Plastic Furniture Market Expanding At A CAGR Of 3.9% From 2019 To 2025
Posted by neha24 on June 17th, 2020
The global plastic furniture market size is expected to reach USD 15.5 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 3.9% over the forecast period The market growth is attributed to factors like affordability, durability, lightweight, low or no maintenance, eco-friendly, resistant to corrosion, no effect of termites and bugs, good weatherability, and flexibility.
Growing real estate and hospitality sector through various residential and commercial projects and demand for versatile, lightweight, flexible, and multi-functional furnishings offering easy portability and application in small as well as large space are expected to drive the global market.
Many manufacturers are inclined towards developing eco-friendly furniture due to increasing awareness among consumers regarding eco-friendly products. Globally expanding trend to go green will substantially increase demand for ecological plastic furniture over the forecast period. Growing environmental concerns across the world over deforestation is expected to surge the market demand.
Recycled plastic furniture made from plastic waste such as bottles and ocean plastic finds a wide application in outdoor furniture. For Instance, ScanCom International A/S, a company based in Denmark, launched DuraOcean and DuraLand, a line of furniture made completely from ocean and land waste to manufacture 100% recycled product.
The residential segment accounted for the largest share in 2018 and is also estimated to be the fastest growing segment over the forecast period. The growth is attributed to factors such as increasing demand from low-medium income population, growing preference for playroom, rapid urbanization, soft and safe children furniture, and surging demand for outdoor furniture.
The commercial segment is estimated to witness significant growth over the forecast period owing to growing economy resulting in growing office space, tourism, mid-scale restaurant, and hotel industry. Demand for plastic furnishings such as chairs and tables in large scale events on contract basis is expected to drive the market. However, in commercial real estate, demand for metal and wood furnishings is high as it offers elegance and aesthetic to the infrastructure over plastic.
Online distribution channel is estimated to be the fastest growing segment in the market owing to availability of a wide range of products, discounts on product, convenience of purchasing, easy comparison, and access to different sizes and colors. For instance, the world’s largest furniture retailer, IKEA witnessed a 31% growth in online sales.
However, manufactures nowadays are changing the consumer’s ways of shopping furniture. Augmented reality and Virtual Reality are the upcoming trends in the offline segment, where consumers can check if the product fits consumer’s requirement. For instance, Macy’s has launched VR furniture shopping experience in about 70 stores nationwide, allowing shoppers to design space with 3D image, thus changing the purchasing experience of the consumers.
In Asia Pacific, India is the fastest and largest growing market owing to affordability, presence of leading manufactures such as Nilkamal and Featherlite, and increasing demand from the residential and commercial sectors. Middle East and Africa is expected to witness significant growth owing to increasing government focus on real estate through various commercial and residential projects to boost the economic growth, especially in Saudi Arabia. This is expected to increase the market demand in the commercial as well as residential sectors.
Access Research Report of Plastic Furniture Market @ https://www.grandviewresearch.com/industry-analysis/plastic-furniture-market
Further key findings from the report suggest:
Also See: Plastic Furniture, Forecast Period, Furniture Market, Real Estate, Plastic, Market, Growing
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