New York, United States, Dec. 20, 2023 (GLOBE NEWSWIRE) -- Plastic furniture is measured to be more reasonably priced and dexterous than furniture made of glass or wood. Furniture made of plastic is easy to find in the market. This type of furniture also comes in a selection of designs, styles, and colors that can smoothly go with the home, restaurant, hotel, and office setting. Plastic furniture is enormously enduring and also contains ideal designs and vibrant colors. Metal chairs and wooden chairs are stiff and inflexible. And thus, this type of furniture distorts or ruptures promptly. On the contrary, plastic furniture is flexible, making it effortless to stand firm adjacent to disproportionate force and harm. Moreover, plastic furniture is additionally profitable compared to wooden and metal furniture. Plastic furniture is, in addition, corrosion-resistant; hence does not leave any marks on tiles, pavements, or other areas of hotels and houses, which attracts customers. This is a considerable aspect that forces the growth of the plastic furniture market.
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Development in Real Estate and Hospitality Sector and Demand for Inexpensive, Frivolous, and Long-Lasting Plastic Furniture to Drive the Global Plastic Furniture Market
According to Straits Research, "The global plastic furniture market size was valued at USD 13,610 million in 2021. It is expected to reach USD 22,994 million by 2030, growing at a CAGR of 6% during the forecast period (2022-2030)." Rapid urbanization, rising disposable income, expanding housing real estate demand, and increasing consumer desire for premium and luxury furniture are the major forces propelling the plastic furniture market. Due to the expansion of the real estate and hospitality industries, China, India, Brazil, and South Africa have tremendous development potential. In contrast, a rise in investment in the real estate and hospitality sectors by various businesses in both developed and developing nations, as well as substantial government support for developing the infrastructure of the real estate and hospitality sector, are significant growth drivers for the plastic furniture market.
High-quality plastic furniture infrastructure is gaining significant traction in the residential and commercial sectors, significantly contributing to global market expansion. Real estate and hospitality, the two most important economic sectors, rapidly expand in developed and underdeveloped regions. Therefore, the growth in investment in these sectors has boosted the need for plastic furniture.
Eco-Friendly Furniture to Create Global Plastic Furniture Market Opportunities
During the forecast period, significant growth in the worldwide trend toward sustainability is predicted to enhance demand for biodegradable plastic furniture. Due to increasing awareness of biodegradable products, additional stakeholders focus on developing eco-friendly furniture. In addition, rising global environmental concerns, an increase in deforestation, and the implementation of stringent regulatory limits on tree cutting have offered lucrative opportunities for the plastic furniture industry. The adoption of eco-friendly materials and construction techniques for indoor furniture and sustainable urban furniture has also contributed to the growth of the plastic furniture industry. Consequently, customers' rising use of eco-friendly products drives stakeholders to modify their manufacturing processes, which is predicted to stimulate the growth of the market for plastic furniture.
Regional Analysis
The Asia-Pacific will command the market while expanding at a CAGR of 7.91% by 2030. The majority of developed and emerging nations are located within this region. Rapid urbanization is occurring in this area. As a result, people in this region are embracing a lifestyle focused on convenience. Consequently, they find plastic furniture more appealing. Additionally, growing customer knowledge of various plastic furniture options further boosts sales. In addition, the Asia-Pacific area has the most significant population, resulting in a rise in the demand for plastic furniture.
The Asia-Pacific plastic furniture market is attractive for organizations seeking to grow their customer and expand their geographic reach. In this region, well-known manufacturers such as Nilkamal Limited, Cello Group, and Avro India Limited offer an assortment of plastic furniture goods. The increasing demand for plastic furniture products in countries such as China and India is key to expanding the Asia-Pacific plastic furniture market. Their expansion has also contributed to the growth of the real estate and hotel sectors.
Key Highlights
- Based on the type, the kitchen furniture segment is forecasted to hold the largest market share and grow at a CAGR of 4.21%.
- Based on the end-user, the residential section will likely have the highest shareholding and grow at a CAGR of 5.43%.
- Based on the distribution channel, the modern trade segment is expected to hold the highest shareholding and grow at a CAGR of 5.73%.
- Based on regional analysis, the Asia-Pacific will command the market while expanding at a CAGR of 7.91% by 2030.
Competitive Analysis
- Nilkamal Limited
- The Supreme Industries Limited
- Cello Group
- Tramontina
- ScanCom International A/S.
- Pil Italica Lifestyle Limited
- Uma Plastics Limited
- Keter Group
- Cosmoplast Industrial Company LLC.
- Avro India Limited
Market News
- In 2022, Tramontina USA goes on a voyage towards a brighter future in conjunction with Voice of the Oceans, a global adventure across the seas with a mission to raise awareness about plastics in the oceans and to help identify new solutions to tackle the issue.
- In 2022, Tramontina USA unveiled its sustainability initiative: a switch from single-use, non-recyclable poly bags to bags with at least 90% recycled (LDPE) content, lowering packaging CO2 emissions by over 60%.
Global Plastic Furniture Market Segmentation
By Type
- Kitchen Furniture
- Living and Dining Room Furniture
- Bathroom Furniture
- Outdoor Furniture
By End-user
- Residential
- Commercial
By Distribution Channel
- Modern Trade
- Specialty Stores
- E-commerce
- Direct-to-customers
By Region
- Asia-Pacific
- North America
- Europe
- LAMEA
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