The ongoing expansion of the commercial sector across the world is slated to propel the global outdoor furniture market revenues through the forthcoming timeframe. Commercial establishments like hospitality, educational institutes, and offices are creating immense demand for outdoor furniture products, particularly across developing nations.
In addition, the robust tourism sector is actively providing significant scope for furniture deployment, especially in places like restaurants, hotels, and motels, augmenting business growth. In fact, as per the WTTC (World Trade and Tourism Council), in 2018, the tourism sector observed growth of 3.9%, which as more than the 3.2% global GDP growth that year. The industry contributed an unprecedented $8.8 trillion to the global economy, generating about 10.4% of the overall global economy activity in 2018. While the industry is going through a economic slump due to the pandemic, its strong footing ensures that it is likely to bounce back considerably as the situation comes under control.
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According to a research report by Global Market Insights Inc., the outdoor furniture market is likely to surpass a valuation of $20.6 billion by 2026.
In terms of material, the plastic furniture segment is observing increasing adoption among customers due to some of its benefits like easy maintenance, high durability, economical pricing, and lightweight. Plastic furniture is generally made of polypropylene that has a copolymer for impact as well as one for rigidity. It also contains 15% filler to offer effectively decrease prices and enhance rigidity. The plastic material segment is projected to expand at a CAGR of more than 4% through the analysis timespan.
With regards product, the growing adoption of daybeds and loungers across several commercial application avenues like bars, office lounges, hotels, restaurants, resorts, and swimming pools is expected to augment the segment growth over the coming years. These products offers better comfort to consumers and come with superior customization and styling capabilities, which his further impelling their demand across such commercial establishments, fueling industry revenues. In 2019, the segment held an industry demand share of more than 7.5% with estimates anticipating to record more growth over the projected timeframe.
Steady improvements in economic conditions, rapid urbanization, improving lifestyles, and increasing level of disposable income of consumers across countries like South Korea, India, and China is expected to majorly drive the Asia Pacific outdoor furniture market share. In addition, the growing influence of western trends and culture coupled with increasing consumer inclination towards multifunctional furniture would further drive product demand across the Asia Pacific. Moreover, easy availability of the number of different raw materials used to create outdoor furniture would also complement the regional market trends. Owing to these factors, the Asia Pacific outdoor furniture market is projected to expand with a rate of more than 5.5% in terms of volume share through the forthcoming timespan.
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Major market players are increasingly focusing on acquisitions to effectively expand their footprint in other regions and boost revenues exponentially. Taking January 2020 for instance, Twin Star Home, a residential furnishings producer, reportedly announced the acquisition of TK Classics, a US-based designer and producer of outdoor furniture such as dining tables, upholstered seating, bars, and accessories, to increase its market position significantly and also expand its own product portfolio when it comes to outdoor living.
The competitive landscape of the global outdoor furniture market is inclusive of players such as Gloster, Fischer Mobel GmbH, Agio International Company Limited, Kettal, Homecrest Outdoor Living, Treasure Garden Incorporated, Brown Jordan, Inter IKEA Group, Century Furniture and Ashley Furniture Industries among others.
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