The global office furniture market is expected to exhibit strong growth, reaching USD 73.5 billion by 2030. As per the report titled "Office Furniture Market Size, Share Recession Impact Analysis, By Type (Seating, Tables, Storage, Desks and Other Office Furniture), By Distribution Channel (Home Centers, Flagship Stores, Specialty Stores, Online Stores and Other Distribution Channels), and Regional Forecasts, 2023-2030" observes that the market size in 2022 stood at USD 45.2 billion and USD 73.5 billion in 2030. The market is expected to exhibit a CAGR of 7.20% during the forecast period.
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PPG Industries Ohio Inc. (PPG) Announced the Launch of PPG ERGOLUXE Powder Coatings
In April 2021, Metal office furniture now has PPG ERGOLUXE powder coatings, according to PPG Industries Ohio Inc. The new coatings for seating options, workstations, and cabinets offer a distinctive polyester-hybrid technology and offer aesthetic and sustainability advantages over conventional liquid or solvent-based coatings.
Increasing E-Commerce is Aiding the Market's Expansion
Customers gradually began using e-commerce channels for their business needs over the study period, which helps to decrease the number of times they must visit physical retail establishments to compare their desired products and pricing. To save expenses and boost their profit margins, more suppliers are adjusting to online shopping techniques. To reduce the need for leasing space and inventory, online furniture businesses are also on the rise. Leading online retailers of office furniture include Amazon.com and Wayfair. Office furniture demand increased as a result of online retailers being pushed to enhance purchasing procedures in terms of security and dependability due to the rising prospect for office furniture sales through online channels. Secured transactions, cash-on-delivery alternatives, quick return policies, and integrated and centralised customer support are a few of the policies that attract customers to make purchases online.
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Volatility of Manufacturer Costs Impedes Market Expansion
Steel, polymers, foam, aluminium, wood, particleboard, and other raw materials are among those that manufacturers purchase from the global source network. The price paid for obtaining these raw materials varies on a number of variables, including gasoline, freight, energy, labour, and other input costs. Since changes in trade barriers, tariffs, severe currency fluctuations, and other factors have a considerable impact, the costs associated with acquiring raw materials are therefore highly erratic. For example, according to Steel Case's Q1 report from 2022, the supply chain for foam in the United States was hampered by extreme weather, which had a detrimental effect on foam's availability. Since manufacturers are already bound by current contractual obligations with customers, considerable increases in input costs make it challenging for them to balance increases in prices. As a result, the market expansion is further constrained and a negative impact on gross margins is seen as a result of these considerable increases in these prices.
Major Players Develop Acquisition Plans to Boost Brand Image
The leading businesses in the office furniture market plan acquisitions to improve their brand recognition globally. For instance, in February 2022, Godrej and Boyce, a Godrej flagship firm, has announced the release of Move Up, an ergonomic office table for people who work from home.
Recent Development:
- In May 2022, Halcon will be purchased by Steelcase Inc. according to a signed contract. Wood office furniture is designed and produced by Halcon, a Minnesota-based company. The acquisition aims to expand Steelcase's current line of wood goods.
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List of Key Players Profiled in the Report
- Steelcase Inc. (U.S)
- MillerKnoll, Inc (U. S.)
- Nilkamal Ltd. (India)
- Kimball International Inc. (U.S)
- Haworth Inc. (U.S.)
- HNI Corporation (U.S)
- Krueger International, Inc. (U. S.)
- Humanscale (U.S.)
- Global Furniture Group (U.S.)
- Vitra International AG. (Switzerland)
Further Report Findings
- The market in North America is expected to gain a huge portion of the global Office furniture market share in the coming years because of expanding commercial real estate, rising ICT spending, and the rise of startup activity in this area.
- Due to the growth of domestic and foreign trade in both economies, the United States and Canada will become the two largest contributors to North America.
- In the Asia Pacific, the growth in this region is primarily driven by increase in commercial premises at an exponential rate. An indirect market growth booster is the increase in employment opportunities.
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