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.
Key Players Operating in Global Market
Key players operating in the global floor wax market include:
- Guangzhou Botny Chemical Co., Ltd.
- SC Johnson Professional
- Weiman Products, LLC.
- Minwax Company
- DuraSeal (Sherwin-Williams Company)
- National Chemical Laboratories, Inc.
Global Floor Wax Market: Research Scope
Global Floor Wax Market, by Application
- Public Infrastructure (Stations, etc.)
- Industrial Infrastructure
Global Floor Wax Market, by Floor Type
- Ceramic Tiles
- Concrete Floor
- Vinyl Composition Tile
- Others (Rubber Floor, etc.)
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
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The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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