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
PORTLAND, Ore., July 27, 2021 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Global Metal Furniture Market by Type (Bed, Sofa, Chair, Table, and Others), Application (Commercial and Residential), and Distribution Channel (Direct distribution, Supermarket/Hypermarket, Specialty Stores, and E-Commerce): Global Opportunity Analysis and Industry Forecast 2021–2028". As per the report, the global metal furniture industry was pegged at $141,444.0 Million in 2020, and is expected to reach $191,734.0 million by 2028, growing at a CAGR of 3.9% from 2021 to 2028.
Major determinants of the market growth
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 pandemic has severely affected the metal furniture business due to prolonged lockdown and temporary closure of manufacturing units. This led to loss in production and sales.
The prolonged lockdown resulted in delay in the construction of infrastructure. Moreover, as customers are more focused on health and safety, the demand for metal furniture has reduced.
The commercial segment to manifest the highest CAGR through 2028
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.
The specialty stores segment held the lion's share
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.
North America to portray the highest CAGR through 2028
By region, the global metal furniture market across North America is projected to portray the highest CAGR of 4.5% during the forecast period. Moreover, the market across Asia-Pacific held the largest share in 2020, accounting for nearly two-fifths of the market, due to increase in trend of home décor and presence of numerous manufactures.
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