According to the recent market report published by Future Market Insights, titled ‘Furniture Polish Market: Global Industry Analysis and Opportunity Assessment 2019-2027’, the revenue generated from the Furniture Polish market is estimated to be valued at over US$ 8,843.8 Mn in 2019. The market is projected to increase at a CAGR of 5.0% during the forecast period (2019-2027).
The global furniture industry has been growing at a significant pace over the past couple of decades. Despite the economic crisis in 2008, sources indicate that the industry witnessed minimal negative effects in terms of its value sales growth and is expected to reach US$ 430 billion during the forecast period (by 2027). With burgeoning demand for furniture from households as well as the commercial sector, maintaining the quality, appearance and durability of furniture has become utmost important. This is the key factor that has been triggering the demand for various furniture polish products in the global market. Over the years, the global furniture polish market has registered significant growth and has seen the entry of various product offerings which cater to the varying needs and requirements of the target customers.
With the continuous evolution being witnessed in the global furniture industry in terms of the choice of the base material used for the production of furniture, the global furniture polish market is moving towards more durable product offerings. Several key players in the furniture polish products market are focusing on bringing innovation in their products to cater to the growing demand from customers. For instance, Axalta Coating Systems, one of the key players in the global furniture polish market, recently opened the Global Innovation Center, one of the largest research and development centers in Philadelphia, U.S.
Mergers and acquisitions are other key strategies being adopted by the key players in the global furniture polish market. Various furniture polish manufacturers believe that the merger and acquisition strategy opens new doors not only in the domestic market but also in the international market. For instance, in 2017, Nippon Paint collaborated with the Italian wood coating manufacturer, IVM Chemicals, and launched a new variant of furniture polish products for the Indian market. In 2017, PPG Industries, one of the marquee players in the global furniture polish market, announced the acquisition of certain assets of FLOOD Australia, which specializes in the production and distribution of various furniture polishes.
In recent years, several key players in the global furniture polish market have been initiating promotional activities for their products in view of increasing their customer base in domestic and international markets. These furniture polish manufacturers are attending several high profile international meets and exhibitions to showcase their existing furniture polish products and make new product launches as well. In 2017, AkzoNobel N.V., another key player in the global furniture polish market, attended the ‘High Point International Home Furnishing Market’ with an aim to showcase its latest furniture polish products to its target segments.
Similarly, various furniture polish manufacturers are now seriously considering the online platform as one of the key tools in promoting as well as generating sales for various types of furniture polish products. These furniture polish companies have gone a step forward by coming up with their own websites to allow customers to gain access to detailed specifications and features of various furniture polish products that the companies are offering.
Key Players in the Furniture Polish Market Detailed profiles of some of the key Furniture Polish companies have also been included in this 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 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 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.
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