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The outbreak of COVID-19 has put a major dent in the furniture market in 2020 as disruption of supply chains were resulted in trade consumption and restrictions due to lockdowns imposed by different governments.
The virus was initially identified in 2019 in Wuhan, China, and spread globally like a fire in a jungle. Preventive steps by governments to contain the rapid transmission resulted in the halting of manufacturing activities. Economic activities also put to break with countries imposing 'lock down'. Currently, the outbreak is expected to continue to have a negative impact. However, it is projected that the furniture market will recover from the shock as the lockdowns are easing out across the globe.
Office furniture is a major driver in the furniture market. Businesses all over the world require furniture for their employees and change in the fashion taste also results in frequent manufacturing. As per research, wooden furniture is projected to grow by $48.48 billion with a healthy CAGR of 3% during 2021-2025.
Kitchen cabinets have always been a point of concern in almost every household. People like to have a decorated kitchen that drives the market to manufacture more and more varieties of wooden cabinets. As per research, the demand for kitchen cabinets is projected to grow at a CAGR of 4.6% annually and would hit the volume of $17 billion by 2023.
Aluminum windows have been in demand for almost a decade. Due to ease of maintenance, people are going for aluminum doors and windows. This drives the demand and manufacturing of aluminum window parts. As per research, the market is expected to gain a CAGR of 3% between 2020 and 2026 and would reach an approximate value of $70 Billion by 2026.
Fiberglass Reinforced Plastic (FRP) is highly rated among strong composite materials that repel stains and dirt. All these make it an ideal surface for commercial settings and service places where sanitary conditions bring revenue. As per research, the global market of FRP is projected to grow at a CAGR of 8.19% from 2020 to 2026 to reach around $109 Billion by 2026.
This furniture variant is commonly used in corporate areas. Home window suppliers benefit from increased spending on construction sectors like offices, retail, homes, and the institutional buildings where the windows are intensively used. According to research, the home windows market is projected to grow at a CAGR of more than 3.5% and would touch the volume of USD 250 Billion by 2025.
It is among the frequently used items in the corporate offices that drive the growth of this market. According to research, the global market for furniture fittings growth is expected to rise at a considerable rate between 2021 and 2025.
Glassware is among the top drivers of the furniture market globally. Advancement in technology has ignited the demand for this market; especially in corporate offices. As per the research, the market size of advanced glass was projected at $57.6 billion in 2019 and is expected to reach $103.8 billion by 2027 at a CAGR of 7.6%.
All the projections mentioned above are done with a conservative approach because of the COVID-19 waves. Global economies are unsure due to concerns about COVID-19 variants. However, companies dealing in different sectors of furniture and its sub-sectors would see a sharp increase in their revenue and profits once the world goes back to normal.
