Dublin, Sept. 27, 2022 (GLOBE NEWSWIRE) -- The "Global Furniture Contract Manufacturing Market Research and Forecast, 2022-2028" report has been added to ResearchAndMarkets.com's offering.
The global furniture contract manufacturing market is anticipated to grow at a CAGR of 6.4% during the forecast period (2021-2027).
Furniture contract manufacturers want to provide their customers with custom-made furniture. Furniture is used for many purposes, including storage, work, eating, sitting, lying down, sleeping, and relaxing. Commercial, residential, government, and healthcare are the major application of furniture. Commercial furniture is produced in accordance with industry standards.
For Instance, BIFMA (Business and Institutional Furniture Manufacturers Association) is a North American organization that assists furniture manufacturers and suppliers with the testing and certification of new products. They used the American National Standards Institute (ANSI) consensus process to establish voluntary safety and performance standards.
The growing building and construction industry across the globe, an increase in disposable income in emerging economies, high product adoption, and demand across commercial and residential sectors are the factors contributing to the growth of the global furniture contract manufacturing market.
In addition, the rising demand for customized furniture is further escalating the market. However, contract manufacturing risks such as quality and supply concerns, stringent government policies regarding the usage of woods, and lack of a skilled workforce are the factors that hindering the market growth. Besides this, the development of multifunctional furniture is an opportunity for the market.
Impact of COVID-19 on Global Furniture Contract Manufacturing Market
During the COVID-19 pandemic, the global furniture contract manufacturing market is hit hard. The outbreak has adversely affected all the manufacturing and industrial sectors, and also it has disrupted the business functions of a wide range of industries across the globe. The nationwide lockdowns imposed to prevent the spread of COVID-19 have had a negative impact on the construction sector, which is the furniture industry's largest revenue generator.
The sudden increase in cases, especially in Asia, has also resulted in the temporary closure of numerous furniture production facilities, which has negatively impacted the demand and supply chain. However, as various economies gradually raise their respective trade lockdown, a steady recovery pattern is anticipated during the forecast period, with the furniture contract manufacturing market showing a significant increase in revenues.
Segmental Outlook
The global furniture contract manufacturing market is segmented based on material type, and end-user. Based on the material type, the market is segmented into wooden, metal, and others. The wooden furniture segment is expected to have the highest market share followed by metals furniture owing to high consumer preference for wooden furniture. Apart from it, based on the end-user, the market is segmented into residential, commercial, government, healthcare, and others.
The commercial segment is to dominate the Global Furniture Contract Manufacturing Market
Among the end-user segment, the commercial segment projected to hold the major share in 2020 and is also anticipated to grow during the forecast period. The rise in demand for furniture, primarily in offices, is the factor that propelling the growth of the commercial furniture contract manufacturing market. Individual workstations, lounges, meetings, and cafeterias are among the types of the office where furniture is used. The furniture market is expected to expand significantly owing to rapid globalization and urbanization across the globe as a result of increased education, increasing employment rates, and the establishment of new offices.
Regional Outlooks
The global furniture contract manufacturing market is further segmented based on geography including North America (the US, and Canada), Europe (Germany, Italy, France, Spain, and Rest of Europe), Asia-Pacific (India, China, Japan, and the Rest of Asia-Pacific), and the Rest of the World (Latin America. And Middle East and Africa). North America projected to hold a dominant position in the global furniture contract manufacturing market, followed by Europe. This is owing to the increasing adoption of manufacturing contracts in hospitality furniture, as well as the increasing number of residential and commercial properties in the area, both of which are contributing to the growth of the market during the forecast period.
Asia-Pacific is projected to have a considerable growth in the global Furniture Contract Manufacturing market
The Asia-Pacific is anticipated to hold a considerable market share in the global furniture contract manufacturing market. The increase in disposable income of individuals is to drive the growth of the market in the region. In addition, the expansion of corporate offices, and the increasing number of the working population in the region are anticipated to positively impact the growth of the global furniture contract manufacturing market. Besides, China is one of the largest producers and exporter of commercial furniture across the globe. The rising establishment of MNC companies in the region is to impel the growth of the market.
Market Players Outlook
The key players of the global furniture contract manufacturing market include Inter IKEA Systems BV, Baker Interior Group, Brodart Co., Gilmore Furniture, Inc., Acadia Contract, Fairlawn Tool, Inc., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers & acquisitions, geographical expansion, collaborations, and new product launches, to stay competitive in the market.
The Report Covers
- Market value data analysis of 2020 and forecast to 2027.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global furniture contract manufacturing market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying 'who-stands-where' in the market.
Key Topics Covered:
1. Report Summary
2. Market Overview and Insights
2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Findings
2.2.2. Recommendations
2.2.3. Conclusion
3. Competitive Landscape
3.1. Key Company Analysis
3.1.1. Overview
3.1.2. Financial Analysis
3.1.3. SWOT Analysis
3.2. Key Strategy Analysis
3.3. Impact of COVID-19 on Key Players
4. Market Determinants
4.1. Motivators
4.2. Restraints
4.3. Opportunities
5. Market Segmentation
5.1. Global Furniture Contract Manufacturing Market, By Material Type
5.1.1. Wooden
5.1.2. Metal
5.1.3. Others
5.2. Global Furniture Contract Manufacturing Market, By End User
5.2.1. Residential
5.2.2. Commercial
5.2.3. Government
5.2.4. Healthcare
5.2.5. Others
6. Regional Analysis
6.1. North America
6.1.1. United States
6.1.2. Canada
6.2. Europe
6.2.1. UK
6.2.2. Germany
6.2.3. Italy
6.2.4. Spain
6.2.5. France
6.2.6. Rest of Europe
6.3. Asia-Pacific
6.3.1. China
6.3.2. India
6.3.3. Japan
6.3.4. South Korea
6.3.5. Rest of Asia-Pacific
6.4. Rest of the World
7. Company Profiles
7.1. AFD Contract Furniture, Inc.
7.2. Arcadia Contract
7.3. Baker Interior Group
7.4. Brodart Co.
7.5. Cape Contract Furniture, Inc.
7.6. Curtis Furniture Ltd
7.7. Davis Furniture
7.8. Fairfield Chair Co.
7.9. Fairlawn Tool, Inc.
7.10. Fuse Contract Furniture Ltd.
7.11. Gilmore Furniture Inc.
7.12. Global Furniture Group
7.13. Hickory Contract
7.14. Inter IKEA Systems BV
7.15. Krueger International (KI) Inc.
7.16. Levine Contract Furniture Group
7.17. Madison Furniture Mfg., Inc.
7.18. Metal Avenues
7.19. Morgan Contract Furniture Ltd.
7.20. Noble Russell Ltd.
7.21. Pasquier Panel Products, Inc.
7.22. Witley Jones Furniture Ltd
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