Pune India, Feb. 09, 2023 (GLOBE NEWSWIRE) -- Metal Furniture Market Size By Type (Sofa, Bed, Chair, Table and Others), By Application (Commercial and Residential), By Distribution Channel (E-commerce, Supermarkets & Hypermarkets, Specialty Stores, and Others), Regions, Segmentation, and forecast till 2030.
The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the metal furniture market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the metal furniture market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as type, application, distribution channel, and regions. The key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the paragraphs below.
The significant players operating in the global metal furniture market are Zinus, Cymax Group Inc., Simpli Home, Meco Corporation, DHP Furniture, Chyuan Chern Furniture Co. Ltd., Godrej Furniture, Hillsdale Furniture, Steelcase Inc. among others. To achieve a substantial market share in the worldwide metal furniture market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
A wide range of furnishings made of iron and steel are widely used in outdoor settings and offices referred to as metal furniture. Cast iron is primarily used for outdoor finishes such as bench legs and solid iron tables. Due to its general tough composition, hardness, and weight, this type of furniture is best suited for outdoor use. As metals are heavy in nature, they are hard to carry & move around. The growth of the metal furniture market would be hampered by the weight of metal furniture. Consumer inhibitions regarding shifting metal furniture will hinder the market's growth. As outdoor furnishings get extremely hot in the summer, metal furniture becomes ineffective until they cool down. There are some factors which are negatively impacting the market growth such as the presence of a variety of furniture in the market made up of wood and plastic and heavy-weight metal furniture. Moreover, because of lifestyle changes and busy schedules, low-maintenance yet sophisticated products have become increasingly popular. Metal furniture is easy to clean, can tolerate chemicals, is resistant to termites and bed bugs, and it is durable, so it can be used for a long time. As a result of its low maintenance and excellent long-term investment, metal furniture is growing in popularity.
Scope of Metal Furniture Market Report:
| Report Metric | Information |
| Study Period | 2022-2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Market Share Unit | USD Billion |
| Segments Covered | Type, Application, Distribution Channel, and Regions. |
| Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle-East and Africa |
| Major Players | Zinus, Cymax Group Inc., Simpli Home, Meco Corporation, DHP Furniture, Chyuan Chern Furniture Co. Ltd., Godrej Furniture, Hillsdale Furniture, Steelcase Inc. among others |
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Segmentation Analysis
The table is expected to be the fastest-growing segment in 2022.
The fuse type segment includes glass tube, blade fuse, semiconductor, and others. The blade fuse segment is expected to witness the highest growth rate during the forecast period. Tables would be the fastest-growing segment during the forecast period, primarily due to the growing number of workplaces and business organizations that require them. Additionally, a growing number of restaurants around the world that require tables as an essential product will likely drive the segment's demand during the forecasted period.
The commercial is expected to be the fastest-growing segment in 2022.
The voltage segment includes 12V-24V, 24V-48V, 49V-150V and others. The commercial segment is expected to witness the highest growth rate during the forecasted period. Schools, schools, offices, and hospitals dominated the market in 2021 in the commercial segment. Government expenditures on education, healthcare, and infrastructure will contribute to the growth of the metal furniture market, as will the growing construction of offices & commercial spaces.
Specialty stores are expected to be the fastest-growing segment in 2022.
The application segment includes PCU fuse, battery fuse, onboard charger fuse, charge inlet fuse and others. The specialty store segment is expected to witness the highest growth rate during the forecasted period. A specialty store accounted for the largest share of the global metal furniture market in terms of revenue, according to distribution channels, Specialty stores include showrooms and retail shops, which provide consumers with specialized service. In addition, specialty stores carry a limited number of the top models, thus helping customers choose the right product.
Regional Analysis
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the metal furniture market include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
The Asia Pacific region witnessed a major share. A major market for metal furniture in the Asia Pacific is forecast to grow rapidly over the forecast period. China dominates the market for metal furniture in the Asia Pacific. It has been growing rapidly in Asia Pacific to meet the needs of the population for housing. Commercial real estate has also exploded, as more office spaces and recreational facilities are constructed.
Country Analysis
- Germany
Germany's metal furniture market size was valued at USD 10.9 billion in 2022 and is expected to reach USD 15.38 billion by 2030, at a CAGR of 4.4% from 2023 to 2030.
Since nuclear families spend a lot on furnishing their homes and are expected to highly adopt metal furniture for the same, the concept of a nuclear family is creating more demand for metal furniture. The strong tourism sector of the region is attracting more companies to expand their market in the country, resulting in further growth in the country's metal furniture market.
- China
China’s metal furniture market size was valued at USD 14.7 billion in 2022 and is expected to reach USD 21.22 billion by 2030, at a CAGR of 4.7% from 2023 to 2030.
A rise in the number of high-class homes has contributed to the demand for metal furniture, while a rise in housing prices has resulted in a stronger incentive to purchase. The stronger performance in the interior furnishing market for villas in China is indicative of the increasing spending power consumers currently possess.
- India
India's metal furniture market size was valued at USD 11.34 billion in 2022 and is expected to reach USD 16.25 billion by 2030, at a CAGR of 4.6% from 2023 to 2030.
Increasing construction of office spaces and other recreational amenities has led to a boom in the commercial real estate sector. Due to its durability, comfort, and other attributes, metal furniture finds applications in housing complexes, offices, & other commercial spaces. Thus, the growing real estate sector will coincide with a growing metal furniture industry.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of this market is mainly driven owing to the rising demand in the corporate sector for comfortable and stylish furniture.
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