Plastic Furniture Market Prognostications Highpoint Positive Revenue by 2028

Posted by Arslan on June 28th, 2019

In order to dissert the market scenario prevailing across the plastic furniture market sector, Fact.MR has evenly presented a comprehensive plastic furniture market analysis to its extensive online repository. With all vital market facets enclosed into this single assessment, readers can learn about different market drivers, opportunities and trends which are likely to influence the overall market space for the plastic furniture market in the coming years. In addition, factors such as market size, Y-o-Y growth and revenue share are investigated so as to make this research highly authentic and reliable.

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In Brief

  • The plastic furniture market grew at 4.4% CAGR between 2013 and 2017, as the market gained momentum with development of high-performance plastic materials suitable for manufacturing durable plastic furniture.
  • The market landed US$ 23.3 billion in 2018, and is expected to witness 5.3% y-o-y by the end of 2019. Manufacturers will continue to launch innovative materials and designs of plastic furniture to capitalize on lucrative sales opportunities.
  • With the rapidly growing demand for low-priced designer furniture across the world, the global market for plastic furniture is expected to grow at an incremental 6% CAGR during the forecast period 2018-2028.
  • South Asia is currently the leading market for plastic furniture as increasing disposable income of consumers in India and Indonesia is boosting the sales of plastic furniture in the region.
  • South Asia will continue to remain the high-growth market for plastic furniture by the virtue of increasing growth of the construction industry and ongoing infrastructural developments in the region.

Plastic Furniture Market – Notable Developments

Leading manufacturers in the plastic furniture market account for over 45% revenue share of the market. Market leaders are predominantly focusing on expanding distributors’ network and strengthening their geographical foothold in the market. New entrants and start-ups in the plastic furniture market are concentrating on launching innovative designs and cheaper alternatives to plastic furniture to gain recognition and create brand identity in the market.

Other leading players operating in the plastic furniture market, include Supreme Group, Avon Furniture Factory L.L.C, Cello Wim Plast Ltd., Patio Furniture Industries, Conover, NC, Nilkamal Furniture, and Maitri Plastic Industries. Key plastic resin manufacturers are LyondellBasell Industries, SABIC, Exxon Mobile Corporation, Sumitomo Chemical Co., Ltd., Reliance Industries Limited, INEOS, LG Chem, BASF SE, and DowDuPont.

Demand for Commercial Plastic Furniture to Dwindle; Manufacturers Target Residential Buyers

The global market for plastic furniture has been witnessing healthy growth with commercial sector accounting for more than one-third share of the market revenues. However, with the increasing growth of the construction industry worldwide, especially in developing countries, the demand for plastic furniture is expected to surge significantly in the residential sector.

Increasing demand for wood and metal furniture in the commercial real estate is driving commercial buyers away from the plastic furniture market. Moreover, increasing discretionary spending and government incentives boosting developments in the residential construction projects are generating high sales potential for plastic furniture in the residential sector. Leading manufacturers in the plastic furniture market shifting their focus on residential buyers to unlock profitable growth opportunities in the coming future.

Research Methodology

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