The global Furniture Polish Market is set to experience substantial growth over the next decade, with an expected market size of USD 10.72 billion in 2023, projected to nearly double to USD 22 billion by 2033, at a compound annual growth rate (CAGR) of 7.4%. The rise of eco-friendly products, increased demand for premium furniture care, and expanding online retail channels are fueling this growth, according to a new industry report.
Key Trends Driving the Market
The furniture polish market is being shaped by several key consumer and industry trends:
- Sustainability and Eco-Friendliness: As environmental awareness increases, consumers are actively seeking eco-friendly and biodegradable furniture polish options. Products that are made from natural or non-toxic ingredients are in high demand, particularly in North America, Latin America, and Europe.
- Customization and Personalization: A growing number of consumers prefer customizable furniture care solutions, from choosing specific fragrances to selecting tailored formulations for different types of materials such as wood, metal, and leather.
- Rising Online Shopping and DIY Culture: Online shopping has become a dominant channel for the purchase of furniture polish, driven by the convenience it offers. Additionally, the increasing trend of DIY home improvement has led to a surge in demand for homemade and organic furniture care solutions.
- Premium Furniture and Antiques: As consumers invest in higher-quality, premium furniture and antique restoration, the need for effective furniture polish has intensified. Products that maintain the longevity and aesthetics of wood, metal, and leather furniture are becoming essential for preserving both modern and vintage pieces.
- Rapid Urbanization in Emerging Markets: In regions like South Asia and the Pacific, urbanization, increased disposable income, and a growing middle class are driving demand for high-quality furniture care products. The expansion of the hospitality industry, including hotels and resorts, is also contributing to this surge.
Product Segment Analysis
- Liquid Furniture Polishes: The liquid segment is expected to dominate the market, with a CAGR of 3.3% from 2023 to 2033. Liquid products are preferred for their convenience, ease of application, and long-lasting shine.
- Furniture Manufacturers: The demand for furniture polish is also surging in the furniture manufacturing segment, as producers seek high-quality polishes to maintain and enhance their product lines, including luxury wooden furniture and metal-framed designs.
Challenges in the Market
Despite its growth, the furniture polish market faces several challenges:
- Rising R&D Costs: The development of eco-friendly formulations and natural products may drive up research and development costs, which could slow down market growth for some companies.
- Competition from All-Purpose Cleaning Products: Many consumers are opting for multi-surface cleaners that can handle a variety of tasks, reducing the need for specialized furniture polishes.
- Regulatory Restrictions: The implementation of stricter regulations surrounding the chemicals used in household products could affect furniture polish formulations and availability.
Competitive Landscape
Globally, the furniture polish industry is a niche sector that is steadily growing. Key players in the industry are prioritizing research and development to drive innovation.
Recent trends in the furniture polish industry show companies adopting diverse growth strategies to enhance their market share, expand their reach, and increase revenue. These strategies include geographic expansion, advancements in technology, and mergers and acquisitions.
- HomeRevive, a DIY retail site, has seen a surge in furniture polish sales. The use of furniture polish has grown in popularity as more people spend more time indoors and want to revitalize their homes. It restores the luster of their furnishings and keeps them looking their best.
- A new edition of Meble Polska, the biggest furniture fair in Central and Eastern Europe, was held in Pozna from 21 to 24 February 2023. Approximately 60 countries registered for the fair, which featured upholstered furniture, cabinet furniture, and mattresses from a range of leading Polish furniture manufacturers. Additionally, Ukrainian, Turkish, Cypriot, Danish, Uzbek, Serbian, and German exhibits were on display.
Key Companies Profiled
- 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.
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Segmentation Analysis of the Furniture Polish Market
By Product Type:
- Solvent
- Liquid
- Aerosols
By Source:
- Alkyd
- Melamine
- Polyester
- Lacquer
- Others
By End Use:
- Household
- Corporate Offices
- Hospitality
- Educational Institutes
- Restaurants and Cafes
- Furniture Manufacturers
- Others
By Sales Channel:
- Wholesaler/Distributors
- Supermarket/Hypermarkets
- Specialty Stores
- Online Stores
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia & Pacific
- East Asia
- The Middle East & Africa
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