Furniture polish is known as pastes, creams, or lotions for the cleaning and protection of wooden furnishing. The product is also utilized in furniture to provide an aesthetic look to the furniture in residential and commercial sectors. There is an increase in the demand for furniture polish due to flourishing construction activities. The rise in need for polished furnishings has led to increase in demand in business and home space with damaging properties, increasing furniture exports and high oven production. The new versions of furniture polishing are introduced to meet the varied needs of their target customers by different polishers. The increased demand for polished furniture is expected to boost the growth of the polished furniture industry worldwide. Furthermore, increase in the available income and public investment in infrastructure would further enhance the scale of the sector. With the advent of the COVID-19 pandemic, the demand for furniture polish has decreased due to the enforcement of strict lockdown resulting in halting the operations in major sectors.
COVID-19 Impact Analysis
- As the COVID-19 pandemic has forced countries to enforce lockdown, the supply and distribution chain had disrupted. The shifting of activities in operations and vendor operations impacted the production. Hypermarkets/supermarkets and convenience stores were closed, creating a gap in demand and supply.
- The production process for furniture has become a challenge for companies due to the limited availability of labor, disrupted raw material supply and logistic issue. The deterioration in the production of furniture has lead to a downfall in demand for furniture polish.
- The necessity for polishing furniture in the family, company and other industries had reduced due to the implementation of lockdown to tackle the COVID-19 pandemic. Consumers do not need to polish their furniture, as their interest has shifted toward other essential amenities that would help them survive the pandemic.
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Top Impacting Factors
- The growing middle-class population, increase in disposable income, high investment toward the hotel and hospitality industry, the change preferences of consumers as well as their change in taste and lifestyle are the major driving factors in the growth of the furniture polish market. The market for polishing furniture has also been pushed by the availability of various products and by the developing quality of products such as water-based polished furniture created by some producers.
- As the number of home and trade furniture installations increases, it has become important for furniture to be maintained and protected from pollution and other external elements. Different kinds of furniture will ultimately require periodic maintenance, which demands the usage of furniture polish. With the increase in service and maintenance companies in the market, the requirement for furniture polish is increasing.
Market Trends
Emphasis on innovation and new product launches by furniture polish companies
With new developments in numerous sectors, consumer perception and buying conduct have continually changed. With its vast consumer base, the worldwide Polish furniture business has seen a similar evolution. Consumers are now seeking furniture polishing that can preserve the beauty of this hardwood furniture for an extended period using a variety of fundamental ingredients such as wood traction in the furniture industry. As a result, many polishing meets the diversifying demands of their target consumers by strategizing the introduction of new varieties of polished mechanical items.
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Mergers and Acquisitions – A key factor driving value sales
Due to the convergence of many variables, including customer base expansion and different consumer perception, many vital furniture polishing companies have chosen important methods for sales generation on the worldwide market. Mergers and acquisitions are considered a crucial strategy for generating sales and expanding operations on national and worldwide marketplaces.
Internet services are playing a vital role in the growth of the furniture polish market
In this modern era, consumers are shifting towards online purchases due to their busy schedule and the better convenience offered than traditional shopping. The e-commerce websites encouraging consumers to buy furniture online as they offer better designs and offers an after purchase service that is generally unavailable in traditional purchases.
Key Benefits of the Report
- This study presents the analytical depiction of the furniture polish industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the furniture polish market share.
- The current market is quantitatively analyzed to highlight the furniture polish market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed furniture polish market analysis on the basis of competitive intensity and how the competition will take shape in coming years
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Questions Answered in the Report
- Who are the leading market players active in the furniture polish market?
- What current trends will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What future projections would help in taking further strategic steps?
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