Global Plastic Furniture Market to Grow at a CAGR of 6% During 2020  to 2030

Introduction

Plastic furniture is measured to be more reasonably priced and dexterous than furniture made of glass or wood. Furniture made of plastic is easy to find in the market. This type of furniture also comes in a selection of designs, styles, and colors that can smoothly go with the home, restaurant, hotel, and office setting. Plastic furniture is enormously enduring and also contains ideal designs and vibrant colors. Metal chairs and wooden chairs are stiff and inflexible. And thus, this type of furniture distorts or ruptures promptly. On the contrary, plastic furniture is flexible, making it effortless to stand firm adjacent to disproportionate force and harm. Moreover, plastic furniture is additionally profitable compared to wooden and metal furniture. Plastic furniture is, in addition, corrosion-resistant; hence does not leave any marks on tiles, pavements, or other areas of hotels and houses, which attracts customers. This is a considerable aspect that forces the growth of the plastic furniture market.

Market Dynamics

Development in Real Estate and Hospitality Sector to Drive the Global Plastic Furniture Market

Rapid urbanization, rising disposable income, expanding housing real estate demand, and increasing consumer desire for premium and luxury furniture are the major forces propelling the plastic furniture market. Due to the expansion of the real estate and hospitality industries, China, India, Brazil, and South Africa have tremendous development potential. In contrast, a rise in investment in the real estate and hospitality sectors by various businesses in both developed and developing nations, as well as substantial government support for developing the infrastructure of the real estate and hospitality sector, are significant growth drivers for the plastic furniture market.

High-quality plastic furniture infrastructure is gaining significant traction in the residential and commercial sectors, significantly contributing to global market expansion. Real estate and hospitality, the two most important economic sectors, rapidly expand in developed and underdeveloped regions. Therefore, the growth in investment in these sectors has boosted the need for plastic furniture.

In addition, people all throughout the world choose plastic furniture since it is more frivolous, durable, and affordable than metal and wood furniture. In addition, purchasers choose plastic furniture since metal, and wooden chairs are relatively brittle and susceptible to deformation. However, the increased flexibility of plastic furniture increases its resistance to pressure. In addition, plastic furniture is less expensive than furniture made of oak and metal. Therefore, plastic furniture has a competitive advantage in the global market. In addition, plastic furniture is flexible and portable. In addition, plastic furniture's enhanced resistance to decomposition is a significant driver driving market expansion.

Eco-Friendly Furniture to Create Global Plastic Furniture Market Opportunities

During the forecast period, significant growth in the worldwide trend toward sustainability is predicted to enhance demand for biodegradable plastic furniture. Due to increasing awareness of biodegradable products, additional stakeholders focus on developing eco-friendly furniture. In addition, rising global environmental concerns, an increase in deforestation, and the implementation of stringent regulatory limits on tree cutting have offered lucrative opportunities for the plastic furniture industry. The adoption of eco-friendly materials and construction techniques for indoor furniture and sustainable urban furniture has also contributed to the growth of the plastic furniture industry. Consequently, customers' rising use of eco-friendly products drives stakeholders to modify their manufacturing processes, which is predicted to stimulate the growth of the market for plastic furniture.

Regional Analysis

The Asia-Pacific will command the market while expanding at a CAGR of 7.91% by 2030. The majority of developed and emerging nations are located within this region. Rapid urbanization is occurring in this area. As a result, people in this region are embracing a lifestyle focused on convenience. Consequently, they find plastic furniture more appealing. Additionally, growing customer knowledge of various plastic furniture options further boosts sales. In addition, the Asia-Pacific area has the most significant population, resulting in a rise in the demand for plastic furniture.

The Asia-Pacific plastic furniture market is attractive for organizations seeking to grow their customer and expand their geographic reach. In this region, well-known manufacturers such as Nilkamal Limited, Cello Group, and Avro India Limited offer an assortment of plastic furniture goods. The increasing demand for plastic furniture products in countries such as China and India is key to expanding the Asia-Pacific plastic furniture market. Their expansion has also contributed to the growth of the real estate and hotel sectors.

North America will hold the second-largest market share of USD 7,297 million by 2030, at a CAGR of 4.23%. Manufacturers are developing new products to remain competitive in the plastic furniture market in North America. They are launching new products to build their customer base and expand their commercial operations throughout various countries in this region. High consumer spending power resulting from increased disposable income and stable economic conditions are among the primary factors driving the expansion of the plastic furniture market. In addition, a higher standard of living contributes to the growth of plastic furniture sales in North America.

Key Highlights

• The global plastic furniture market had a revenue holding of USD 13,610 million in 2021. It is expected to reach USD 22,994 million by 2030, growing at a CAGR of 6% during the forecast period (2022-2030).
• Based on the type, the kitchen furniture segment is forecasted to hold the largest market share and grow at a CAGR of 4.21%.
• Based on the end-user, the residential section will likely have the highest shareholding and grow at a CAGR of 5.43%.
• Based on the distribution channel, the modern trade segment is expected to hold the highest shareholding and grow at a CAGR of 5.73%.
• Based on regional analysis, the Asia-Pacific will command the market while expanding at a CAGR of 7.91% by 2030.

Competitive Players

1. Nilkamal Limited
2. The Supreme Industries Limited
3. Cello Group
4. Tramontina
5. ScanCom International A/S.
6. Pil Italica Lifestyle Limited
7. Uma Plastics Limited
8. Keter Group
9. Cosmoplast Industrial Company LLC.
10. Avro India Limited

Recent Developments

• March 2024 - In the Kenyan seaside city of Mombasa, a local start-up is repurposing plastic waste. Twende Green Ecocycle purchases plastic debris, gathers it from beaches, and turns it into environmentally friendly school furniture.
• February 2024 - In Phoenix, a brand-new "microfactory" for the recycling and remanufacturing of plastics will turn waste materials into new goods, offer skilled employment possibilities, and establish a cooperative business model. The Circular Plastics Microfactory, a first-of-its-kind venture made possible by collaborations with Hustle PHX, Goodwill of Central and Northern Arizona, Arizona State University, and the city of Phoenix, opened for business on February 6.

Segmentation

1. By Type
   1. Kitchen Furniture
   2. Living and Dining Room Furniture
   3. Bathroom Furniture
   4. Outdoor Furniture
2. By End-user
   1. Residential
   2. Commercial
   3. Institutional
3. By Price Range
   1. Low
   2. Medium
   3. High
   4. Premium
4. By Distribution Channel
   1. Modern Trade
   2. Specialty Stores
   3. E-commerce
   4. Direct-to-customers
   5. Independent Furniture Outlets
   6. Franchised Furniture Stores
   7. Third-party Online Channels
   8. Factory Outlets
   9. Other Sales Channels