Wilmington, Delaware, United States, May 10, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global shop fitting materials market stood at US$ 147.6 billion in 2022 and the global market is projected to reach US$ 234.1 billion by 2031. The global industry is anticipated to expand at a CAGR of 4.5% between 2023 and 2031.
The market value of shop fitting materials is increasing due to rising demand for retail spaces. The need for high-quality shop fitting materials such as shelving units, display cases, and racks will increase, as more retail spaces are established globally. The increasing number of retail outlets will create a significant market for shop fitting materials.
The growing trend of visual merchandising is another significant factor contributing to the market growth. Visual merchandising is a crucial element in the retail industry. It involves creating attractive and organized displays to attract customers and increase sales.
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Shop fitting materials such as display cases, mannequins, and lighting are essential components of visual merchandising. The demand for shop fitting materials will increase, as retailers focus on creating visually appealing displays.
The market prospects have been driven by factors such as increasing demand for eco-friendly shop fitting materials over the analysis period. Consumers are becoming more environmentally conscious, and retailers are increasingly adopting sustainable practices. Eco-friendly shop fitting materials such as wood, bamboo, and recycled plastic are gaining popularity. The demand for such materials is expected to increase as retailers seek to reduce their environmental footprint.
Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 147.6 Bn | |
| Estimated Value | US$ 234.1 Bn | |
| Growth Rate - CAGR | 4.5% | |
| Forecast Period | 2023-2031 | |
| No. of Pages | 180 Pages | |
| Market Segmentation | By Product, By Printing Process, By Material, By Price, By End-use, By Distribution Channel | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America | |
| Companies Covered | Appvion, Inc., Australian Plastic Fabricators, Barnwood Group Ltd, Diller Corporation, GCD Concepts Pty Ltd, Jacobs Construction Ltd, MADE Retail Systems, SURTECO GmbH, TCK Retail Solutions Pty Ltd, Wood 'N' Stamp Shopfitting Pty Ltd | |
Key Findings of the Market Report
- On the basis of material, laminates and woods segment is likely to be most preferred, expected to expand at a significant share, attributed to the increasing demand for eco-friendly and sustainable materials, and the popularity of natural textures and finishes.
- Based on usage, the display segment holds a significant market share, due to the increasing demand for attractive and customized displays in retail stores, supermarkets, and malls, as well as the growing trend of Omni channel retailing.
- By end-user, grocery segment is expected to boost the market growth, attributed to the factors including the increasing demand for organized retail spaces and the need for attractive displays to enhance the shopping experience of customers.
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Global Shop Fitting Materials Market: Growth Drivers
- The global shop fitting materials market is projected to expand at a steady pace from 2023 to 2031, due to the advancements in technology, and increasing demand for customization.
- Another factor that is projected to augment the market growth includes the increasing demand for eco-friendly materials, as well as rising demand for energy-efficient lighting solutions.
- Additionally, the growth of eCommerce, is a major factor that is anticipated to fuel the market prospects in the near future.
Global Shop Fitting Materials Market: Regional Landscape
- Asia Pacific is expected to dominate the shop fitting materials market during the forecast period, attributed to the growing retail industry, and increasing focus on visual merchandising.
- The regional market is witnessing an increase, due to the factors such as increasing demand for sustainable materials, and the growing popularity of pop-up stores in the region.
- Rise of e-commerce platforms in the region, is also anticipated to escalate the growth of the regional market over the analysis period.
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Global Shop Fitting Materials Market: Key Players
Some of the key market players in the global shop fitting materials market are:
- Appvion Inc.
- Australian Plastic Fabricators
- Barnwood Group Ltd
- Diller Corporation
- GCD Concepts Pty Ltd
- Jacobs Construction Ltd
- MADE Retail Systems
- SURTECO GmbH
- TCK Retail Solutions Pty Ltd
- Wood 'N' Stamp Shopfitting Pty Ltd
Competitive Landscape
Prominent players in the shop fitting materials industry are taking advantage of the rapidly increasing demand for Shop Fitting Materials. To further their outreach, players are relying on collaborations, partnerships and acquisitions with existing small, medium and large-scale providers. Some prominent market developments are as follows:
- In May 2021, The Vollrath Company, LLC launched its new Stoelting AutoVend, a vending machine that dispenses frozen treats and snacks. The machine is designed for self-serve applications and can be customized with a range of shop fitting materials to match the décor of the surrounding environment.
- In April 2021, Kingfisher plc, a UK-based home improvement retailer, announced that it had opened its first B&Q store in Mongolia. The store features a range of shop fitting materials, including shelving units, display cases, and lighting fixtures, to showcase its products and create an attractive shopping environment.
- In October 2020, DGS Retail, a US-based supplier of retail store fixtures and graphics, announced the launch of its new line of grocery store fixtures, including shelving units, signage, and merchandising displays.
Global Shop Fitting Materials Market: Segmentation
Material
- Laminates & Woods
- Plastic
- Metals
- Others (Glass, Synthetic, etc.)
Usage
- Counters
- Furniture
- Display
- Shelves
- Others (Flooring, Ceiling, etc.)
Price
- Low
- Medium
- High
Customer Type
- Retailers
- Architects
- Contractors
- Others (Interior Decorators, Consultants, etc.)
End User
- Clothing & Fashion Stores
- Jewelry Stores
- Pharmaceuticals Stores
- Grocery Stores
- Food and Beverage Cafés
- Furniture Stores
- Optical Stores
- Others (Sports Shopping Centers, Pet Stores, etc.)
Distribution Channel
- Direct
- Indirect
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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