According to a new report, Metal Furniture Market by Type, by Application and by Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2021-2028
PORTLAND, OREGON, USA, Aug. 5, 2022 /EINPresswire.com/ — The global metal furniture market size was valued at $141,444.0 million in 2020 and is expected to reach $191,734.0 million by by 2028, registering a CAGR of 3.9% from 2021 to 2028. The bed segment has been the largest contributor to the market and is expected to grow at a CAGR of 4.0% during the period of forecast.
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Rising consumer interest in home decor, increasing number of offices, and rapid growth of online retail platforms have boosted the growth of the global metal furniture market. However, the rising cost of raw materials is hampering the growth of the market. On the contrary, rising standard of living due to increasing disposable income and advent of custom furniture and technology is expected to create lucrative opportunities for market players in the future.
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The global metal furniture industry has witnessed significant growth over the past few years and is expected to grow at a steady pace over the forecast period. This is attributed to the fact that there is a growing trend towards custom designs, eco-friendly materials and modern French design. However, fluctuations in the price of raw materials and the increase in counterfeit products are restraining the growth of the market.
The market is segmented into type, application, distribution channel and region. By type, the market is divided into bed, sofa, chair, table and others. Based on application, it is segmented into commercial and residential. By distribution channel, it is separated into direct distribution, supermarket/hypermarket, specialized stores and e-commerce. At the regional level, it is analyzed in North America (United States, Canada and Mexico), Europe (Germany, United Kingdom, France, Italy, Spain and rest of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea and Rest of Asia-Pacific) and LAMEA (Latin America, Middle East and Africa).
On the basis of type, the bed segment was the largest contributor to the growth of the global metal furniture market in 2020 and is projected to reach USD 47,617.4 million by 2028, registering a CAGR of 4.0 % from 2021 to 2028. to the influence of interior decoration among customers, which leads to an increase in demand for this segment. Moreover, the table segment is expected to be the fastest growing segment during the forecast period.
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Based on demand, the residential segment was the largest contributor to market growth in 2020. It is estimated to reach $105,490.5 million by 2028, at a CAGR of 3.8 %. This growth is attributable to the increase in disposable income and the rise in the real estate sector. With the increase in many infrastructures, the demand for furniture is also increasing. This trend is driving the growth of the global residential metal furniture market.
By distribution channel, the specialty store segment was the largest contributor to the metal furniture market, with $43,505.7 million in 2020, and is expected to reach $59,140.2 million by 2028, at a CAGR of 3.9% over the forecast period. Specialty stores offer a selective product variety with expert staff, making it easy for customers to choose the right products.
Regionally, according to Global Metal Furniture Analysis, Asia-Pacific has been gaining popularity in the market and is expected to grow at the highest CAGR of 3.9% during the forecast period 2021-2028.
Key players of global metal furniture industry profiled in the report include Chyuan Chern Furniture Co., Ltd., Cymax Group Inc., DHP Furniture, Godrej Furniture, Hillsdale Furniture, Inter IKEA systems BV, Meco Corporation, Oliver Metal Furniture, Simpli Home, and Zinus.
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Main benefits for stakeholders:
• The report provides a quantitative analysis of current trends in the global Metal Furniture market, estimates and dynamics of the Metal Furniture market from 2020 to 2028 to identify existing opportunities.
• Porter’s Five Forces analysis highlights the ability of buyers and suppliers to enable stakeholders to make profit-driven business decisions and strengthen their supplier-buyer network.
• In-depth analysis and market trends and segmentation help determine current opportunities in the global metal furniture market.
• Major countries in each region are mapped according to their contribution to Metal Furniture market revenue.
• Market Player Positioning segment facilitates benchmarking and provides a clear understanding of the current position of market players in the industry.
• Plastic furniture market is expected to reach $19,075.3 million by 2027
• The children’s furniture market is expected to reach $48.9 billion by 2030
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