The market study done by Fact.MR gives exclusive information about how the market will grow. The study identifies crucial trends that are determining the growth of Plastic Furniture market. This newly published report sheds light on vital dynamics, such as the drivers, restraints, and opportunities for key market players as well as emerging players associated with the production and supply. The latest report by Fact.MR provides detailed Market Analysis of Plastic Furniture
The report offers actionable and valuable market insights of Plastic Furniture. The latest report by Fact.MR provides details on the present scenario of the market across various regions along with the historic data and forecast of the market. The report also includes information on the sales and demand of Plastic Furniture Market across various industries and regions.
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This newly published and insightful report sheds light on Market Insights of Plastic Furniture, key dynamics, their impact on the overall value chain from suppliers to end-users and Growth of Plastic Furniture Market.
Plastic Furniture Market – Notable Developments
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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The global market for plastic furniture is expected to witness 5.3% y-o-y over 2018, crossing US$ 24 billion by the end of 2019, unveils a recent Fact.MR study. Increasing demand for low-cost, lightweight, and durable plastic furniture in various end-use sectors is driving end-users to adopt plastic furniture instead of traditional, wooden or metal furniture.
On assessing macro and microeconomic growth parameters of the plastic furniture market, the Fact.MR study offers actionable insights on the dynamic trends that can influence market players’ strategies in the coming years. Ongoing developments in engineered plastics and growing focus on recyclable plastics will remain instrumental in shaping the future of the plastic furniture market, opines the study.
The study estimates that developing countries in South Asia will account for approximately 32% revenue share of the plastic furniture market in 2019. Increasing growth of the construction industry and increasing disposable income of consumers in South Asia is mainly attributed for the surge in demand for plastic furniture in the region. Manufacturers in the plastic furniture market in South Asia are introducing unique designs at affordable prices to tap the sales potential in developing nations in the region.
The Fact.MR study finds that leading plastic furniture manufacturers in South Asia currently bank on independent furniture outlets and modern trade channels to improve sales across the region. However, with the exponentially growing e-commerce industry and the emergence of online distribution channels, market players will collaborate with third-party online channels to tap the growth potential of the recent e-commerce trends in the upcoming years, opines the study.
In addition, the increasing growth of the plastic processing industry in South Asian countries, such as India, Thailand, and Indonesia, is shaping the plastic furniture market in the region. Growing local production of raw materials is enabling plastic furniture manufacturers to reduce the production costs and launch innovative designs at competitive prices. A 2018 report published by the U.S. Department of Commerce estimates the size of the plastic processing industry in India to be around US$ 15.6 billion, and this is expected to augur well for stakeholders in the plastic furniture market in South Asia in the upcoming years.
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Molded Polypropylene will Remain the Most Sought-after Option for Plastic Furniture
Polypropylene accounted for nearly 50% revenue share of the plastic furniture market in 2018 and it will continue to witness high-demand in the coming decade, according to the Fact.MR study. Manufacturers identify polypropylene as an important plastic resin used in indoor as well as outdoor plastic upholstery, owing to its superior performance characteristics over other plastic resins used in plastic furniture.
Polypropylene is a recyclable, flexible, and durable plastic resin, which withstand higher temperatures than its alternatives in plastic furniture, such as high density polyethylene (HDPE) and polycarbonate (PC). Manufacturers are focusing their operations on developing high-performance polypropylene with the help of carbonate additives to achieve more energy saving, cost reduction, and improved durability of plastic furniture.
The plastic furniture market is evolving with the discovery of reformed thermoplastics as consumer demand for high-quality plastic furniture used in residential as well as commercial sectors is increasing. Fact.MR opines that polycarbonate, ABS (acrylonitrile-butadiene-styrene), and HDPE will emerge as popular plastic resins in the plastic furniture industry in the coming years, high demand for polypropylene notwithstanding. Plastic resin manufacturers are likely to introduce innovative, high-performance resins to suit the dynamic requirements of plastic furniture manufacturers in the coming years.
The Fact.MR study offers exclusive insights on how the plastic furniture market will grow during the forecast period 2018-2028. The market is projected to envisage incremental growth at a healthy 6% value CAGR during the assessment period, according to the study.
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