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Metal Furniture Market Report 2024-2033 - Size, Growth, Trends & Competitive Analysis
Metal Furniture Market Report
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According to The Business Research Company's, The metal furniture market size has grown strongly in recent years. It will grow from $143.67 billion in 2023 to $152.52 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to the evolution of manufacturing processes, post-industrial design trends, economic booms in urban development, advancements in metal treatment technologies, and the rise of commercial and institutional furniture needs.
The metal furniture market size is expected to see strong growth in the next few years. It will grow to $194.74 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to increasing urbanization, increasing construction and real estate activities, growing demand for durable and low-maintenance furnishings, rising popularity of smart homes, and rising popularity of office spaces. Major trends in the forecast period include technological advancements, rust-resistant coatings, hybrid materials, adoption of antimicrobial metal surfaces, and retro-style metal furniture.
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Market Drivers and Trends:
The increasing number of workplaces is expected to propel the growth of the metal furniture market. Demand for expanding companies and businesses refers to an organization's efforts to develop or widen its range of operations and boost revenue. The organization's growth will increase the demand for new workers to complement their expanded operations, which requires additional office space and furniture to accommodate the new employees. For instance, according to a study conducted on 500 UK-based small and medium-sized enterprises (SMEs) in November 2022 conducted by Airwallex, a UK-based fintech company, in 2023, 70% of businesses plan to expand into or even further expand into foreign markets. Out of the polled numbers, two-thirds (64%) will focus on Europe and North America, while one-third (34%) are ready to grow into the Middle East, Latin America, Africa, and Asia-Pacific. Therefore, the increasing number of workplaces will drive the growth of the metal furniture market.
Major companies operating in the metal furniture market are developing innovative products, such as fossil-free steel furniture, to reduce carbon emissions and environmental impact. Fossil-free steel furniture is made from steel produced using renewable energy sources and sustainable methods, eliminating reliance on fossil fuels in the manufacturing process. For instance, in June 2023, Vestre, a Norway-based furniture manufacturing company, and Emma Olbers Design, a Sweden-based design company, launched the Tellus bench, which is notable for being crafted from 100% fossil-free steel. This innovative material is produced by SSAB using a process that employs green hydrogen instead of coal, resulting in zero carbon emissions during production. The Tellus bench represents a significant milestone as it is the first piece of furniture made entirely from this sustainable steel. The use of fossil-free steel aligns with Vestre's commitment to sustainability and aims to reduce its overall carbon footprint by approximately 60%. The bench features a timeless and inviting design for public spaces such as parks. It includes wide armrests for comfort and functionality.
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Major Key Players of the Market:
Inter IKEA Systems B.V., Herman Miller Inc., Steelcase Inc., HNI Corporation, KOKUYO Co. Ltd., Teknion Corporation, Bernhardt Furniture Company, Nilkamal Limited, Allsteel Inc., HBF LLC, Vanguard Furniture Company Inc., Davis Furniture Industries Inc., Zinus Inc., Dorel Home Products Furniture, Hillsdale Furniture LLC, Martin Brattrud Inc., Nienkämper Furniture & Accessories Inc., Meco Corporation, Simpli Home Ltd., Godrej Interio, Hussey Seatway Ltd., Lorena Canals SL, Oliver Metal Furniture Co. Ltd., Zuari Furniture
Metal Furniture Market 2024 Key Insights:
• The metal furniture market size is expected to see strong growth in the next few years. It will grow to $194.74 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%.
• Growth Of The Metal Furniture Market Driven By Increasing Number of Workplaces And Business Expansion
• Innovative Advances In Metal Furniture
• North America was the largest region in the metal furniture market in 2023
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