The metal furniture market has grown strongly in recent years, with its size projected to grow from $143.67 billion in 2023 to $152.52 billion in 2024, reflecting a CAGR of 6.2%. The growth drivers include advancements in manufacturing processes, post-industrial design trends, economic booms in urban development, advancements in metal treatment technologies, and the rise in commercial and institutional furniture demand.
The metal furniture market is expected to reach $194.74 billion by 2028 at a CAGR of 6.3%. Growth is driven by urbanization, increasing construction activities, demand for durable furnishings, and growing popularity of office spaces and smart homes. Trends include advancements in rust-resistant coatings, hybrid materials, antimicrobial metal surfaces, and retro-style furniture.
Major Driver In The Metal Furniture Market
The increasing number of workplaces is expected to drive the growth of the metal furniture market. The demand for expanding companies refers to an organization's efforts to broaden its operations and increase revenue, which, in turn, necessitates hiring new workers to support its growth. This organizational expansion will create a need for additional office space and furniture to accommodate the new employees. For example, a study conducted in November 2022 by Airwallex on 500 UK-based small and medium-sized enterprises (SMEs) revealed that in 2023, 70% of businesses plan to expand into or further grow in foreign markets. Among those surveyed, two-thirds (64%) will focus on Europe and North America, while one-third (34%) are ready to enter markets in the Middle East, Latin America, Africa, and Asia-Pacific. Therefore, the increasing number of workplaces will drive the growth of the metal furniture market.
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Metal Furniture Market Competitive Landscape
Inter IKEA Systems B.V., Herman Miller Inc., Steelcase Inc., HNI Corporation, KOKUYO Co. Ltd., Teknion Corporation, Bernhardt Furniture Company, Nilkamal Limited, Allsteel Inc., HBF LLC, Vanguard Furniture Company Inc., Davis Furniture Industries Inc., Zinus Inc., Dorel Home Products Furniture, Hillsdale Furniture LLC, Martin Brattrud Inc., Nienkämper Furniture & Accessories Inc., Meco Corporation, Simpli Home Ltd., Godrej Interio, Hussey Seatway Ltd., Lorena Canals SL, Oliver Metal Furniture Co. Ltd., Zuari Furniture
Key Metal Furniture Market Trend
Companies in the metal furniture market are developing innovative products like fossil-free steel furniture to reduce carbon emissions and environmental impact. Fossil-free steel is produced using renewable energy sources and sustainable methods, eliminating the need for fossil fuels in manufacturing. For example, in June 2023, Vestre, a Norway-based company, and Emma Olbers Design, a Swedish design firm, introduced the Tellus bench made from 100% fossil-free steel. This material, produced by SSAB, uses green hydrogen instead of coal, resulting in zero carbon emissions. The Tellus bench is a milestone as the first furniture piece made entirely from this sustainable steel, aligning with Vestre's sustainability efforts to reduce its carbon footprint by around 60%. The bench is designed for public spaces with comfort-focused features such as wide armrests.
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Global Metal Furniture Market Segmentation
The metal furniture market covered in this report is segmented –
1) By Type: Bed, Chair, Sofa, Table, Other Types
2) By Material: Steel Furniture, Aluminum Furniture, Wrought Iron Furniture
3) By Distribution Channel: E-Commerce, Supermarket And Hypermarket, Specialty Stores, Online Stores
4) By Application: Residential, Commercial
By Geography:The regions covered in the metal furniture market report areAustralia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the metal furniture market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The Metal Furniture Global Market Report 2024 furnishes information about the global metal furniture market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
