Research Support Specialist, USA
The global plastic and other furniture market size is expected to reach USD 43.51 billion by 2028, according to a new report by Million Insights. It is expected to expand at a CAGR of 3.7% from 2021 to 2028. Growing demand for luxury and premium plastic and other furniture is the major factor driving the industry.
A surge in the demand for lightweight materials in the furniture industry has augmented the sales of plastic and other furniture. The major factor hampering the growth of the market is the lack of features and elegance like wood and metal. The continuous increase of going green is expected to surge the demand for environmentally friendly plastic and other furniture. Most of the key manufacturers are turning toward manufacturing eco-friendly furniture due to the buyer’s awareness regarding eco-friendly goods.
The COVID-19 pandemic has led to a substantial influence on businesses as well as humans. The COVID-19 pandemic has negatively affected the market for plastic and other furniture. The disruptions in the supply chain and the halt in production resulted in the reduced sale of plastic and other furniture. In addition, a temporary ban on global trade has substantially affected the countries with a large dependency on imports for their furniture requirements. However, as the services and businesses are resuming, the market is expected to recover in the future.
The plastic and bamboo furniture type segment dominated the market and held a revenue share of more than 65.0% in 2020. Plastic and bamboo furniture require low maintenance and are economical, customizable, durable, and available in different shapes, colors, and designs. Therefore, their usage is more in residential and commercial applications. In addition, plastic and bamboo furniture are largely used in construction activities, thereby contributing more to the market revenue.
The online distribution channel segment is expected to register the fastest CAGR of 4.0% from 2021 to 2028. As buying furniture online can be complex, key players in the market are discovering augmented reality and virtual reality features in their apps and websites so as to create a virtual online shopping experience for their customers. Online stores have a wide scope of choices accessible. There is no limit to the plans, materials, price, and styles, which makes the shopping experience a lot easier and better.
Asia Pacific accounted for the dominant revenue share of over 40.0% in 2020. The customers in the region have observed growth in disposable income owing to the slow but steady development in economic conditions of several countries across the region. Moreover, changing lifestyles of individuals are accountable for the prominent growth of the regional market.
The report “Plastic And Other Furniture Market Size, Share & Trends Analysis Report By Type (Plastic and Bamboo Furniture, Furniture for Kids), By Distribution Channel (Offline, Online), By Region, And Segment Forecasts, 2021 - 2028” is available now to Million Insights.
Million Insights has segmented the global plastic and other furniture market on the basis of type, distribution channel, and region: