seeking customization options for their furniture, and furniture polish needs to follow suit. Develop polishes tailored for specific wood types or finishes to cater to this growing trend.
DIY on the Rise: While convenience reigns supreme, a segment of the market is turning towards DIY furniture polish solutions made with natural ingredients. Capitalize on this trend by offering easy-to-make cleaning solutions alongside your core products.
Compact is Key: Space constraints are a growing concern. Focus on developing compact furniture polish products with simple application methods to meet the needs of modern living spaces.
Asia Pacific: A Booming Market: The Asia Pacific region presents a significant growth opportunity due to the rising interest in antique designs and premium wood furniture. Tailor your marketing strategy to cater to this specific market segment.
The takeaway? The furniture polish market is ripe for innovation. By focusing on sustainability, convenience, personalization, and regional preferences, decision-makers can capitalize on this exciting growth potential and establish themselves as leaders in the industry.
Moreover, e-commerce platforms and digital marketing strategies have provided furniture polish manufacturers and sellers with unprecedented opportunities to reach a broader audience and establish their brands on a global scale.
Asia Pacific excluding Japan accounts for nearly 30% share of the market in 2021. 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.
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.
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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.
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.
- Other
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Segmentation Analysis of the Furniture Polish Market
Product Type:
- Solvent
- Liquid
- Aerosols
Source:
- Alkyd
- Melamine
- Polyester
- Lacquer
- Others
End Use:
- Household
- Corporate Offices
- Hospitality
- Educational Institutes
- Restaurants and Cafes
- Furniture Manufacturers
- Others
Sales Channel:
- Wholesaler/Distributors
- Supermarket/Hypermarkets
- Specialty Stores
- Online Stores
Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia & Pacific
- East Asia
- The Middle East & Africa
Author
Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.
Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.
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