india furniture polish market forecast 2025

MARKET INTELLIGENCE . CONSULTING

www.techsciresearch.com

FY2015 – FY2025

INDIA FURNITURE POLISH MARKET

FORECAST & OPPORTUNITIES

2

Scope of ReportProduct of Interest (POI): Furniture Polish

Review Period

FY2015 – FY2018

Base Year

FY2019

Estimated Year

FY2020

Forecast Period

FY2021 – FY2025

Year Range

India furniture polish market is expected to witness robust growth during the forecast period owing tothe increasing construction activities in the country. In addition to this, supportive governmentprograms such as Smart City Mission is further going to propel the demand for furniture polish at asignificant rate. Furthermore, the rising trend of the online retailing & shopping activities among thecustomers along with an increase in the online promotional activities by the product manufacturers hasresulted in more awareness about the products among the consumer thereby driving the market in thecountry.

Market Segmentation

TYPE

REGION

• North

• South

• West

• East

APPLICATION

• Residential

• Commercial

• Aerosol Polish

• Liquid Polish

• Semi-Solid Polish

SOURCE

• Polyurethane

Finish

• Melamine Non

Yellowing Finish

• Melamine Finish

• Polyester

• PU Alkyd Resin

• Nitrocellulose

Finish

• Lacquer

• Others

DISTRIBUTION CHANNEL

• Wholesalers

• Distributors

• Hypermarket

• Supermarket

• Specialty Store

• Online

• Others

3

S. No. Contents

1. Product Overview

2. Research Methodology

3. Executive Summary

4. Voice of Customer

5. India Furniture Polish Market Outlook

5.1. Market Size & Forecast

5.1.1. By Value

5.2. Market Share & Forecast

5.2.1. By Type (Aerosol Polish, Liquid Polish and Semi-Solid Polish)

5.2.2.By Source (Polyurethane Finish, Melamine Non Yellowing Finish, Melamine Finish, Polyester,

PU Alkyd Resin, Nitrocellulose Finish, Lacquer, Others)

5.2.3.By Distribution Channel (Wholesalers, Distributors, Hypermarket, Supermarket, Specialty

Store, Online, Others)

5.2.4. By Application (Residential v/s Commercial)

5.2.5. By Region (North, West, South and East)

5.2.6. By Company

5.3. Market Attractiveness Index

6. North India Furniture Polish Market Outlook


6.1.1. By Value


6.2.1. By Type

6.2.2. By Source

6.2.3. By Distribution Channel

Table of Contents

4

T a b l e o f C o n t e n t s

S. No. Contents

6.2.4. By Application

7. South India Furniture Polish Market Outlook


7.1.1. By Value


7.2.1. By Type

7.2.2. By Source



8. East India Furniture Polish Market Outlook


8.1.1. By Value


8.2.1. By Type

8.2.2. By Source



9. West India Furniture Polish Market Outlook


9.1.1. By Value


9.2.1. By Type

9.2.2. By Source

Table of Contents

5

T a b l e o f C o n t e n t s

S. No. Contents



10. Market Dynamics

10.1. Drivers

10.2. Challenges

11. Cost of Furniture Polishing in India

11.1. By Application (Organized & Unorganized)

12. Market Trends & Developments

13. Policy & Regulatory Landscape

14. India Economic Profile

15. Competitive Landscape

16. Strategic Recommendations

17. About Us & Disclaimer

Table of Contents

RESEARCH METHODOLOGY

7

Research Methodology

✓ Identifying Key Opinion

Leaders

✓ Questionnaire Design

✓ In-depth Interviews

Data Collection

Developing List of Respondents

Formulating Questionnaire

Market Profiling

Data Validation

Data Analysis

In-depth secondary research was conducted to

determine top players in the India furniture polish

market, overall market size and segmental market size.

In order to conduct industry experts’

interviews, TechSci formulated a detailed

discussion guide.

List of industry players and industry

specialists was developed.

TechSci conducted interviews with

industry experts and industry players for data collection and

verification.

Data obtained as a result of primary and secondary research was

validated through rigorous

triangulation.

The data was scrutinized using MS-Excel, statistical

tools and internal proprietary database to obtain qualitative and

quantitative insights about the India furniture polish

market

Data

Collection

Data Filter

& AnalysisResearch &

Intelligence

Actionable

InsightsBusiness

Distribution Channel

Primary Research Desk Research Company Analysis

✓ Recent Developments

✓ Market Changing

Aspects/Dynamics

✓ Government Policies

✓ Conclusion

✓ Market Participants

✓ Key Strengths

✓ LinkedIn✓ TechSci Internal

Database

✓ Factiva✓ Hoovers

Paid Sources

✓ Company Websites✓ Company Annual

Reports✓ White Paper Study✓ Financial Reports✓ Investor

Presentations✓ Regulatory Body✓ Associations, etc.

Secondary Research

Primary Research

8


Baseline Methodology

Our dedicated team of industry experts has monitored and analyzed various aspects of India furniture polish market. The team has analyzed the outlook

of various segments of this market, while considering the major influencing factors such as increasing construction activities in the country. The study

includes market forecasting, which would enable our clients to take better decisions while planning their strategy to achieve sustainability in India

furniture polish market.

Methodology Followed for Calculation of Market Size:

• Market Size By Value: Market size, in terms of value, for the year FY2019 was calculated based on information collected through exhaustive

secondary research and primary surveys, with various key opinion leaders/stakeholders, such as furniture polish companies, channel partners, market

influencers & end users, industry experts, and other industry participants.

• The team interviewed more than 15 – 20 furniture polish companies, 45 – 50 channel partners, 80 – 100 end users, and 15 – 20 industry experts and

other value chain stakeholders in India furniture polish market to obtain the overall market size for FY2015-FY2019, which was validated by the Delphi

technique. Taking standard deviation into consideration, the market size was averaged out, to arrive at the market size data during FY2015-FY2019.

9


• Respondents were asked about the current and future market growth rates, market shares by type, by source, by distribution channel, by

application, by region, by company. Removing the outlier responses, the geometric mean of growth estimates and supplier wise revenue shares

generated across various segments were considered, to arrive at the final revenue shares. Revenue shares generated across various segments were

further triangulated from other stakeholders.

Methodology Followed for Calculation of Market Shares:

Market shares by type, by source, by distribution channel, by application, by region, by company were calculated based on the responses received

through primary surveys with industry experts, in which the respondents were asked about the market shares or revenue generated from various

segments of furniture polish market. The final shares were calculated by taking the geometric mean of the responses gathered from key opinion

leaders after eliminating the outliers.

Methodology Followed for Forecasting:

• TechSci Research performed periodical checks on data collected through the surveys with logic checks and analyzed the survey results in

SPSS/Tableau Software.

• Data triangulation techniques were applied to fill the gaps and to present a more meaningful picture of the market. To forecast India furniture polish

market, TechSci Research used various forecast techniques such as:

✓ Moving Average

✓ Time Series Analysis

✓ Regression Analysis

✓ Econometric and Judgmental Analysis

10


TechSci Research used its own forecast tool, which is based on the growth of various allied industries in respective regions. TechSci Research also used the

impact analysis during short, medium and long term period to estimate the demand and to reach accurate market numbers. It should be noted that the

figures compiled are only for the organized market including market share data.

Partial List of Companies Interviewed Key Secondary Sources

▪ AkzoNobel India

▪ Sealed Air India

▪ Asian Paints

▪ Yashada Chemicals Pvt. Ltd.

▪ Kansai Nerolac Paints Ltd.

▪ Goodluck Oil & Paint Works

▪ Sheenlac Paints Ltd.

▪ Pidilite Industries Limited

▪ Ayush Industries

▪ Jubilant Agri and Consumer Products Ltd.

▪ World Bank

▪ TechSci Research Proprietary Database &

Knowledge Repository

▪ Company Annual Reports

▪ Industry Magazines

▪ Industry Reports

▪ News Dailies

▪ Credible Paid Databases

11

Industry Brief

According to TechSci Research report, “India Furniture Polish Market By Type, By Source, By Distribution Channel, By Application, Competition, Forecast & Opportunities, 2025”, India furniture

polish market is projected to grow from $ 875 million in 2019 to $ 1.44 billion by 2025 owing to the increasing construction activities across the country, especially in the residential sector.

Moreover, expanding furniture industry and rising number of government initiatives towards infrastructure development like ‘Housing for All’ and ‘Smart City Mission’ are accelerating the growth of

the country’s construction sector, which is driving furniture polish market in India.

The purpose of applying furniture polish to the wooden furniture is to protect the furniture from any wear and tear and to enhance the appearance of the furniture. The manufacturers are focusing

on developing new furniture polishing products to cater the growing demand from household as well as commercial sectors. For example., Asian Paints, one of the leading players in furniture

polish market in India, has developed water-based polyurethane finish, which has minimal harmful effects on both product and environment. Also, manufacturers are trying to build up more

interest among customers by allowing them to gain access to detailed specifications and special features, which can be vital for enhancing the furniture’s durability and appearance.

The India furniture polish market is segmented based on type, source, distribution channel, application, region and company. Based on type, the market is fragmented into liquid, semi-solid and

aerosol polish, of which, liquid finish furniture polish segment dominates the market due to its high demand as it is easy to use and adds shine to the furniture. However, rising demand for aerosol

polish in India is also supporting the growth of the furniture polish market in India. On the basis of source, the market is segmented into PU (polyurethane), melamine, polyester, PU Alkyd Resin,

nitrocellulose, and lacquer. All of these finishes are used to protect the wood and applied as the top coat. However, despite of these similarities there is significant difference between them. The

PU segment dominates the market as it is available in various finishes from matte to gloss and it can be directly applied to the furniture. Also, it comes in two formulations viz., oil-based and water-

based, which can be chosen depending on the product. In addition, the melamine finish also comprises of over 20% share in the market on account of its durability and affordability.

Major players operating in India furniture polish market include ICA Pidilite Private Limited, Sirca Paints India Limited, Asian Paints Limited, AkzoNobel N.V., MRF Limited, Jubilant Agri and

Consumer Products Ltd., Kansai Nerolac Paints Limited, Kupsa Coatings Pvt. Ltd., among others. Other players include Sealed Air India, Yashada Chemicals Pvt. Ltd., Goodluck Oil & Paint

Works, Sheenlac Paints Limited and Ayush Industries. “India furniture polish market is witnessing continuous growth, owing to increasing disposable income and rising demand for high value

furniture across various region in the country. The use of furniture polish in the country’s residential segment will continue to grow in India during the forecast period.” said Mr. Karan Chechi,

Research Director with TechSci Research, a research based global management consulting firm.

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Sample Data - Snapshot

India Furniture Polish Market Size, By Value (USD Million), FY2015–FY2025F

5.00 6.00 7.00 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00

FY2015 FY2019 FY2020E FY2025F

By Value (USD Million)

CAGR By Value

XX%CAGR By Value

YY%

India Furniture Polish Market Share, By Company, By Value, FY2019

100% 25%

20%

17%

12%

8%

Total Company 1 Company 2 Company 3 Company 4 Company 5

North India Furniture Polish Market Share, By Type, By Value, FY2015–FY2025F

33%33%

33%

33%

33%

33%

33%

33%

33%

33%

33%

33%33%

33%

33%

33%

33%

33%

33%

33%

33%

33%

34%34%

34%

34%

34%

34%

34%

34%

34%

34%

34%

FY2015

FY2016

FY2017

FY2018

FY2019

FY2020E

FY2021F

FY2022F

FY2023F

FY2024F

FY2025F

Aerosol Polish Liquid Polish Semi-Solid Polish

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Report Name: INDIA FURNITURE POLISH MARKETFORECAST & OPPORTUNITIES

FY2015 – FY2025

https://www.techsciresearch.com/report/india-furniture-polish-market/4830.html

About Us & Disclaimer

TechSci Research is a global market research and consulting company with offices in the US, UK and India. TechSci Research provides market research reports in number of areas

to organizations. The company uses innovative business models that focus on improving productivity, while ensuring creation of high-quality reports. The proprietary forecasting

models use various analyses of both industry-specific and macroeconomic variables on a state-by-state basis to produce a unique ‘bottom-up’ model of a country, regional and

global industry prospects. Combined with the detailed analysis of company activity and industry trends, the result is a uniquely rich evaluation of the opportunities available in the

market.

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The contents of this report are based on information generally available to the public from sources believed to be reliable. No representation is made that it is timely, accurate or

complete. TechSci Research has taken due care and caution in compilation of data as this has been obtained from various sources including which it considers reliable and first hand.

However, TechSci Research does not guarantee the accuracy, adequacy or completeness of any information and it is not responsible for any errors or omissions or for the results

obtained from the use of such information and especially states that it has no financial liability whatsoever to the subscribers / users of this report. The information herein, together

with all estimates and forecasts, can change without notice. All the figures provided in this document are indicative of relative market size and are strictly for client’s internal

consumption. Usage of the same for purpose other than internal will require prior approval of TechSci Research.

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