Metal Furniture Market To Reach USD 206.48 Billion By 2033; Growing Popularity Of Smart Furniture

Newark, Sept. 11, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 142.2 billion in 2023 global metal furniture market will reach USD 206.48 billion in 2033. Furniture refers to movable items that support various human activities such as sitting, eating, sleeping, and storage. Examples include tables, chairs, beds, sofas, and cupboards, which are used in homes, commercial spaces, restaurants, schools, and parks to enhance comfort and functionality. Furniture also adds to the aesthetic appeal of a space. Common materials for furniture include wood, plastic, fabric, acrylic, and glass, with metal being a significant component of the global metal furniture market. Metals used in furniture production include steel, iron, aluminum, stainless steel, and carbon steel. Metal furniture is favored for its durability, strength, and resistance to extreme weather, insects, and chemicals. Its malleability and ductility allow it to be shaped into various designs to match contemporary tastes. Additionally, metal furniture is often made from recycled materials, contributing to environmental sustainability by reducing deforestation and combating climate change.

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Key Insight of the Global Metal furniture Market

Asia Pacific will dominate the market during the forecast period.

This region currently leads the metal furniture market due to growing demand for smart homes and offices, coupled with rising disposable incomes. Asia Pacific is expected to maintain its leading position throughout the forecast period as major market players focus on developing innovative furniture designs that cater to contemporary tastes.

In 2023, the commercial segment dominated the market with the largest market share of 66% and revenue of 93.85 billion.

The application segment is divided into commercial & residential. In 2023, the commercial segment dominated the market with the largest market share of 66% and revenue of 93.85 billion.

Over the forecast period, the table segment is expected to grow at the fastest CAGR of 4.2%.

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 4.2%.

In 2023, the specialty stores segment dominated the market with the largest market share of 35% and revenue of 49.77 billion.

The distribution channel segment is divided into supermarkets/hypermarkets, online stores, convenience stores, specialty stores, & others. In 2023, the specialty stores segment dominated the market with the largest market share of 35% and revenue of 49.77 billion.

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Market Dynamics

Driver: Rising Popularity of Home and Office Décor.

The growing number of commercial and office spaces is boosting demand for metal furniture. In office settings, metal furnishings contribute to functional, aesthetically pleasing, and efficient work environments. Millennials are driving residential demand with a focus on home décor to enhance comfort and appearance. Metal furniture's cost-effectiveness and diverse range make it a popular choice for both residential and commercial applications.

Restraints: Heavy Nature of Metals.

The weight of metal furniture can be a disadvantage, making it cumbersome to move and handle. This characteristic may deter some consumers. Additionally, metal furniture can become excessively hot when used outdoors in summer, limiting its usability until it cools down.

Opportunities: Growth of Smart Furniture.

As urbanization and disposable incomes increase, there is a rising demand for smart homes and offices. Advances in technology and the growth of e-commerce have made smart furniture more accessible. Features such as digitally controlled operations, customizable virtual designs, and enhanced functionality are gaining popularity, offering new opportunities for the metal furniture market.

Challenges: Competition from Alternative Materials.

The metal furniture market faces stiff competition from wood, plastic, and glass furniture. Aggressive marketing and the promotion of sustainable features increase costs, potentially making metal furniture less affordable for middle-class consumers. High prices may alienate a significant portion of the market, impacting revenue.

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Some of the major 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.

Key Segments covered in the market:

By Application

. Commercial
. Residential

By Type

. Table
. Chair
. Bed
. Sofa
. Others

By Distribution Channel

. Supermarkets/Hypermarkets
. Convenience Stores
. Specialty Stores
. Online
. Others

By Region

. North America (U.S., Canada, Mexico)
. Europe (Germany, France, the UK, 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)

About the report:

The market is analyzed based on value (USD Billion). All the segments have been analysed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.

About The Brainy Insights:

The Brainy Insights is a market research company that provides actionable insights through data analytics to companies to improve their business acumen. They have a robust forecasting and estimation model to meet the client's objectives of high-quality output within a short period. They provide both customized (client-specific) and syndicate reports. Their repository of syndicate reports is diverse across all the categories and sub-categories across domains. Their customized solutions meet the client's requirements whether they are looking to expand or planning to launch a new product in the global market.

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