Floor Wax Market

Floor Wax Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020 - 2030

Floor Wax: Introduction

Floor wax is a wax-based material used to polish and provide glossy finish to floors by enhancing the hardness of the surface. Floor wax offers high abrasion resistance to floors and safeguards various kind of floors from slips, scuff marks, and minor scratches.
Floor wax is used for various kinds of floors such as wooden, vinyl, rubber, ceramic or porcelain, and natural stone
Floor wax is diluted with water to apply it on floor to maintain its shine and beauty. Regular cleaning and occasional mopping with floor wax enhances the look of floors. The frequency with which commercial, industrial, and residential floors need to be waxed depends on the amount of foot traffic they endure.

Key Drivers of Floor Wax Market

Demand for floor wax is primarily generated by commercial customers such as hotels, hospitals, and schools/colleges. Floor wax is largely used in retail stores, showrooms, garages, hospitals, and airplane hangar. The surface on which a floor wax is used may primarily comprise wood and concrete. Hotels incur high maintenance costs. Excessive soiling and staining damages hotel flooring, shortening its lifespan. Thus, it needs to be replacement earlier than anticipated. Floor wax helps counter the issues of scratches, soiling, and staining.
Various governments and private players are increasingly investing in housing construction activities. This is boosting the floor wax market. The global population is estimated to increase from 6.4 billion in 2005 to 8.2 billion by 2030. Governments of countries such as Bahrain, India, Kingdom of Saudi Arabia, and the UAE are planning to build homes to cater to the housing needs of the emerging population. Rise in global population and increase in disposable income of consumers are key factors boosting the demand for residential homes and various other construction projects. This is estimated to propel the demand for floor wax in the next few years.
Major countries in the Middle East such as Kingdom of Saudi Arabia, the UAE, and Bahrain are focusing on the development of sectors such as infrastructure and tourism to lower their dependence on crude oil. Most of these economies are highly dependent on export of crude oil. The Government of Saudi Arabia has launched 'Saudi Vision 2030,' under which it plans to double its number of hotel rooms. Millennium Hotels & Resorts MEA, one of the largest global hotel chains, has 11,186 rooms in operation, and a pipeline of 7,251 rooms under construction. Increase in construction of hotels is likely to augment the demand for maintenance products such as floor wax.

Key Restraint of Floor Wax Market

Floor wax is generally used to safeguard floors from abrasion. Abrasion can be prevented by using rugs and carpets in residential homes and commercial hotels. Rugs and carpets are cost-effective alternatives to tackle floor scratches in low-income countries. Thus, availability of cost-effective substitutes is a key restraint of the floor wax market.

Covid-19 Impact on Floor Wax Market

Demand for floor wax is highly dependent on foot traffic in public areas such as hotels, airports, and metro stations. The COVID-19 outbreak has developed rapidly in 2020. Governments of many countries are imposing significant travel and transport restrictions including closures of various public areas. Furthermore, self-isolation and quarantine restrictions have been imposed in many countries. According to an analytical platform, Placer.ai, the Sheraton New York Times Square Hotel in the U.S. experienced 70% decline in its foot traffic in the month of March 2020. Foot traffic at a DoubleTree hotel at the Seattle-Tacoma International Airport, the U.S., declined by nearly 65% in the same month. Occupancy level in hotels severely dropped during the lockdown period, as business and leisure travelers stayed home due to the growing COVID-19 crisis. However, with the ease in travel restrictions, hotel occupancy level and foot traffic are increasing, albeit at a sluggish pace. Thus, the pandemic has adversely affected the operations of commercial end-users of floor wax, thereby hampering the floor wax market.