According to a new report published by Allied Market Research, titled, “metal furniture market by type, by application and distribution channel: global opportunity analysis and industry forecast, 2021–2028,” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape.
The global metal furniture market size was valued at $141,444.0 million in 2020, and is projected to reach $191,734.0 million by 2028, registering a CAGR of 3.9% from 2021 to 2028.
Rise in consumer interest toward home décor, surge in the number of offices, and rapid growth of online retail platforms have boosted the growth of the global metal furniture market. However, rise in cost of raw materials hinders the market growth. On the contrary, rise in the standard of living owing to increase in disposable income and advent of customized furniture and technology are expected to create lucrative opportunities for the market players in the future.
The global metal furniture industry has witnessed significant growth in the past few years, and is expected to grow at a steady pace during the forecast period. This is attributed to the fact that there is a rise in trend in customized designs, eco-friendly material, and French modern design. However, fluctuations in the price of raw materials and increase in counterfeit products restrain market growth.
By application, the residential segment held the lion’s share in 2020, accounting for more than half of the global metal furniture market, due to population growth, increase in number of nuclear families, and customization of furniture. However, the commercial segment is expected to register the highest CAGR of 3.9% during the forecast period, owing to rapid growth in the real estate industry and rise in the number of hotels, restraints, schools, homes, offices, and hospitals.
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By distribution channel, the specialty stores segment dominated the market in 2020, contributing to nearly one-third of the global metal furniture market, as the specialty stores used to stock selective furniture in the store, which increased availability of furniture. However, the direct distribution segment is expected to register the highest CAGR of 3.8% during the forecast period, owing to direct interaction between manufacturer and customer reduces the risk of errors in in manufacture the metal furniture.
Region-wise, according to the global metal furniture analysis, Asia-Pacific has gained considerable traction in market and is expected to grow at the highest CAGR of $3.9% during the forecast period of 2021-2028. This growth attributes to the growing population, increase in trend of home decor among customers and rapid urbanization.
The Covid-19 pandemic has a vital impact on the growth of the global Metal Furniture Market and altered several market scenarios. The lockdown across various countries and ban on international travel has disrupted the supply chain and revenue chain. The report includes a thorough analysis of the Covid-19 pandemic on the growth of the global Metal Furniture Market.
The key market players profiled in the report include:
• Cymax Group Inc.
• Chyuan Chern Furniture Co., Ltd.
• Godrej Furniture
• DHP Furniture
• Inter IKEA systems B.V.
• Hillsdale Furniture
• Oliver Metal Furniture
• Meco Corporation
• Simpli Home
• Zinus
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