Portland, OR, June 29, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global plastic furniture market garnered $14.59 billion in 2019, and is estimated to reach $19.07 billion by 2027, witnessing a CAGR of 5.8% from 2021 to 2027. The report provides a comprehensive analysis of changing market trends, key segments, top investment pockets, value chain, and regional scenario.
Surge in demand for lightweight, low-cost, and durable furniture made up of plastic, increase in social media awareness, and rise of the real estate and hospitality sector fuel the growth of the global plastic furniture market. However, hazardous effects of plastic on the environment and presence of substitutes restrain the market growth. On the other hand, implementation of plastic furniture recycling and demand for eco-friendly type of furniture are projected to open new opportunities in the coming years.
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Covid-19 Scenario:
- The ban on export activities in developed and developing countries would present challenges for market players as governments have been implementing various measures for tackling Covid-19 pandemic.
- Many new installation and maintenance activities have been delayed during the pandemic due to lockdown and stringent social distancing measures implemented by governments. The installation and maintenance activities are expected to begin during the post-lockdown.
- Market players have been utilizing online resources and providing social media advertisements regarding usage of plastic furniture for reaching the consumer base.
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The report provides detailed segmentation of the global plastic furniture market based on type, end user, distribution channel, and region.
Based on type, the kitchen furniture segment accounted for the highest share in 2019, contributing to more than one-third of the total market share, and is estimated to maintain its dominance in terms of revenue during the forecast period. However, the bathroom furniture segment is expected to manifest the largest CAGR of 8.3% from 2021 to 2027.
Based on end user, the commercial segment is estimated to manifest the largest CAGR of 6.7% during the forecast period. However, the residential segment contributed to the largest market share in 2019, accounting for nearly two-thirds of total share, and will continue its lead position throughout the forecast period.
Based on region, North America contributed to the highest market share in 2019, holding nearly two-fifths of the total market, and is expected to maintain its leadership status during the forecast period. However, Asia-Pacific is projected to witness the fastest CAGR of 7.7% from 2021 to 2027.
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Leading players of the global plastic furniture market analyzed in the research include Avro India Limited, Cosmoplast Industrial Company L.L.C., Cello Group, Nilkamal Limited, Keter Group, ScanCom International A/S, Pil Italica Lifestyle Limited, Tramontina, The Supreme Industries Limited, and Uma Plastics Limited.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.