Furniture Polish Market on a Growth Trajectory, Expected to Reach $14 Billion in 2028 As Per The Business Research Company’s Furniture Polish Global Market Report 2024
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LONDON, Jan. 04, 2024 (GLOBE NEWSWIRE) — As per The Business Research Company’s furniture polish global market report 2024, the furniture polish market has exhibited robust growth, with the market size escalating from $10.2 billion in 2023 to a projected $10.96 billion in 2024, marking an impressive compound annual growth rate (CAGR) of 7.4%. This furniture polish market growth is attributed to the prevalence of wooden furniture, evolving consumer lifestyles, increasing environmental awareness, and effective marketing and branding strategies.
Prospects for the Forecast Period:
Anticipating continued strength, the furniture polish market is poised for substantial growth in the coming years, reaching $14.07 billion by 2028, with a CAGR of 6.5%. Contributing factors include the growing demand for sustainability and green products, flourishing e-commerce, trends in home improvement, and the rising popularity of premium and specialty furniture care products.
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Key Trends and Influencers:
Trends in the forecast period encompass the integration of smart home technology, plant-based formulas in furniture polishes, digital marketing strategies, and collaborations with furniture manufacturers. The industry is witnessing a shift towards environmentally friendly and technologically advanced solutions, aligning with evolving consumer preferences.
Role in Construction Activities:
The furniture polish market is set to benefit from the surge in construction activities, as furniture polish plays a crucial role in protecting wooden structures. According to a report by Oxford Economics, global construction output is expected to increase by 42% between 2020 and 2030, reaching $15.2 trillion. This surge in construction activities is a significant driver propelling the growth of the furniture polish market.
Major Players and Market Segmentation:
Key players in the furniture polish market include The Sherwin-William Company, Reckitt Benckiser PLC, Axalta Coating Systems Ltd., and others. The market is segmented based on product (solvent, liquid, aerosols), source (alkyd, melamine, polyester, lacquer, other sources), sales channel (wholesaler or distributors, supermarket or hypermarkets, specialty stores, online stores), and end-use (household, corporate offices, hospitality, educational institutes, restaurants and cafes, furniture manufacturers, other end uses).
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Regional Dynamics:
North America dominated the furniture polish market in 2023, while Asia-Pacific is anticipated to emerge as the fastest-growing region in the forecast period, showcasing immense growth potential.
In conclusion, the Furniture Polish Global Market Report provides invaluable insights for industry players to capitalize on emerging trends and navigate market dynamics. Businesses can leverage this furniture polish market report to strategize effectively, identify growth opportunities, and stay ahead in this evolving market. Understanding the impact of trends such as smart home technology and digital marketing will be crucial for players aiming to carve a niche in the expanding furniture polish landscape.
Furniture Polish Global Market Report 2024 by The Business Research Company provides insights on the furniture polish market size, furniture polish market segments, furniture polish market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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