Shop Fitting Material Market 2024: Industry Share and Size Report

The Business Research Company recently released a comprehensive report on the Global Shop Fitting Material Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, the shop fitting material market size has grown strongly in recent years. It will grow from $138.4 billion in 2023 to $147.28 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The growth in the historic period can be attributed to rise in consumer expectations, growth in shopping mall development, increase in number of retail chains, rise in popularity of specialty stores, and rise of ecommerce stores.

The shop fitting material market size is expected to see strong growth in the next few years. It will grow to $190.02 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The growth in the forecast period can be attributed to increasing retail spaces, expansion of supermarkets and hypermarkets, growing number of luxury and high-end retail stores, rising eco-friendly materials, and growing number of pop up stores. Major trends in the forecast period include integration of smart technology, implementation of modular designs, advancements in 3D printing, adoption of lightweight materials, and integration of digital signage.

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Market Drivers and Trends:

The increasing number of retail stores is expected to propel the growth of the shop-fitting material market going forward. Retail stores refer to businesses that sell products directly to customers, including various types such as department stores, specialty shops, convenience stores, and supermarkets. Retail stores are fueled by increased consumer spending, urban development, and the growth of shopping malls. Shop fitting materials enhance retail stores by improving aesthetics, optimizing space management, facilitating a smooth customer experience, boosting sales and satisfaction, and supporting brand identity. For instance, in January 2024, the National Association of Convenience Stores, a US-based international association for convenience and fuel retailing agencies, reported an estimated increase in the number of convenience stores to 152,396 in 2024, up from 150,174 in 2023, reflecting a 1.5% rise in store count. Therefore, the increasing number of retail stores is driving the growth of the shop-fitting material market.

Major companies operating in the shop fitting materials market are renovating interiors with augmented wood to enhance retail spaces' aesthetic appeal, durability, and functionality. Augmented wood combines traditional wood with advanced technologies, such as digital printing and embedded sensors, to create innovative designs and improve performance. For instance, in January 2022, Woodoo, a France-based company providing high-performance material alternatives to steel, glass, leather, and plastics, launched LIGHTR. LIGHTR is a wall lighting solution with a wooden covering that is designed to enhance shop fittings and retail environments. Its authentic wood finish adds warmth and a natural touch, creating a cozy atmosphere that attracts customers and showcases products effectively. It is a modular system that can be integrated into walls covered with Woodoo's patented translucent wood, called SLIM, or used as a decorative lighting object to enliven interiors. LIGHTR's modularity allows for flexible integration and customization to suit different design needs.

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Major Key Players of the Market:

Leggett & Platt Incorporated; Hovnanian Enterprises Inc.; HMY Group; Haworth Inc.; Carter Holt Harvey Limited; Surteco GmbH; Madix Inc..; Appvion LLC; Pan-Oston B.V.; Stylmark Inc.; Jacobs Joinery and Shopfitters; ARNO GmbH; Trion Industries Inc.; Visplay GmbH; Storflex Fixture Corporation; Barnwood Group Ltd; Stellex Capital Management LLC; Tegometall International AG; TECNARO GmbH; Australian Plastic Fabricators Pty Ltd; GCD Concepts Pty Ltd; Wood 'N' Stamp Shopfitting Pty Ltd

Shop Fitting Material Market 2024 Key Insights:

• The shop fitting material market size is expected to grow to $190.02 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%.
• Rising Retail Store Count Drives Growth In Shop Fitting Material Market
• Integration of Advanced Technologies in Shop Fitting Materials
• Asia-Pacific was the largest region in the shop fitting material market in 2023

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