Aug 02, 2017
Household Polishes Market Registers a Sluggish CAGR Growth
by Team Fact.MR
Increasing need for polishing furniture and leather seats has led to an upsurge in demand for household polishes in the furniture industry. Manufacturers operating across various industries witness considerable demand for household polishes in order to clean and polish various automotive and furniture products. Moreover, growing need to smoothen, refine and protect furniture offered for use in the residential and hospitality industry is likely to contribute towards global market growth of household polishes in the upcoming years. According to report published recently, the global household polishes market will register a relatively slow CAGR growth over the forecast period, 2017 -2022.
Growing need to protect, clean and polish furniture among furniture manufacturers has led to an increase in demand for household polishes in the global market. Attributed to increasing need for polishing and cleaning wheels, windshield and headlights in the automotive industry, the global household polishes market is predicted to witness significant growth throughout 2022. Moreover, surge in demand for polished and clean furniture products in the hospitality industry has revved up demand for household polishes among furniture manufacturers. Such factors are predicted to contribute towards the global market growth of household polishes during the predicted period.
Increasing demand to clean leather seats, and other leather products in the healthcare and residential industry has boosted demand for household polishes among furniture manufacturers. Further, growing need to maintain deteriorating furniture and other household products has led manufacturers to witness substantial demand for household polishes in the residential industry. Growing need to polish footwear will further impact the global market growth of household polishes through 2022.
Woodwork polishes among other products is projected to represent over US$ 230 Mn in the global market by the end of 2022. In terms of revenue, this segment will register the highest growth in the global household polishes market. According to the report, Europe among other regions is predicted to represent a major market for woodwork polishes in the global market. Footwear polishes is likely to register a relatively high CAGR in APEJ throughout 2022.
In terms of revenue, liquid form among others form of products will represent significant growth in the global market in 2017. This segment is projected to account for a significant growth in terms of revenue in the global market. Powder and granule, and gel and paste will register a similar CAGR growth in APEJ during the predicted period.
Household polishes is predicted to witness significant growth in terms of sales through modern trade by the end of 2022. This segment is predicted to represent over US$ 200 Mn in terms of value in the global market of household polishes by 2022 – end. Modern trade is projected to register a relatively high CAGR in APEJ and Latin America. Convenience stores among other distribution channels will witness the second highest CAGR growth in the global market.
Europe among other regions is predicted to represent the largest market for woodwork polishes. Liquid, gel and paste will represent relatively high growth in terms of revenue in the Europe market by the end of 2022. However, powder and granule, and gel and paste is projected to register a similar CAGR growth in APEJ during the predicted period. Sales of the household polishes through channels of modern trade is predicted to impact the global market growth of household polishes significantly by 2022 – end.
The report has profiled prominent players in the global market for household polishes, which include companies such as Parker & Bailey Corporation, Rust-Oleum Corporation, Henkel AG & Co. KGaA, Godrej Group, Reckitt Benckiser Group plc, Johnson & Johnson, Amway Corporation, and Kao Corporation.