How Wood Has Dominated The Global Furniture Market In 2016 - A Report
An exciting new report has been released which shows how wood has dominated the global furniture market, and will continue to do so.
The report, released by Credence Research, is where we’ve gleaned this information from, and it shows how wood is likely to be the main contributor to the furniture market during the forecast period of 2016-2023.
The furniture market has been estimated to be valued at $137.5bn by the end of 2016 and is expected to reach the heights of $186.5bn by 2023, expanding at a CAGR of 4.5%.
In 2015, the furniture growth market was second highest in Europe, and this was in part due to the influx of online shopping, where people could easily pop online, browse any piece of furniture they like, and purchase it at the click of a button. The ongoing growth of online shopping is set to be a key factor in the growth of the global furniture market.
With the expansion of the furniture market, comes the purchasing of materials. Particularly, timber. The report states: “In 2015, the wood segment contributed highest in the total revenue of global furniture market, followed by it the plastic segment especially from developed regions such as North America and Europe. Thus, the aftermarket market is likely to be dominated by wood segment over the period 2016-2023.”
The report also distinguished where the furniture was being used, particularly between commercial and residential use. Up until 2015, residential use took up over 50% of the furniture market, however with the growing number of offices worldwide, including office blocks built entirely of timber, the majority usage is set to go in favour of commercial use.
It's clear that timber is a dominant force within the furniture market, and its growth is going to be enviable over the coming years.
There you have it
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Download the full report at http://www.credenceresearch.com/report/furniture-market