Published Date: 14-Jun-2021
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According to a new report Global Plastic Furniture Market, published by KBV research, The Global Plastic Furniture Market size is expected to reach $19.7 billion by 2027, rising at a market growth of 8.7% CAGR during the forecast period.
The commercial segment would showcase major CAGR during forecast years due to the increasing economic growth causing higher office space, tourism, and mid-scale restaurant and hotel industry. The growth of this segment is driven by the demand for plastic furniture like tables and chairs in the big event on a contract basis. Though, demand for wood and metal furniture in commercial real estate is relatively high as it provides appeal and elegance to the infrastructure as compared to plastic furniture.
An Online distribution channel would showcase the fastest growth rate during the forecast period. This is credited to the accessibility of a broad array of items, discounts on products, the ease of buying, simple comparison, and availability of various sizes and colors. For example, IKEA, the largest furniture retailer in the world observed a major hike in online sales. In addition to it, simple return and delivery make it more comfortable for consumers to buy the furniture. Delivery types like inside delivery, front door delivery, and white glove delivery is resulting in the easy and secure shipping of the furniture.
The North America market dominated the Global Plastic Furniture Market by Region 2020. In 2020, the Asia Pacific emerged as the high growth region of the global plastic furniture market and would be the fastest-growing region during the forecast period. The growth of the regional market would be propelled by the aspects like increasing low-mid income population, a wide number of households, and rising IT industry and office space.
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Cello Group, Avon Furniture Factory L.L.C, Cosmoplast Industrial Company L.L.C. (Harwal Ltd.), Keter Group B.V. (BC Partners), Nilkamal Limited, Pil Italica Lifestyle Limited (Dawood Investment Private Limited), ScanCom International A/S (Jysk A/S), The Supreme Industries Ltd., Tramontina Multi S. A., and Uma Plastics Limited.
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