Plastic Furniture Market to Worth $19.0753 Billion by 2027 Industry Forecast

According to a new report published by Allied Market Research, titled, "Plastic Furniture Market Size, Share, Competitive Landscape and Trend Analysis Report, by Type, End User and Distribution Channel : Global Opportunity Analysis and Industry Forecast, 2021-2027". The research provides a current evaluation of the global market landscape, highlighting recent trends, key drivers, and the overall market environment. The study examines the main factors influencing industry expansion, analyzing both its growth drivers and restraints. Additionally, it sheds light on factors expected to offer promising opportunities for development of industry in the future. The global plastic furniture market size was valued at $14,593.1 million in 2019, and is projected to reach $19,075.3 million by 2027, registering a CAGR of 5.8% from 2021 to 2027.

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Availability of recycled plastic furniture, which is made from plastic waste such bottles, plastic toys, and ocean plastic finds its application in outdoor furniture. Various stakeholders are creating plastic furniture by using a waste plastics. For instance, ScanCom International A/S is an outdoor furniture company, which recently introduced DuraOcean and DuraLand, which are plastic furniture completely made from recycled maritime plastic waste, setting a benchmark for sustainable material usage and design.

Rise in trend to go green across the globe is expected to substantially surge the demand for biodegradable plastic furniture during the forecast period. Moreover, various stakeholders are focusing toward developing sustainable furniture, owing to increase in awareness regarding biodegradable products. Furthermore, increase in environmental concerns globally, rise in deforestation, and implementation of stringent restriction of government on cutting of trees have provided lucrative opportunity to the plastic furniture market. In addition, sustainable architecture are using environmentally friendly materials and construction processes for interior furniture or sustainable urban furniture which has further driven the plastic furniture market demand. However, availability of substituted products such as wood, glass, and metal furniture in the commercial real estate hampers the market growth. Furthermore, wooden furniture is always the first preference of customers, owing to their attractive design and shapes, which is further restricting the growth of plastic furniture market.

The rise in popularity of modular kitchens and kitchen cabinets is significantly driving the expansion of the global plastic furniture market. Poly-vinyl chloride (PVC) stands out as a preferred material for modular kitchen cabinets due to its cost-effectiveness compared to wooden alternatives. Notably, stakeholders in the hospitality sector, including motels, hotels, and restaurants, constitute major consumers of outdoor plastic furniture.

Furthermore, demand for plastic furniture is bolstered by products like decorative lounge chairs, upholstery, and tables. Recent years have witnessed a transformation in the tourism industry, fueled by increased disposable income and higher spending on travel. Modern lifestyle choices and socializing trends, such as outdoor dining, backyard grilling, and social gatherings, further contribute to the surge in demand for plastic furniture. Developing countries like India, China, and South Africa are witnessing significant adoption of plastic furniture due to evolving consumer lifestyles, rising disposable incomes, and a growing preference for attractive plastic furniture. Additionally, the proliferation of online portals globally, coupled with increased offers and discounts, attracts a large consumer base to purchase plastic furniture through online channels. Consequently, online sales have emerged as a key revenue source for many companies, expanding consumer reach in the process.

Moreover, eco-Birdy a European furniture manufacturing company has currently launched ecoBridy recycled plastic furniture for kids. The company further announced that its complete line of production plastic furniture is 100% recyclable and does not contain any harmful chemical. Hence, rise in trend of using recycled plastic furniture by various stakeholders is expected to create lucrative opportunity for the plastic furniture market growth. However, the major impact of plastic furniture is on the environment, as it takes many years to decompose and releases harmful toxins into the soil. Moreover, plastics are omnipresent in the marine environment, thus polluting environment and requiring urgent actions.

Plastic furniture is more affordable and efficient as compared to other materials. Moreover, plastic furniture are available in various designs, types, and colors that can easily match the ambience of home, restaurant, hotel, and offices which is also the current plastic furniture market trend. Apart from having flawless designs and vibrant colors, plastic furniture are extremely durable. As the metal chairs and wooden chairs are stiff, they deform or break quickly. On the contrary, the flexibility of plastic furniture makes it easy for them to resist extreme pressure and damages.

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In addition, presence of plastic pose a threat not only to marine life but also to agricultural land. This is attributed to the fact that plastic is responsible for the dilapidation of the agriculture land and atmosphere, which continuously use precious earth resources, in particular oil. This is now posing threat to environmental and agricultural production. Thus, adverse effects of plastic on marine life and agriculture land is restricting the growth of the plastic furniture market.

The outbreak of the COVID-19 pandemic has created a number of challenges for exporters in developing and developed countries. The challenges witnessed by exporters of plastic furniture products are likely to remain for the foreseeable future, as different states and governments around the world attempt to tackle COVID-19 with various measures.

However, implementation of lockdown and curfew practices globally have affected domestic as well as international production of plastic furniture, which, in turn, hampers growth of the overall market. Thus, the outbreak of COVID-19 has negatively impacted the plastic furniture market in 2020, as sales of companies have reduced and operations have been halted.

Region wise, North America acquired the largest plastic furniture market share in 2019, and is expected to grow at a CAGR of 4.0%.

The key players profiled in the plastic furniture industry report Avro India Limited, Cello Group, Cosmoplast Industrial Company LLC, Keter Group, Nilkamal Limited, Pil Italica Lifestyle Limited, ScanCom International A/S, The Supreme Industries Limited, Tramontina, and Uma Plastics Limited.

Analyst Review

Increase in trend of modular kitchen and kitchen cabinets significantly contributes toward the growth of the global plastic furniture market. Moreover, poly-vinyl chloride (PVC) is one of the most favored materials for modular kitchen cabinets, as it is cost-effective and cheaper as compared to wooden cabinets. Several stakeholders in hospitality industry such as motels, hotels, and restaurants are major consumers of outdoor plastic furniture. Moreover, decorative lounge chairs, upholstery, and tables are some key products, which are boosting the demand for plastic. In last couple of years, the tourism industry has evolved owing to surge in disposable income and rise in spending on travel. The trend of opting modern lifestyle and increase in socializing trends, including outdoor dining at gardens, grilling & barbeque events at the backyard, social get-together are the factors, which bolster the demand for plastic furniture. Moreover, plastic furniture have witnessed prominent adoption in the developing countries such as India, China, and South Africa, owing to swift change in consumer lifestyle, increase in disposable income, and surge in need for attractive plastic furniture. Furthermore, increase in penetration of various online portals globally and rise in number of offers or discounts attract large consumer base to purchase plastic furniture through online channels. In addition, online sales channel has increased consumer reach, making it key source of revenue for many companies.

Key Findings Of The Study:

○ By type, the kitchen furniture segment dominated the global market in 2019, and is expected to retain its dominance throughout the plastic furniture market forecast period.
○ Depending on end user, the residential segment led in terms of the plastic furniture market value in 2019, and is expected to continue to grow with robust CAGR during the forecast period.
○ On the basis of distribution channel, the modern trade segment dominated the global market in 2019, and is expected to retain its dominance throughout the forecast period.
○ Region wise, North America acquired the largest plastic furniture market share in 2019, and is expected to grow at a CAGR of 4.0%.

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