Plastic Furniture Market to Growth in this Market and Results in its Healthy CAG
Posted by faisal on October 24th, 2019
The global market for plastic furniture is expected to witness 5.3% y-o-y over 2018, crossing US$ 24 billion by the end of 2019, unveils a recent Fact.MR study. Increasing demand for low-cost, lightweight, and durable plastic furniture in various end-use sectors is driving end-users to adopt plastic furniture instead of traditional, wooden or metal furniture.
On assessing macro and microeconomic growth parameters of the plastic furniture market, the Fact.MR study offers actionable insights on the dynamic trends that can influence market players’ strategies in the coming years. Ongoing developments in engineered plastics and growing focus on recyclable plastics will remain instrumental in shaping the future of the plastic furniture market, opines the study.
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The study estimates that developing countries in South Asia will account for approximately 32% revenue share of the plastic furniture market in 2019. Increasing growth of the construction industry and increasing disposable income of consumers in South Asia is mainly attributed for the surge in demand for plastic furniture in the region. Manufacturers in the plastic furniture market in South Asia are introducing unique designs at affordable prices to tap the sales potential in developing nations in the region.
The Fact.MR study finds that leading plastic furniture manufacturers in South Asia currently bank on independent furniture outlets and modern trade channels to improve sales across the region. However, with the exponentially growing e-commerce industry and the emergence of online distribution channels, market players will collaborate with third-party online channels to tap the growth potential of the recent e-commerce trends in the upcoming years, opines the study.
In addition, the increasing growth of the plastic processing industry in South Asian countries, such as India, Thailand, and Indonesia, is shaping the plastic furniture market in the region. Growing local production of raw materials is enabling plastic furniture manufacturers to reduce the production costs and launch innovative designs at competitive prices. A 2018 report published by the U.S. Department of Commerce estimates the size of the plastic processing industry in India to be around US$ 15.6 billion, and this is expected to augur well for stakeholders in the plastic furniture market in South Asia in the upcoming years.
Molded Polypropylene will Remain the Most Sought-after Option for Plastic Furniture
Polypropylene accounted for nearly 50% revenue share of the plastic furniture market in 2018 and it will continue to witness high-demand in the coming decade, according to the Fact.MR study. Manufacturers identify polypropylene as an important plastic resin used in indoor as well as outdoor plastic upholstery, owing to its superior performance characteristics over other plastic resins used in plastic furniture.
Polypropylene is a recyclable, flexible, and durable plastic resin, which withstand higher temperatures than its alternatives in plastic furniture, such as high density polyethylene (HDPE) and polycarbonate (PC). Manufacturers are focusing their operations on developing high-performance polypropylene with the help of carbonate additives to achieve more energy saving, cost reduction, and improved durability of plastic furniture.
The plastic furniture market is evolving with the discovery of reformed thermoplastics as consumer demand for high-quality plastic furniture used in residential as well as commercial sectors is increasing. Fact.MR opines that polycarbonate, ABS (acrylonitrile-butadiene-styrene), and HDPE will emerge as popular plastic resins in the plastic furniture industry in the coming years, high demand for polypropylene notwithstanding. Plastic resin manufacturers are likely to introduce innovative, high-performance resins to suit the dynamic requirements of plastic furniture manufacturers in the coming years.
The Fact.MR study offers exclusive insights on how the plastic furniture market will grow during the forecast period 2018-2028. The market is projected to envisage incremental growth at a healthy 6% value CAGR during the assessment period, according to the study.
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Joined: October 9th, 2019
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