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Metal Furniture Market is expected to reach $191,734.0 Million by 2028—Allied Market Research

 

Report Code : A11417

quote growth in interest of people towards customized furniture and rise in interior & exterior designing is expected to boost growth of the metal furniture market quote

Shankar Bhandalkar
Team Leader, Consumer Goods at Allied Market Research

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According to a new report published by Allied Market Research, titled, “metal furniture market by type, by application and distribution channel: 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. The bed segment was the highest contributor to the market, and is estimated to grow at a CAGR of 4.0% during the forecast period. In addition, Asia-Pacific held a leading position in the global metal furniture market in 2020, and is expected to maintain its dominance in the future.

The global metal furniture industry has witnessed significant growth in the past few years, and is expected to grow at a steady pace during the forecast period. This is attributed to the fact that there is a rise in trend in customized designs, eco-friendly material, and French modern design. However, fluctuations in the price of raw materials and increase in counterfeit products restrain market growth.

Furthermore, rise in disposable income and rise in preference toward interior and exterior designing are anticipated to boost demand for metal furniture. Moreover, majority of commercial institutes such as hotels and resorts invests in interior and exterior designing of improvement in their infrastructure. This involves installation of designer furniture to improve ambience and architecture of infrastructure. 

The market is segmented into type, application, distribution channel, and region. By type, the market is divided 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).

On the basis of type, the bed segment was the highest contributor to the global metal furniture market growth in 2020, and is projected to reach $47,617.4 million by 2028, registering a CAGR of 4.0% from 2021 to 2028. Increase in standard of living leads to influence of home decor among customers, which leads to increase in demand for this segment. Moreover, the table segment is expected to be the fastest growing segment during the forecast period. 

On the basis of the application, the residential segment was the largest contributor to the market growth during 2020. It is estimated to reach $105,490.5 million by 2028, at a CAGR of 3.8%. This growth attributes to increase in disposable income and rise in the real estate industry. With increase in numerous infrastructures, demand for furniture also rises. This trend leads to growth of the residential global metal furniture market.

By distribution channel, the specialty store segment was the highest contributor to the metal furniture market, with $43,505.7 million in 2020, and is estimated to reach $59,140.2 million by 2028, at a CAGR of 3.9% during the forecast period. Specialty stores provide a variety of selective products with expertized staff, which allows customers to choose right products easily.

Region-wise, according to the global metal furniture analysis, Asia-Pacific has gained considerable traction in market and is expected to grow at the highest CAGR of $3.9% during the forecast period of 2021-2028. This growth attributes to the growing population, increase in trend of home decor among customers and rapid urbanization. 

Key players in the market rely on the global metal furniture trends and 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 companies 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 findings of the study  

  • The global metal furniture market was valued at $141,444.0 million in 2020, and is estimated to reach $191,734.0 million by 2028, growing at a CAGR of 3.9% during the forecast period.   
  •  By product type, the table segment is estimated to witness the fastest growth, registering a CAGR of 4.9% during the forecast period.
  •  In 2020, depending on application, the residential segment was valued at $78,324.6 million in 2020, and is estimated to reach $105,490.5 million by 2028, accounting for CAGR of 3.8% of the global metal     furniture market share. 
  •  In 2020, China was the most prominent market in Asia-Pacific, and is projected to reach $16,055.1 million by 2028, growing at a CAGR of 4.3% during the forecast period.

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quote 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 quote

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