Rockville, Oct 15, 2018 (Issuewire.com) - The household polishes market is making large strides driven by the rising applications of polishes and scouring powder in the maintenance and cleaning processes of infrastructures and furniture, the world over. The extensive use of household polishes for bringing shine and gloss to wooden furniture, apart from being used for protective purposes, has propelled the growth of the market over the years. The household polishes market has also been receiving robust growth momentum from the rising demand in the automobile and automotive industry. The use of household polishes is also gathering steam in the industry for auto-detailing. The demand for products with latest polishing technology for automotive applications is also boosting the household polishes market. The rising application of these polishes in cleaning and adding gloss to various vehicle parts such as wheels, windshield, and headlights are also reinforcing the household polishes market growth. The rising demand for high-performance household polishes in the furniture industry has opened up lucrative avenues for manufacturers and distributors of household polishes. The growing use of these polishes for adding shine to footwear is boosting the household polishes market.
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The global household polishes market is witnessing large headwinds from the advent of substitute products, primarily those not containing aerosols and toxic solvents. According to projections by Fact.MR, the global market is expected to rise at a lackluster CAGR during 20172022. Advances in chemistries of solvents and emulsifiers are expected to underpin many exciting product developments for meeting the emerging needs of end-use industries in the household polishes.
The household polishes market is increasingly driven by the attractive demand for woodwork polishes and footwear polishes. The demand for woodwork household polishes is the most attractive growth rate over the assessment period of 20172022. By the end of this period, the segment is anticipated to reach a valuation of US$ 230Mn in the global household polishes market, vis-à-vis revenue. A relatively higher share of the overall demand for woodwork household polishes during the forecast period will come from Europe among other regions. The region is projected to be a dominant market.
Among the different forms in which household polishes are present, the liquid was estimated to contribute the major revenue share in the overall market. The segment is anticipated to rise at a promising CAGR during 20172022. Other form types such as powder and granule, and gel and paste will witness similar demand trajectories in the Asia Pacific excluding Japan (APEJ) in the global household polishes market.
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Modern retail may play a pivotal role in the expansion of the household polishes market. In recent years, the sales of household polishes through modern distribution outlets have risen substantially. The trend will persist in the coming years as well. A substantial revenue for the household polishes market is likely to come from regions such as Latin America and the Asia Pacific excluding Japan. This is trailed by the sale of household polishes in convenience stores, which is projected to expand at the second most attractive CAGR over 20172022.
Europe is anticipated to be a potentially promising market for household polishes. This rides on the back of the profuse demand for woodwork polishes across the region. The growth of the regional market for household polishes is notably fueled by the rapid strides taken by the woodworking industries in several countries of the region. This can be attributed to the rising demand for household polishes in liquid, gel, and paste form.
Key companies vying for sizeable shares in the household polishes market are Reckitt Benckiser Group plc., Kao Corporation, Johnson & Johnson, Henkel AG & Co. KGaA, Godrej Group, Amway Corporation, Parker & Bailey Corporation, and Parker & Bailey Corporation.
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