Million Insights - World's Fastest Growing Market Research DatabaseAccording to new report available with Million Insights, the plastic furniture industry is estimated to grow at 3.9% CAGR over the forecast period as the scope and its applications are rising enormously across the globe.
The global Plastic Furniture Market size is projected to touch USD 15.5 billion by the end of 2025, according to a new report released by Million Insights. It is estimated to grow at a CAGR of 3.9%from 2019 to 2025.Factors such as low maintenance, flexibility, cost-effectiveness, lightweight, and durability plastic products are projected to accelerate the market growth.
The global market is anticipated to be driven by growing demand for flexible, multiuse, and versatile furniture having easy portability and suitability for both large and small spaces. Further, growing various commercial and residential projects in hospitality and real estate segment is expected to propel the market growth during the forecast period.
Customers growing preference for sustainable products are encouraging manufacturers to produce eco-friendly furniture. The evolving trend of go green is projected to promote the demand for sustainable plastic furniture over the estimated duration. Further, environmental concerns relating to deforestation are predicted to supplement the demand for the product.
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Furniture made up of recycled ocean waste and bottles are widely used for outdoor application. For example, a Denmark based company named ScanCom International A/S introduced DuraLand and DuraOcean, a type of furniture made up of land and ocean waste to produce completely recycled products.
The residential application segment led the market in 2018 and is projected to grow rapidly in the upcoming years. Factors such as growing urbanization, increasing demand for outdoor furniture, growing preference for soft furniture and playroom for children, and an increasing population of middle income group are boosting the demand for the product.
The commercial application is predicted to foresee substantial growth from 2019 to 2025 due to the emerging economy resulting in growing tourism, hotel industry and office spaces. Plastic furniture is demanded on a contract basis for large scale events which in turn predicted to boost the segment growth. However, wood and metal made furniture are preferred in commercial spaces as they offer aesthetic appearance and stylish look to the infrastructure.
Online channel is anticipated to be the rapidly growing segment in the plastic furniture market due to factors such as easy accessibility of a wide range of choices, doorstep delivery, easy comparison, ease of purchasing and lucrative offers and hefty discounts.
Manufacturers are focusing on changing the purchase patterns of customers. Virtual Reality and Augmented Reality is the evolving trends in the offline channel, where consumers can select the product according to their needs. For example, Macy’s introduced VR furniture shopping experience in its 70 stores across the nation in 2019. It allows customers to design space with the help of 3D images of the furniture, thus providing a unique shopping experience.
In Asia Pacific region, India is the leading regional market due to wide availability of cost-effective products, growing demand from commercial and residential segments and presence of leading players in the market such as Featherlite and Nilkamal. MEA is projected to grow considerably due to increasing government involvement in several residential and commercial undertakings to accelerate economic growth, particularly in Saudi Arabia. This is predicted to boost the market demand in the residential and commercial segment.
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Further key findings from the report suggest:
• The residential segment is projected to be the fastest emerging segment over the forecast duration due to the growing low and middle-income group population and increasing urbanization.
• The offline distribution segment occupied the major market share in 2018. Manufacturers are focusing on changing customer purchase patterns by adding VR and AR technology, offering customers to design 3D images of furniture.
• Leading companies in the plastic furniture market include Patio Furniture Industries, Supreme Group, Nilkamal Furniture, Cosmoplast Industrial Company L.L.C., Vitra International AG, Avon Furniture Factory L.L.C, UMA Plastics Limited, Cello Wim Plast Ltd., Tramontina, and Keter Group.
Million Insights has segmented the global plastic furniture market on the basis of distribution channel, application, and region:
Plastic Furniture Distribution Channel Outlook (Revenue, USD Million, 2015 - 2025)
Plastic Furniture Application Outlook (Revenue, USD Million, 2015 - 2025)
Plastic Furniture Regional Outlook (Revenue, USD Million, 2015 - 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
• Saudi Arabia
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