Furniture coating development space is huge! Furniture market size will exceed $750 billion!

Views:839 Author:Site Editor Publish Time:2020-10-28 15:55:42 Orgin:Site

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The increase of residential building investment, together with the progress of technology and solutions, is promoting the development of furniture coating industry. Rapid urbanization and an increase in per capita income, especially in developing countries, have greatly supplemented market income. The regional expansion of well-known brands offering furniture at low cost will increase product demand in residential applications. Improved living standards, coupled with an increase in the number of hotels, educational institutions and hospitals, are driving market penetration.

In addition, growth in demand for existing housing will drive growth in the industry from 2020 to 2026. According to the National Association of Realtors, sales of existing homes in the United States are expected to grow by 4% in 2018. Millennials are observed to be the largest consumer group in the U.S. furniture and bedding market. The increasing demand for environmentally friendly furniture among these age groups will increase the demand.

Furniture market share

Renovation projects in the residential sector are expected to move to 2026, thus driving the furniture market. Large investments in refurbishment, especially in the US and Europe, are expected to stimulate market prospects. More and more incidents and safety and security regulations will drive business needs through retrofit projects. North America and Europe have the highest market share in the home decoration market, with 57% and 29% respectively. France, Germany, Belgium and the Netherlands are the leading coating markets in the region. According to bearing point, the French refurbishment market is estimated at $8.14 billion.

The furniture market is expected to grow dynamically by 2026 due to the continuous increase of global construction and infrastructure. In 2015, the global urban population was about 3.7 billion, which is expected to double by 2050. With the continuous migration of rural population, more than 95% of rural population will migrate to cities by 2030, which is expected to ensure that the trend of urban infrastructure and construction expenditure is still on the rise as cities expand to accommodate the inflow of population.

As the main functions include high-quality materials, many creative designs, high elasticity, long life, high strength, moderate price and high space utilization, the metal coating field occupies about 12% of the furniture market share in 2019. In addition, fireproof, moisture-proof and convenient outdoor use will expand the demand for metal furniture.

Europe will account for more than 25% of demand by 2026

The European market has a strong influence in the region, providing more than 1 million jobs in about 150000 companies. Germany, Italy, France and the UK are the main consumers, while Poland has a considerable share of production. The increasing demand for high-end furniture in residential and commercial applications will further promote the growth of furniture coating market. In addition, favorable government policies, such as industrial policies, are expected to further help the market generate revenue.