Furniture Leading World Exporters by 2020:
China -54.109 BEUR,
Poland -11.199 BEUR,
Germany -11.115 BEUR,
Italy -9.586 BEUR,
Vietnam -7.576 BEUR
Furniture Leading World Importers by 2020:
US- 26%,
Germany 8%,
France -6.5%,
UK – 5.5%,
Canada – 4%
Furniture includes devices and equipment used and designed for residential, commercial, or public interior furnishings. The global market is highly fragmented on international and regional levels. There are varieties of vendors in various countries specializing in manufacturing of Low, Medium, and High-cost furniture. Most of the furniture is manufactured using various & combined materials coming from different regions (such as wood, metal, plastic and glass).
The industry was strongly impacted by COVID-19 pandemic. The disruptions of the supply chains and the temporary ban on international trade affected the countries that were dependent on imports for their furniture needs. Considering growing issues with costs & supply of main raw materials, its availabilities, replacement of wood with composite wooden furniture is becoming a primary driver of the global market. The manufacturing & design optimisation with diversification of supply chains is currently an important factor for the manufacturers. COVID-19 situation showed the importance of diversification of supply chain partners in order to reduce the reliance on imports of raw materials, furniture & composites. Global switch to the work from home/remote work basis caused by COVID 19 and current boom of the construction/real-estate industry (residential, commercial / office, hospitality) is driving the growth of global furniture market. The increase in disposable incomes in recent years is also influencing the individual customers to spend more. This in returns provide growth opportunities. Asia-Pacific, having the highest population and growing residential construction, is moving in fast pace with the demands. As the standard of living continues to improve also in China, the requirement for wood as main raw material of furniture is draining the main wood market exporters. Deforestation is a risk & high-quality wood became less available and more expensive globally. The world governments are initiating on international and regional levels various programs to increase the number of trees to preserve ecosystems and meet the demands of markets. As the process is slow its likely that prices of timber will grow further and its availability next months to come will be restricted. Therefore, metal, plastic, or composite furniture has its own chance as to growth in market division next years to come. Furniture manufacturers & construction companies/developers are anticipated to gain an advantage by entering into direct partnerships. Procurement-Affiliation is the right link to the right source, globally.
The global market of furniture is forecasted to grow for up to 6% to reach 724 BEUR by 2026.
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