Published Date: 2019-07-01 | Pages: Ongoing | Tables: Ongoing | Report ID: 7292
Industry: Consumer Goods
The global plastic furniture market is not only expected to gain growth in the residential sector but also the commercial sector, including office spaces, hotels, and resorts. Growth in global tourism is anticipated to play an important role in increasing the demand for plastic furniture. There are various advantages and benefits of using plastic furniture, which is one of the main reasons the global market is predicted to improve its growth. For instance, plastic can mimic the feel and look of wood and be easily molded into desired shapes.
Manufacturers are prophesied to build new facilities at strategic locations to increase production and improve their reach in the global plastic furniture market. In June 2019, Ashley Furniture Industries, a US home furnishings manufacturer and retailer, built a new showroom at the very popular commercial building – the Chicago Merchandise Mart. At this new commercial space, the company will introduce its new Outdoor by Ashley collections in July 2019.
Low Maintenance Cost of Plastic Furniture to Attract Customers
● Advantages such as low maintenance at affordable cost and use of lightweight materials are predicted to increase the demand for plastic furniture
● Growing trend of renting homes, especially among millennials, and availability of attractive furniture on rent are expected to support the global plastic furniture market
● Availability of plastic furniture offerings in a variety of textures, shades, and colors to meet the continuously changing tastes of customers looking for innovative home decoration options could further increase the global market growth
● Growing demand for urban accommodations and cost-effective office spaces is foreseen to improve sales of plastic furniture
● Rising trend of using furniture that saves space and is resistant to weather, scratch, and impact is anticipated to create opportunities in the global plastic furniture market
Players to Invest in Energy Footprint Reduction and Advanced Technologies
The report includes company profiling of leading players of the global plastic furniture market, including Tramontina, Keter Group, Vitra International AG, Kristalia Srl, UMA Plastics Limited, Cosmoplast Industrial Company LLC, Supreme Group, Avon Furniture Factory LLC, Cello Wim Plast Ltd., Patio Furniture Industries, Nilkamal Furniture, and Maitri Plastic Industries.
Companies are expected to focus on reducing their energy footprint when operating in the global plastic furniture market. In April 2019, Ashley Furniture Industries began the work of putting solar installations in place at 10 of its manufacturing and distribution facilities in the US. Players are also foretold to invest in AR and VR technologies to improve the shopping experience of customers. In January 2019, Ashley Furniture Industries announced that its media agency and e-retail company partnered with Verizon Media to give customers the shopping-in-store experience through their mobile devices. The partnership helped Ashley Furniture Industries in one of its AR advertising campaigns.
● Rising trend of home renting among millennials to raise demand for plastic furniture
● Residential buyers to create massive demand in the global plastic furniture market
● Asia Pacific to take the lead due to high demand for space-saving and cost-effective furniture
● Plastic furniture to gain preference over other furniture types with its low maintenance
By Furniture Type
o Sofas and Arm Chairs
o Entertainment Units
o Storage Units
o Table and Desks
o Other Home Furniture
o Office Chairs
o Office Tables
o Storage Furniture
o Tables and Chairs
o Seating Sets
o Dining Sets
o Table and Chair Sets
o Storage Cabinet
By End User
● Residential Buyers
● Commercial Buyers
● Institutional Buyers
There are different kinds of plastic furniture, such as playroom, outdoor, office, and home, offered by manufacturers depending on furniture type. The report includes thorough analysis of all these segments and their sub-segments. Among end users, residential buyers are forecast to account for a remarkable share of the global plastic furniture market due to urbanization, growth in the retail industry and the residential sector, improving living standards in emerging countries, and infrastructure development in urban areas.
Geographically, Asia Pacific is prophesied to take hold of a commanding share of the global plastic furniture market because of the high demand for affordable, space-saving, and easily movable furniture. Increasing population constantly raising real estate and infrastructure demand is expected to further push the demand in the Asia Pacific market. The rise in tourism growth increasing the demand for furnishing products such as chairs, tables, and lounges could be an effective factor creating favorable growth conditions in the regional market.
NOTE - The analysis, thoughts, views, facts, and opinions expressed in this report are of the respective research analysts. QYR Consulting does not necessarily endorse it or it is also not essentially formal views of QYR Consulting.
QYR Consulting uses its core strength to identify the trends that will shape the consumer goods industry in the coming decades. The launch of innumerable innovative products has dramatically changed lifestyles and outlook toward living. Relentless sales of a wide range of consumer goods have opened up growth avenues for several other industries such as electronics, clothing, and food and beverages amongst others. The reports listed below study how the changing economy, improving GDP, and rising purchasing power have created a fertile ground for growth of the consumer goods industry.
QYR Consulting deep dives into the changing patterns of the consumer goods industry that is spread over both developing and developed parts of the world. It estimates the market fluctuations and helps its readers to prepare for ever-changing consumer demands. The reports focus on giving the readers a thorough understanding of the competitive strategies of the companies to make meaningful business decisions.
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