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 sheet metal and wood by–products. Companies manufacturing ecofriendly 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.
THE BUSINESS RESEARCH COMPANY EXPECTS THE GLOBAL INSTITUTIONAL AND OFFICE FURNITURE MANUFACTURING MARKET TO GROW TO $506 BILLION BY 2021
Asia Pacific was the largest region in the institutional and office furniture manufacturing market in 2017, accounting for a little more than two-fifth of the global market share. This can be attributed to high demand for office furniture from commercial establishments owing to economic growth in the country and also due to rapid growth in the education industry in China and India.
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The chart below shows the year-on-year growth of the global institutional and office furniture manufacturing market during 2017 – 2021
According to The Business Research Company’s Consultant, Nitin Gianchandani, Furniture manufacturing companies are integrating technology with furniture products to offer customers innovative and functional products. Technological advancements are helping furniture companies to conveniently address the day to day needs of their customers. For instance, an American architect and designer Greg Lynn has designed a high tech chair for the sports brand Nike. The chair was designed for basketball players and it generated heat, cooled athlete’s body and also monitored the amount of fluid lost.
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IKEA was the largest company in the institutional and office furniture manufacturing market, with revenues of $40.2 billion in 2017. IKEA’s growth strategy aims at increasing revenues by launching products for young population and offer its products at competitive prices. The company also plans to expand in the US market by opening nearly a dozen stores over the next two years.
The institutional and office furniture manufacturing market comprises firms that are involved in designing office furniture including office chairs and desks, office and store fixtures, such as showcases. It also includes firms involved in producing all types of furniture parts and frames.
Institutional And Office Furniture Manufacturing Global Market Report 2018 is a detailed report giving a unique insight into this market. The report is priced at $4000 for an individual user. To use across your office, the price is $6000 and $8000 if you wish to use across a multinational company.
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