Smart Furniture Market Trend Evaluation & Future Forecast during the Period 2018-2028 || Key Players - Supreme Group, Avon Furniture Factory L.L.C, Cello Wim Plast Ltd., Patio Furniture Industries, Conover, NC
On assessing macro and microeconomic growth parameters of the plastic furniture market, the Fact.MR study offers actionable insights on the dynamic trends that can influence market players’ strategies in the coming years. Ongoing developments in engineered plastics and growing focus on recyclable plastics will remain instrumental in shaping the future of the plastic furniture market, opines the study.
The study estimates that developing countries in South Asia will account for approximately 32% revenue share of the plastic furniture market in 2019. Increasing growth of the construction industry and increasing disposable income of consumers in South Asia is mainly attributed for the surge in demand for plastic furniture in the region. Manufacturers in the plastic furniture market in South Asia are introducing unique designs at affordable prices to tap the sales potential in developing nations in the region.
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The Fact.MR study finds that leading plastic furniture manufacturers in South Asia currently bank on independent furniture outlets and modern trade channels to improve sales across the region. However, with the exponentially growing e-commerce industry and the emergence of online distribution channels, market players will collaborate with third-party online channels to tap the growth potential of the recent e-commerce trends in the upcoming years, opines the study.
In addition, the increasing growth of the plastic processing industry in South Asian countries, such as India, Thailand, and Indonesia, is shaping the plastic furniture market in the region. Growing local production of raw materials is enabling plastic furniture manufacturers to reduce the production costs and launch innovative designs at competitive prices. A 2018 report published by the U.S. Department of Commerce estimates the size of the plastic processing industry in India to be around US$ 15.6 billion, and this is expected to augur well for stakeholders in the plastic furniture market in South Asia in the upcoming years.
The Plastic Furniture Market grew at 4.4% CAGR between 2013 and 2017, as the market gained momentum with development of high-performance plastic materials suitable for manufacturing durable plastic furniture.
The market landed US$ 23.3 billion in 2018, and is expected to witness 5.3% y-o-y by the end of 2019. Manufacturers will continue to launch innovative materials and designs of plastic furniture to capitalize on lucrative sales opportunities.
With the rapidly growing demand for low-priced designer furniture across the world, the global market for plastic furniture is expected to grow at an incremental 6% CAGR during the forecast period 2018-2028.
South Asia is currently the leading market for plastic furniture as increasing disposable income of consumers in India and Indonesia is boosting the sales of plastic furniture in the region.
South Asia will continue to remain the high-growth market for plastic furniture by the virtue of increasing growth of the construction industry and ongoing infrastructural developments in the region.
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