The global plastic furniture market size is expected to reach USD 15.5 billion by 2025, 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.
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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.
Further
key findings from the report suggest:
• The residential application segment is
estimated to be the largest and fastest growing segment in the forecast period
owing to rapid urbanization and increasing low-medium income population
• The offline segment accounted for the
largest market share in 2018 as manufacturers are changing the consumer's way
of shopping by adding AR and VR technology, allowing shoppers to design space
with 3D furniture image
• Some of the key players operating in
the global plastic furniture market are Tramontina, Cosmoplast Industrial
Company L.L.C., Supreme Group, Cello Wim Plast Ltd., and Nilkamal Furniture.
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