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- The plastic furniture market grew at 4.4% CAGR between 2013 and 2017, as the market gained momentum with development of high-performance plastic materials suitable for manufacturing durable plastic furniture.
- The market landed US$ 23.3 billion in 2018, and is expected to witness 5.3% y-o-y by the end of 2019. Manufacturers will continue to launch innovative materials and designs of plastic furniture to capitalize on lucrative sales opportunities.
- With the rapidly growing demand for low-priced designer furniture across the world, the global market for plastic furniture is expected to grow at an incremental 6% CAGR during the forecast period 2018-2028.
- South Asia is currently the leading market for plastic furniture as increasing disposable income of consumers in India and Indonesia is boosting the sales of plastic furniture in the region.
- South Asia will continue to remain the high-growth market for plastic furniture by the virtue of increasing growth of the construction industry and ongoing infrastructural developments in the region.
What are the Key Growth Drivers of Plastic Furniture Market?
- The hunt for lightweight and affordable materials in the furniture industry is giving rise to the adoption of plastics in lieu of heavy-weight metals in modern furniture designs. Owing to the high-performance material properties of plastic, the demand for plastic furniture is likely to surge rapidly in the upcoming years.
- Scientists and researchers are exploring potential for improving characteristics of thermoplastics in order to enable plastic furniture manufacturers to reduce manufacturing costs and offer unique designs to leverage the increasing sales potential of plastic furniture.
- Manufacturers in the plastic furniture market are modifying their business strategies to capitalize on the growth of the e-commerce industry as a potential distribution channel, as millennial consumers are highly inclined towards purchasing furniture online.
- With the growing awareness about the negative impacts of plastic pollution on the environment, the adoption of recycled plastic materials is expected to increase in the plastic furniture market.
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Leading manufacturers in the plastic furniture market account for over 45% revenue share of the market. Market leaders are predominantly focusing on expanding distributors’ network and strengthening their geographical foothold in the market. New entrants and start-ups in the plastic furniture market are concentrating on launching innovative designs and cheaper alternatives to plastic furniture to gain recognition and create brand identity in the market.
A mounting number of small businesses are entering the plastic furniture market with an environmental conscience by launching new designs of plastic furniture made of recycled plastic, in order to capitalize on the growing consumer demand for eco-friendly products. Some of the examples include:
- ecoBirdy – a European furniture manufacturing company co-founded by the COSME programme of the European Union – recently launched ecoBirdy recycled plastic furniture collection for kids. The company also announced that the complete line of furniture is 100% recyclable and free from harmful chemicals, as it used flakes from recycled plastic toys to add a unique colors to the furniture.
- Envirotech Waste Recycling, Inc. is a start-up based in Philippines and the company recently announced that it is focusing on manufacturing fully recycled school classroom chair made of recyclable plastic waste products, such as single-use plastic straws, packaging waste, and candy wrappers.
- Outer Inc. – a U.S.-based furniture company – announced that the company is launching recyclable outdoor plastic furniture made of recycled plastic bottles, making patio furniture as comfortable, stylish, and durable as indoor furniture.
- ScanCom International A/S, an outdoor furniture industry headquartered in Denmark, recently launched ‘DuraOcean’ – its line of outdoor furniture made of ocean plastic. The company aims to launch outdoor plastic furniture manufactured using only recycled ocean plastic materials, such as fishing nets and ropes, by 2020, under its brand LifestyleGarden.
- Paola Calzada Arquitectos, a Mexican architecture firm, announced that it started producing recycled plastic furniture to reduce ocean plastic waste. The company also announced that it has recycled up to 80,000 plastic bottles made of polyethylene to manufacture recycled plastic furniture.
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