Global Institutional And Office Furniture Market Report 2021 - Opportunities And Strategies, Market Forecast And Trends
7 May, 2021
The institutional and office furniture market consists of sales of institutional and office furniture by entities (organizations, sole traders and partnerships) that produce institutional and office furniture by designing office furniture including office chairs and desks, office and store fixtures, such as showcases.
Global Institutional And Office Furniture Market Size And Drivers:
The global institutional and office furniture market is expected to grow from $164.2 billion in 2020 to $200. billion in 2021 at a compound annual growth rate (CAGR) of 22.%.The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $257.6 billion in 2025 at a CAGR of 6%.Manufacturers can now sell their products on a larger platform than before, which will increase their customer base geographically, driving the growth of the furniture manufacturing market.
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Trends In The Global Institutional And Office Furniture Market
Furniture manufacturers are adopting sustainable practices in their manufacturing process. This is mainly a result of growing consumer awareness on sustainable living that is resulting in increasing demand for eco-friendly furniture. This includes minimizing fuel consumption and recycling wood by products. Companies manufacturing eco-friendly furniture products procure wood from plantations that grow sustainable plants and have a long-term conservation policy. For example, Crate and Barrel, a North American home retailer is working directly with the Tropical Forest Trust to ensure that the selected hardwood for manufacturing of their furniture is from sustainable plantations that are managed for their long term conservation. Similarly, Ashley Furniture Industries, Inc. has adopted a “green” approach wherein it focuses on replenishing, recycling and reusing of furniture by using recyclable engineered wood and by reducing raw materials wastage.
Global Institutional And Office Furniture Market Segments:
The global institutional and office furniture market is further segmented based on type and geography.
By Type: Institutional Furniture, Office Furniture
By Distribution Channel: Exclusive Showrooms, Online, Supermarkets/Hypermarkets, Others
By Raw Material: Wood, Plastic, Metal
Subsegments Covered: School Furniture, General Purpose Institutional Furniture, Public Bar, Bowling Center, Cafeteria, And Restaurant Furniture, Wooden Furniture, Metal Furniture, Plastic Furniture
By Geography: The global institutional and office furniture market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the Asia Pacific institutional and office furniture market accounts for the largest share in the global institutional and office furniture market.
Read More On The Report For The Global Institutional And Office Furniture Market At:https://www.thebusinessresearchcompany.com/report/institutional-and-office-furniture-global-market-report-2020-30-covid-19-impact-and-recovery
Institutional And Office Furniture Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides institutional and office furniture market overviews, analyzes and forecasts market size and growth for the global institutional and office furniture market, institutional and office furniture market share, institutional and office furniture market players, institutional and office furniture market segments and geographies, institutional and office furniture market’s leading competitors’ revenues, profiles and market shares. The institutional and office furniture market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.