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India furniture polish market was valued at around $ 875 million in 2019 and is projected to surpass $ 1.44 billion by 2025, owing to the increasing construction activities coupled with rising working-class population in the country. Click :https://bit.ly/307lK2U
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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. Market Size & Forecast
6.1.1. By Value
6.2. Market Share & Forecast
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. Market Size & Forecast
7.1.1. By Value
7.2. Market Share & Forecast
7.2.1. By Type
7.2.2. By Source
7.2.3. By Distribution Channel
7.2.4. By Application
8. East India Furniture Polish Market Outlook
8.1. Market Size & Forecast
8.1.1. By Value
8.2. Market Share & Forecast
8.2.1. By Type
8.2.2. By Source
8.2.3. By Distribution Channel
8.2.4. By Application
9. West India Furniture Polish Market Outlook
9.1. Market Size & Forecast
9.1.1. By Value
9.2. Market Share & Forecast
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
9.2.3. By Distribution Channel
9.2.4. By Application
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
Research Methodology
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
Research Methodology
• 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
Research Methodology
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.
12
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
13
Report Ordering
License Type Price
Electronic Access - Single User License $2950
Electronic Access - Multi-User License $3750
Custom Research License $7500
Report Price
To View Sample OR Purchase Report
Report Name: INDIA FURNITURE POLISH MARKETFORECAST & OPPORTUNITIES
FY2015 – FY2025
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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