Plastic Furniture Market to Surpass US$ 26.7 Billion at 5.9% CAGR by 2033, States Fact.MR

Rockville , Oct. 23, 2023 (GLOBE NEWSWIRE) -- As per Fact.MR, a provider of market research and competitive intelligence, the global Plastic Furniture Market is forecasted to land at a value of US $26.7 Bn by the end of 2033 while expanding at a CAGR of 5.9%.

Plastic furniture is a cost-effective choice, often more durable and easier to maintain than alternatives like wood or metal. Plastic furniture is lightweight, making it easy to move around, and comes in a wide variety of styles and colors to suit different preferences. It's also weather-resistant, making it suitable for outdoor use. Recycled plastics can be used, contributing to sustainability efforts. Additionally, plastic furniture is often child and pet-friendly, with rounded edges and resistance to damage. Its versatility in design allows for creative and customized pieces.

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Key Segments of Plastic Furniture Industry Research Report

The expansion of the market is primarily driven by factors such as affordability and cost-effectiveness, making it an accessible option for a wide range of consumers. Additionally, the durability and low maintenance requirements of plastic furniture contribute to its popularity.

However, consumers perceive plastic furniture as less durable and lower in quality compared to options like wood or metal. This perception is influenced by factors like the appearance, durability, and environmental impact of these materials. Wood, metal, and other materials continue to be strong contenders in the furniture market. Convincing consumers to choose plastic over these traditional materials can be a challenge.

Key Takeaways:

• The North American market is expected to witness a CAGR of 4.1% during the forecast period. The trend of living minimalistic and compact in the US has contributed to the market share of the plastic furniture market in the region.
• Asian countries are expected to witness a rapid pace due to affordability factors promoting sales of plastic furniture in the region. Moreover, the rising popularity of DIY trends is expected to boost the growth of the market.
• Demand for plastic furniture is expected to witness a rapid pace in the residential sector during the next 10 years.

Affordability, durability with low maintenance, and versatility in design and aesthetics are the key benefits offered by plastic furniture that are boosting the adoption of plastic furniture - Says FACTMR Expert

Market Competition

In this heavily competitive industry, prominent companies in the plastic furniture industry like Nilkamal Limited, The Supreme Industries Limited, Cello Group, Tramontina, ScanCom International A/S, and Pil Italica Lifestyle Limited are prioritizing the introduction of innovative products with distinctive designs to appeal to a diverse global customer base.

• In January 2023, Nardi, an Italian supplier of outdoor furniture, revealed the introduction of a new collection of tables and stools crafted entirely from 100% recyclable and regenerated polypropylene, a project led by designer Raffaello Galiotto.

Winning strategies

• Key companies must focus on incorporating weather-resistant coatings and treatments to ensure their plastic furniture can withstand outdoor elements, appealing to consumers seeking durable outdoor furnishings.
• Top companies in the industry are offering modular and stackable furniture options. This provides versatility for consumers, allowing them to customize their arrangements and save space when needed.
• Another strategy that can help improve market share is to tackle safety worries by integrating child-friendly elements such as rounded edges and materials that are resilient to scratches or pet-related damage.

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European nations are leading the charge in promoting sustainability, which is why plastic furniture has found a perfect niche among consumers in the European region. With circular economy initiatives gaining momentum in countries like Germany, France, and the United Kingdom, the utilization of waste plastic is rapidly becoming a mainstream trend. Europe, with its incentives for sustainable practices and adherence to circular economy standards, has become a welcoming environment for both plastic furniture startups and well-established companies.

• One such example is ecoBirdy, a European furniture manufacturer co-founded under the European Union's COSME program, offering the ecoBirdy recycled plastic furniture collection designed for children. The company emphasizes that their entire furniture range is not only 100% recyclable but also free from harmful chemicals, achieved by incorporating flakes from recycled plastic toys to add a unique touch of color to their products.

Furniture companies are actively sourcing plastic waste to serve as raw materials for the creation of new plastic furniture items. Furthermore, a growing number of high-net-worth individuals in European countries are expected to drive the sales of premium and luxury plastic furniture offerings in the future.

Checkout More Related Studies Published by Fact.MR Research:

Furniture on Rent Market: Expanding at a high-value CAGR of 7%, the global furniture on rent market is predicted to increase from a valuation of US$ 6.1 billion in 2023 to US$ 12 billion by 2033-end.

Home Furniture Market: In FY 2021, the Home Furniture market reached a valuation of US$ 162.0 Billion, and is likely to register a Y-o-Y growth rate of 5.0% in 2022, closing at US$ 171.72 Billion. The growth is expected to accelerate at a whopping 6.0% CAGR, reaching US$ 307.52 Billion by 2032.

Office Furniture Market: The global office furniture market is forecasted to expand at a CAGR of 7% from 2023 to 2033. The market is valued at US$ 50 billion in 2023 and is thus anticipated to reach a valuation of US$ 98 billion by 2033-end.

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Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.

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