The global metal furniture market size was valued at USD 147,167 million in 2021, which is envisioned to grow at a CAGR of 3.94% and reach USD 200,481 million during the forecast period. Metal furniture is a kind of furniture item constructed with metal components. Offices, hotels, homes, restaurants, stores, and libraries frequently incorporate metal furniture into their interior design. The products include beds, chairs, tables, and sofas with metal frames. On the market for metal furniture, manufacturers are delivering eco-friendly products. This necessitated using recycled materials, such as reclaimed wood and repurposed wood pallets, as well as natural substances, such as seagrass and bamboo. In the furniture industry, eco-friendly furniture is gaining popularity. In addition, rapid urbanization and customer preference for personalized furniture and interior and exterior styling fuel the global metal furniture market growth.
The expansion of the global metal furniture market share is fueled by a rise in living standards and real estate development. In addition, the growth of the real estate industry results in an increase in the construction of hotels, hospitals, homes, apartments, and offices, among other residential and commercial structures. As a result, the demand for furniture installation rises as the number of residential and commercial buildings rises. This contributes to the global furniture market's expansion. In addition, furniture industries have begun to gain market share due to technological advances and customization. Among the technological advancements are digitally-operated furniture and intelligent apps that display virtual suggestions for interior design.
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Growing Consumer Interest in Interior Décor and the Rapid Growth of Online Platform
In recent years, consumer interest in interior decoration has increased significantly globally. The number of clients who are renovating and designing their homes has increased. In addition, the real estate industry is anticipated to grow considerably due to the expanding labor force. For example, U.S. consumers have demonstrated an interest in purchasing home decor items like furniture, textiles, and floor coverings, which drives demand for metal furniture. In addition, the rising adoption of western culture and urbanization are two significant trends contributing to the rise in popularity of home decor among global consumers. Consequently, it is anticipated that such factors will propel the metal furniture market growth.
Online retail platforms are also a significant industry driver for metal furniture. Presently, most metal furniture manufacturers have web-based retail stores where consumers can acquire extensive information about organizations, such as the most recent product, company news, and financial data. This enables customers to be aware of the most recent model or design and assists them in selecting the appropriate products. Customers have simple access to product variants through these features, increasing sales. In addition, online retail stores make it simple to compare metal furniture products and filter products based on price, enhancing customer satisfaction with online retail shopping. Thus, these variables contribute to an increase in metal furniture sales and promote the expansion of the market for metal furniture.
Expensive Raw Materials to Restrict Market Growth
Suppliers of raw materials play an essential role in the market for metal furniture. The increase in the price of raw materials hinders the expansion of the market. In addition, strict regulations governing the production and supply of raw materials, such as metal, restrict the implementation of home decor items. In addition, the popularity of metal furniture has increased due to increased demand from industries like real estate and interior design. In contrast, the metal supply is expensive. Thus, all of these factors contribute to an increase in the price of materials, thereby limiting the growth of the market for metal furniture.
The Rise in Disposable Incomes to Spur Market Opportunities
In regions such as Asia and Europe, an increase in disposable income leads to increased demand for metal furniture. As a result of this increase in revenue generation, a proportion of lifestyle changes have occurred. Due to a rise in disposable income, consumers' lifestyles are notably improving, particularly in urban areas. Additionally, due to an increase in construction activities and consumers' lavish lifestyles, the growth for home decor goods like floor coverings, textiles, and furniture is on the upsurge, as they have become an integral part of contemporary lifestyles. In addition, a rise in construction activities increases the number of structures and infrastructures. These structures necessitate furniture setup for aesthetic purposes and routine activities like sitting and sleeping. Thus, lifestyle enhancement is anticipated to create growth opportunities for market participants.
The global metal furniture market is classified based on type, application, distribution channel, and region.
Based on type, the segments include bed, sofa, chair, table, and others.
Bed Segment to Be the Dominant Type Owing To Their the Rise In The Real Estate Sector
The bed segment will most likely hold the largest share during the forecast period growing at a CAGR of 4.01%. A bed is a furniture that makes up a place to sleep and unwind. It is prevalent in nearly all residential spaces and a few commercial areas, like hospitals and hotels. There are also numerous beds, including Murphy beds, sofa beds, and bunk beds. It is among the most commonly purchased pieces of furniture worldwide. The rise in the real estate sector has contributed to the expansion of the bed metal furniture market. In addition, factors such as population growth and the rise of nuclear families fuel the development of this market segment.
The tables segment will grow at the highest CAGR and hold a significant share. Tables are commonly found in commercial and residential settings, including homes, schools, and universities. Manufacturers produce a variety of tables, including dining tables, coffee tables, console tables, dressing tables, and study tables. The rise in the sales of metal tables is primarily driven by an increase in the standard of living and a surge in home décor. The rapid expansion of commercial institutions increases demand for furniture installation in homes.
Based on the applications, the segments include commercial and residential.
The residential segment is estimated to hold the largest share during the forecast period and grow at a CAGR of 3.84%. Metal furniture is widely employed in the residential part, including private residences where furniture plays an essential role. Customers prefer affordable, highly durable, and good-quality furniture in the residential market segment. As a result of these desires, manufacturers are introducing novel suggestions for the best furniture for customers. With the rise of disposable income in the residential market, interior design and home decoration trends have exploded. In interior design, furniture, décor, and paints are designed and analyzed by professionals to give homes an aesthetically pleasing appearance. These practices are widespread in western nations and have recently gained traction in other regions.
The commercial segment will be the fastest-growing segment. Hotels and hospitals play a significant part in the furniture industry. The increase in hotels, offices and hospitals resulted from population growth and rapid urbanization. This increase in the number of commercial institutions causes a rise in furniture demand. Consequently, the market is anticipated to expand during the forecast period due to these factors.
Based on distribution channels, the segments include direct distribution, supermarket/hypermarket, specialty stores, and e-commerce.
Specialty Stores Segment Hold Major Share Due to Offer an Extensive Selection of a Specific Brand, Model, or Style
The specialty stores segment is estimated to hold the largest share market during the forecast period and grow at a CAGR of 3.94%. Specialty stores offer an extensive selection of a specific brand, model, or style. These establishments can be categorized as furniture stores, stationery stores, and sports showrooms. In the market for metal furniture, specialty stores offer a diverse selection of concepts, designs, and materials. In addition, specialty stores are one of the most significant contributors to the global metal furniture market growth because they provide customers with the best products. Specialty stores have trained personnel, including salespeople and a manager. These individuals assist customers and recommend the best products based on their preferences. Specialty stores have a crucial role in selling metal furniture on the market. As staff in specialty stores educate customers about the attributes and features of metal furniture, this facilitates the selection process.
The e-commerce segment will hold the second-largest share. E-commerce platforms have expanded rapidly in recent years. These platforms offer virtual shopping experiences that can be accessed from any location on the planet. Makers are upgrading their online sites and portals to make them extra user-friendly as e-commerce grows in popularity. On the global market for metal furniture, the vast majority of manufacturers are present on e-commerce platforms. In addition, companies can display their products on these portals, which customers utilize worldwide. Thus, these characteristics of e-commerce platforms contribute to the expansion of the global market for metal furniture.
The region-wise segmentation of the global metal furniture market includes North America, Europe, Asia-Pacific, and LAMEA.
Which region accounts for the highest demand for metal furniture?
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Asia Pacific will command the market with the largest share during the forecast period and grow at a CAGR of 3.95%. China, India, and Japan are among the region's countries with market potential for metal furniture. China is one of the largest furniture producers and exporters among these nations. The growth of the metal furniture industry in this region is driven by an increase in the region's population and residential and commercial institutes like homes, hotels, and offices. In developing countries across the Asia Pacific, there has been a gradual and consistent rise in the income available for spending and urbanization. India is marked by rapid urbanization and population growth, which stimulates demand for furniture. As a result, it is anticipated that these factors will propel the metal furniture market's growth.
North America will hold a share of USD 69,976 million and grow at a CAGR of 4.65%. Metal furniture market manufacturers, wholesalers, and retailers are numerous in North America, making it a potentially lucrative market. As a result of the presence of a large number of competitors in the industry, manufacturers now offer supplementary services and features to gain an advantage over their rivals. These developments in services and features include innovative designs, foldable furniture, oil-infused fiber bedding, and the use of eco-friendly materials for furniture. Demand for metal furniture is fueled by regional infrastructure development, such as an increase in hospitals, offices, and home construction. In addition, customers in this region are increasingly adopting the phenomenon of interior design and home decor, which contributes to the expansion of the metal furniture market share.