Major companies in the institutional and office furniture market include IKEA AB; Herman Miller Inc; HNI Corporation; Okamura Corporation and Knoll Inc. The global institutional and office furniture market is expected to grow from $164.
New York, Feb. 11, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Institutional And Office Furniture Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06009725/?utm_source=GNW
12 billion in 2020 to $200.7 billion in 2021 at a compound annual growth rate (CAGR) of 22.3%. 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 $257.66 billion in 2025 at a CAGR of 6%.
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. The institutional and office furniture market is segmented into institutional furniture and office furniture.
Asia Pacific was the largest region in the global institutional and office furniture market, accounting for 36% of the market in 2020. North America was the second largest region accounting for 27% of the global institutional and office furniture market. South America was the smallest region 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.
The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the institutional and office furniture manufacturing market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Steps by national governments to contain the transmission have resulted in halting of manufacturing activities and a decline in economic activity with countries entering a state of ’lock down’ and the outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the institutional and office furniture manufacturing market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.
Increasing demand for online shopping is expected to help the institutional and office furniture manufacturing market grow. 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. In countries such as India, for instance, e-commerce portals have boosted the sales of furniture manufacturers by giving larger exposure to producers who were confined to one geography.
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