Metal Furniture Market by Type (Bed, Sofa, Chair, Table, and Others), Application (Commercial and Residential), and Distribution Channel (Direct distribution, Supermarket/Hypermarket, Specialty Stores, and E-Commerce): Global Opportunity Analysis and Industry Forecast 2021–2028
The global metal furniture market size was valued at $141,444.0 million in 2020, and is projected to reach $191,734.0 million by 2028, registering a CAGR of 3.9% from 2021 to 2028.
Metal furniture is a common decor installed across places such as offices, hotels, houses, restaurants, stores, and libraries. The products include metal framed beds, chairs, tables, and metal framed sofas. Manufacturers in this metal furniture market is engaged in delivering eco-friendly furniture. This implies use of recycled items such as salvaged wood, reused wood pallets, and natural materials such as sea-grass and bamboos. The trend of eco-friendly furniture is gaining traction in the furniture industry. Furthermore, the metal furniture market is expected to show growth in potential countries such as the U.S., Germany, and China.
Rise in standard of living and development in real estate drives growth of the market. In addition, growth in the real estate industry leads to increase in construction of residential and commercial institutes such as hotels, hospitals, homes, flats, and offices. Therefore, increase in residential and commercial institutes leads to rise in demand for installation of furniture. This contributes to growth of the global metal furniture market share. Furthermore, furniture industries have also started gaining traction in the metal furniture market, owing to factors such as technological advancements and customization. Technological advancements include digitally operated furniture and smart apps that display virtual suggestion of decor for a room. Whereas, customization of furniture stands for production of furniture according to requirement of customer.
The COVID-19 pandemic has adversely affected the metal furniture business. Due to worldwide lockdowns, manufacturing units were temporarily shut, resulting a loss in production and sales. This lockdown was implemented to avoid further spread of coronavirus. Furthermore, construction of infrastructure was also temporarily closed. This reduced demand for metal furniture to a great extent in the market. In addition, customers focused more on their health and safety, which further reduced the trend of metal furniture in the market.
According to the global metal furniture market analysis, the market is segmented by type, application, distribution channel, and region. On the basis of type, the market is categorized into bed, sofa, chair, table, and others. On the basis of application, it is segmented into commercial and residential. By distribution channel, it is segregated into direct distribution, supermarket/hypermarket, specialty stores, and e-commerce. Region-wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, the UK, France, Italy, Spain and rest of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa)
By type, the bed segment was the largest contributor to the growth of the metal furniture market during 2020. This attributes to the fact that demand for metal beds is on the rise in residential and commercial institutes such as homes, hotels, and hospitals. However, the table segment is expected to be the fastest growing segment according to the global metal furniture market forecast. This is attributed to rise in number of offices and commercial establishments, where tables are essential.
On the basis of application, the residential segment was the highest contributor to the market growth during 2020. This is attributed to increase in standard of living that influence customers to invest more on home decor and customized furniture. Furthermore, the commercial segment is expected to be the fastest growing segment during the forecast period, owing to growth in number of restaurants, offices, schools, and hospitals.
By distribution channel, the specialty store segment was the largest contributor to the growth of metal furniture market during 2020. Specialty stores include showrooms and retail shops in which customers get customized services. In addition, specialty stores stock selective best models. This allows customers to choose right product easily from sorted stock. Hence, these factors propel growth of the segment. On the contrary, the direct distribution segment is expected to be the fastest growing segment during the forecast period, owing to the fact that it allows direct interaction between customer and manufacturer. Through direct interaction, any communication barrier is eliminated, which helps in delivery of ideal customized furniture to customers.
Region-wise, Asia-Pacific was the highest contributor the global metal furniture market growth during 2020. This is attributed to gradual increase in urbanization, population growth, and rise in number of nuclear families. Whereas, North America is expected to be the fastest growing segment during the forecast period, owing to rise in standard of living and increase in demand for customized furniture.
Key players in the global metal furniture market rely on strategies such as product launch and innovation for business expansion. These strategies are adopted to maintain dominance of the industry. Key players in the global metal furniture industry profiled in the report include Chyuan Chern Furniture Co., Ltd., Cymax Group Inc., DHP Furniture, Godrej Furniture, Hillsdale Furniture, Inter IKEA systems B.V., Meco Corporation, Oliver Metal Furniture, Simpli Home, and Zinus.
Key Benefits For Stakeholders
- The report provides a quantitative analysis of the current global metal furniture market trends, estimations, and dynamics of the metal furniture market from 2020 to 2028 to identify the prevailing opportunities.
- Porter’s five forces analysis highlights potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier–buyer network.
- In-depth analysis and the market trends and segmentation assists to determine the prevailing global metal furniture market opportunities.
- The major countries in each region are mapped according to their revenue contribution to the metal furniture market.
- The market player positioning segment facilitates benchmarking and provides a clear understanding of the present position of the market players in the industry.
Key Market Segments
By Distribution Channel:
- Direct distribution
- Specialty Stores
- North America
Post time: Mar-24-2022