Technological reformations and extensive analysis of end-user specification sentiments remain vital for growth in furniture polish market. According to FMI’s analysis, penetration of e-commerce channels is inducing a massive shift among customers toward online channels. This trend is further being driven by availability of multiple products along with favorable deals.
Furniture polish sales are likely to grow at over 4% y-o-y in 2019 and surpass 230 mn liters in 2019. The demand for furniture polish has significantly taken off in tandem with the broader growth in the furniture industry. Gains have been complemented by a notable rise in furniture exports, a key aspect encouraging high-scale production activities. FMI’s new study on furniture polish market profiles this evolving landscape, bringing key insights to the fore.
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Rapid transition toward water-based furniture polish is a palpable trend picking in furniture polish market. The disadvantages associated with chemical-based furniture polish, such as strong odor and harmful fumes, are inducing a shift towards water-based variants with safer applications. According to FMI’s analysis, water-based furniture polishes sales are also likely to grow on account of increasing reluctance toward VOC-inclusive products.
The FMI study finds that end-user preference for aerosol furniture polish continues to remain intact, with global sales likely to exceed 87 mn liters in 2019. Ease of usage, streak-free luster, and competitive pricing are among the key factors fuelling demand for aerosol furniture polish over other variants.
“In a bid to gain a competitive edge, manufacturers are vying to differentiate their marketing strategies with new ideas. For instance, key manufacturers of furniture polishes participate in large furniture fairs where they present and promote their collections among furniture enthusiasts”, says FMI’s report
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Fire- and Heat- Resistant Furniture Sales Witnessing a Surge
While aerosol furniture polish continues to witness healthy demand, solvent-based furniture polish coffee machines are likely to proliferate at an impressive rate. Widely-acknowledged for their optimal efficiency, demand for solvent-based solutions is likely to grow at an impressive rate in 2019.
Melamine remains a highly-favored source in the furniture polish market as it offers a greater degree of flexibility and versatility to end-users. As end-users demand polishes that enhance fire- and heat- resistance, melamine sales have witnessed a spike in the recent years — the FMI study forecasts melamine furniture polish will surpass 65 mn liters in 2019.
According to FMI’s study, Asia Pacific excluding Japan (APEJ) accounted for nearly 30% share of the furniture polish market in 2018. Demand for furniture polishes in APEJ remains concentrated in China and India, where a burgeoning middle class continues to create sustained opportunities for manufacturers. The FMI report opines that APEJ will continue to be the largest market for furniture polishes in 2019, with North America and Europe following suit. Furniture polish sales in North America are likely to remain concentrated in the US, whereas EU5 countries continue to be at the forefront of demand in Europe.
The FMI study also profiles growth opportunities in emerging markets. The report opines that Middle East and Africa (MEA) will offer lucrative opportunities for furniture polish manufacturers, as many countries in the region work towards reducing their dependence on oil exports. The study remains bullish on the furniture polish sales in MEA, with revenues likely to grow at 2.8% y-o-y in 2018.
Key Segment
On the basis of product type
- solvent
- liquid
- aerosols
On the basis of source
- alkyd
- melamine
- polyester
- lacquer
- others
On the basis of end use
- household
- corporate offices
- hospitality
- educational institutes
- restaurants & cafes
- furniture manufacturers
- others
On the basis of sales channel
- wholesaler/distributors
- supermarket/hypermarkets
- specialty stores
- online stores
Information Source: https://www.futuremarketinsights.com/reports/furniture-polish-market
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