Global Plastic Furniture Market: Industry Analysis and Forecast 2020 -2026

 

Global Plastic Furniture Market is anticipated to reach US$ XX Bn by 2026 from US$ XX Bn in 2019 at a CAGR of 6.1 % during a forecast period.

Global Plastic Furniture Market Overview

The US$23.4 billion market value was received in 2018, which increased by 5.4 percent at the end of 2019. Manufacturers are expected to develop innovative materials and designs of plastic furniture to take advantage of profitable sales potential. The global demand for plastic furniture is expected to grow at 6.1 percent CAGR during the forecast period due to the fast-growing demand for cheap designer furniture globally.

Because of the region's increasing construction industry and ongoing infrastructure development, the United States is currently the largest market for plastic furniture. South Asia is the fastest-growing market for plastic furniture, thanks to increased disposable income in India and China, which is pushing up regional sales of plastic furniture.

Global Plastic Furniture Market

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Global Plastic Furniture Market Dynamics

Product demand is being driven by the growing construction and hotel industries, which are generating product demand through different residential and non-residential developments. The global plastic furniture market is expected to increase the need for adaptable, lightweight, flexible, and multipurpose furnishings that allow for easy transportation and usage in both small and large locations. As buyer’s awareness of eco-friendly goods, more manufacturers are turning toward manufacturing eco-friendly furniture. The continuous upsurge of going green is projected to considerably increase demand for environmentally friendly plastic furniture.

As people become more conscious of the harmful effects of plastic pollution on the environment, the use of recycled plastic materials in the plastic furniture market is expected to grow. The outdoor furniture built from recycled plastic furniture manufactured from plastic waste such as bottles and ocean plastic has a wide range of applications. For example, ScanCom International A/S, a Danish furniture business, created DuraOcean and DuraLand, a range of furniture made entirely from the ocean and land trash to produce 100 percent recycled products.

Plastic materials' scope for introducing novel colors and patterns is limited in contrast to their alternatives, such as metal and wood, and this severely limits the choice of furniture for buyers searching for attractive and dynamic furniture. Furthermore, because plastic is non-biodegradable, it is damaging to the environment, which is expected to reduce its popularity among customers. Plastic is also a weaker material than steel or wood, thus demand for plastic furniture is expected to hamper the growth of the market.
Global Plastic Furniture Market Segmentation Analysis

By Type, the kitchen furniture segment accounted for a significant proportion in 2019, while the bathroom furniture segment is expected to grow at the fastest CAGR throughout the projection period. The growing popularity of modular kitchens and kitchen cabinets adds substantially to the global market.

Global Plastic Furniture Market

By Application, the residential segment is gaining momentum among users and is anticipated to increase by about XX percent CAGR during the forecast period. Factors such as rising demand from the low-to-medium income population, a growing preference for a playroom, fast urbanization, soft and safe children's furniture, and growing awareness for outdoor furniture are all contributing to the rise. Furthermore, rising discretionary expenditure and government incentives encouraging residential building projects are producing a strong sales potential for plastic furniture in the residential segment.

Plastic furniture has been growing steadily, with the commercial sector accounting for more than one-third of market sales. Growing office space, tourism, and the mid-size restaurant and hotel business are boosting the demand for plastic furnishings such as chairs and tables in big scale events on a contract basis, which is projected to fuel the market. Metal and wood furniture, on the other hand, are in great demand in commercial real estate since they provide elegance and beauty to the infrastructure, as compared to plastic furniture.

By Distribution Channel, the modern trade segment captured the biggest share of the plastic furniture market in 2019 and is expected to maintain its dominance throughout the forecast period. Modern trade includes hypermarkets/supermarkets, which are becoming increasingly popular due to the availability of a diverse selection of consumer products under one roof, abundant parking space, and convenient operating hours.

An online distribution channel is expected to be the fastest-growing segment throughout the forecast period because of the availability of a broad selection of items, discounts on products, ease of purchasing, simple comparison, and access to numerous sizes and colors. For example, IKEA, the world's largest furniture retailer, had a 31 percent increase in online sales. Also, the ease of return and delivery makes purchasing the furniture more convenient for customers. Front door delivery, interior delivery, and white glove delivery make furniture shipment more convenient and secure.
Competitive Landscape

Major manufacturers use a variety of techniques, including new product launches, mergers and acquisitions, and foraying into new markets to grow their footprints. As an example, ScanCom International A/S, a Denmark outdoor furniture company, has released ‘DuraOcean,' a collection of outdoor furniture constructed of ocean plastic. Under the LifestyleGarden brand, the firm intends to sell outdoor plastic furniture made entirely of recycled ocean plastic materials, such as fishing nets and ropes, by 2021.

Paola Calzada Arquitectos, a Mexican architecture firm, announced the launch of recycled plastic furniture to help reduce ocean plastic waste. The company also stated that it had recycled up to 80,000 polyethylene plastic bottles to make recycled plastic furniture.

ecoBirdy, a European furniture manufacturing firm co-founded by the European Union's COSME initiative, just introduced the ecoBirdy recycled plastic furniture collection for youngsters. The firm also stated that the whole range of furniture is 100 percent recyclable and devoid of hazardous chemicals, due to the utilization of flakes from recycled plastic toys to give distinctive hues to the furniture.

Envirotech Waste Recycling, Inc. is a Philippines-based start-up that has revealed its intention to manufacture entirely recycled school classroom chairs made of recyclable plastic trash items such as single-use plastic straws, packaging waste, and candy wrappers.
Global Plastic Furniture Market Regional Analysis

In 2019, Asia Pacific overtook Europe as the largest regional market, and it is anticipated to grow at the quickest rate throughout the forecast period. Factors such as the region's rising low-to-middle-income population, the huge number of homes, and expanding IT industry and office space are projected to have a favorable influence on market demand. Whereas India and China have the most weight in the region.

The Middle East and Africa are anticipated to develop significantly throughout the projection period, owing to the government's increased emphasis on real estate through different commercial and residential projects to support economic growth, particularly in Saudi Arabia. This is likely to boost the global market.

Global Plastic Furniture MarketThe objective of the report is to present a comprehensive analysis of the Global Plastic Furniture Market to the stakeholders in the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language.

The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding Global Plastic Furniture Market dynamics, structure by analyzing the market segments and project the Global Plastic Furniture Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Global Plastic Furniture Market make the report investor’s guide.
Global Plastic Furniture Market Scope: Inquire before buying

Global Plastic Furniture Market
Global Plastic Furniture Market by Region

• North America
• Asia pacific
• Europe
• Middle East and Africa
• South America
Global Plastic Furniture Market Key Players

• Ashley Furniture
• Rooms To Go
• Foliot Furniture
• Mattress Firm
• Williams-Sonoma
• LE-AL Asia
• Hmart Limited
• Berkshire Hathaway
• Laz Boy
• American Signature
• Sleep Number
• Gelaimei Hotel Furniture
• Fulilai Hotel Furniture Co., Ltd
• Northland Furniture
• Sleepy's
• Buhler Furniture
• Mingjia Furniture
• JL Furnishings
• Telos Furniture

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