Newark, May 02, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global metal furniture market is expected to grow from USD 145 billion in 2021 to USD 210 billion by 2030, at a CAGR of 4.2% during the forecast period 2022-2030.
The importance of home & office décor is gaining traction in the contemporary world. Home & office décor reflects the personality, emotions, moods, values, thoughts & beliefs of a person or organization. They can change the mood, create a comfortable space, and facilitate productive work.
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Home & office décor also can be multi-functional, allowing the optimum use of space & resources while maintaining its aesthetic appeal. Consumers today are conscious of climate change and believe in making sustainable purchasing choices. Furniture is a significant part of décor. Metal furniture is eco-friendly, has an aesthetic appeal, can be molded to fit the contemporary style of the consumers, and is versatile, durable, lustrous & low maintenance. They fit the needs of the consumers and hence will grow significantly in the forecast period with the rising popularity of home & office décor. The automation and digitization of office spaces & homes have facilitated the integration of technology with furniture. The integration allows the consumers to change the prints & colors and control the operations & functions of the furniture. Such smart features will provide lucrative opportunities for the metal furniture market. Metals are heavy by nature, making their movement a restrictive and challenging process. They also get quickly heated when exposed to higher temperatures. These factors can hamper the growth of the market. However, utilizing alloys, a mixture of metals, to reduce metals' weight and heating capacity can overcome these shortcomings and expand the metal furniture market.
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Competitive Strategy
To enhance their market position in the global metal furniture market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• US furniture brand Steelcase launched an updated version of Please chair. The product incorporates contemporary style with a breathable mesh in the back to provide exceptional comfort. The chair was developed after a study conducted by observing individuals who have long working hours. The chair mimics the movement of the spine and reduces tension and stress on the back. Such a pragmatic approach to designing everyday furniture is helping Steelcase retain its market share.
Market Growth & Trends
The increasing demand for premium & luxury furniture accompanied by sustainable features will drive the demand for the metal furniture market. Metal furniture is made from salvaged wood pallets, wood, bamboos, and seagrass, making it eco-friendly and recyclable. The aesthetic appeal, durable and comfortable features of metal furniture are likely to contribute significantly to the growth of the global metal furniture market. The ductile & malleable properties facilitate the creation of metal furniture in various shapes, sizes & colors to fit the contemporary style of the growing urbanized population. The lifestyle changes with busy everyday schedules have created the need for low-maintenance yet sophisticated products. Metal furniture is easy to clean, can tolerate chemicals, has high resistance towards termites & bed bugs, and it is durable, which increases its lifespan. Metal furnitures are low maintenance and is an excellent long-term investment. They are customizable and multi-functional with an aesthetic appeal that fits consumers' space. It can withstand extreme weather conditions as well. The integration of technology with metal furniture to make them versatile with changing virtual digital prints, remotely controlled operations & enhanced functions has increased their popularity. Low maintenance, contemporary style, durability, comfort, and smart features of metal furniture fit the busy lifestyles of the urbanized population, contributing significantly to the growth of the global metal furniture market.
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Key Findings
• In 2021, the commercial segment dominated the market with the largest market share of 67% and market revenue of 97.15 billion.
The application segment is divided into commercial & residential. In 2021, the commercial segment dominated the market with the largest market share of 67% and market revenue of 97.15 billion.
• The table segment is expected to grow at the fastest CAGR of 4.8% over the forecast period.
The type segment is divided into table, chair, bed, sofa & others. Over the forecast period, the table segment is expected to grow at the fastest CAGR of 4.8%.
• In 2021, the specialty stores segment accounted for the largest share of the market, with 34% and a market revenue of 49.30 billion.
The distribution channel segment is divided into supermarkets/hypermarkets, online stores, convenience stores, specialty stores, & others. In 2021, the specialty stores segment accounted for the largest share of the market, with 34% and a market revenue of 49.30 billion. Specialty stores carry a narrow range of goods with extensive lines and varieties of those goods. They organize the best and top brands of a product. Specialty stores are designed for a customized customer experience. Customers have the luxury to choose the best of the best from specialty stores and meet their functional requirements along the way.
Regional Segment Analysis of the Metal Furniture Market
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, the Asia Pacific region emerged as the largest market for the global metal furniture market, with a market share of around 32% and 46.40 billion of the market revenue in 2021. The Asia Pacific is expected to be the largest market during the forecast period. The metal furniture market in the Asia Pacific has been expanding rapidly. China dominates metal furniture in the Asia Pacific. The real estate sector in the Asia Pacific region has been increasing rapidly to meet the population's housing needs. The commercial real estate sector is also booming with the rise in the construction of office spaces and other recreational amenities. Metal furniture finds application in housing complexes, office spaces, & other commercial spaces owing to its durable, comfortable, & aesthetic nature. Therefore, the rising real estate sector will be followed by a booming metal furniture market.
Key players operating in the global metal furniture market are:
• IKEA
• Godrej Furniture
• Zinus
• Cymax Group Inc.
• Hillsdale Furniture
• Simpli Home
• Chyuan Chern Furniture Co. Ltd.
• Meco Corporation
• DHP Furniture
• Steelcase Inc.
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. The Brainy Insights has segmented the global metal furniture market based on the below-mentioned segments:
Global Metal Furniture Market by Application:
• Commercial
• Residential
Global Metal Furniture Market by Type:
• Table
• Chair
• Bed
• Sofa
• Others
Global Metal Furniture Market by Distribution Channel:
• Supermarkets/Hypermarkets
• Convenience Stores
• Specialty Stores
• Online
• Others
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About the report:
The global metal furniture market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
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