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.
For the furniture polish market to flourish, technological advancements and in-depth analysis of end-user requirements sentiments are essential. According to FMI’s report, e-commerce channel penetration is causing a major shift in client behaviour toward online channels. This trend is further fueled by the availability of a variety of products as well as attractive discounts.
A noticeable trend in the furniture polish business is the rapid switch to water-based furniture polish. The downsides of chemical-based furniture polish, such as strong odour and toxic fumes, are prompting a shift to water-based alternatives that are safer to use. According to FMI’s estimate, sales of water-based furniture polishes are also expected to rise due to a growing aversion to VOC-containing 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.
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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
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