Global Furniture Fittings Market - 2023-2030

Global Furniture Fittings Market - 2023-2030

Global Furniture Fittings Market reached US$ 7.5 billion in 2022 and is expected to reach US$ 11.8 billion by 2030, growing with a CAGR of 5.8% during the forecast period 2023-2030.

Increasing demand for furniture among commercial spaces and growing research & technological advancement along with aesthetic appearance are among the potential drivers of the market. Furthermore, the market for furniture fittings is vibrant and competitive due to consumer demand for high-quality, feasible and aesthetically beautiful parts that enhance the functionality and appeal of furniture.

North America is expected to dominate the market covering nearly 26.2% share in 2022 due to the presence of key market players in the market with high GDP. U.S. holds the highest share in the regional furniture filling market due to technological advancement in furniture fittings and the rising investment of customers in the adoption of the product.

Dynamics

Growing Furniture Industry

The demand for furniture fittings is directly impacted by the growing furniture industry. As the furniture industry grows and more types of furniture are produced, there is a growing demand for furniture fittings. For example, according to industry estimates, the furniture market is expected to grow by 3.98% annually (CAGR 2023-2027) and generate US$252.90 billion in revenue in 2023. Additionally, the revenue generated by the sale of furniture and home goods through retail e-commerce reached 132.7 billion US dollars in 2021 and is projected to surpass 208.2 billion US dollars by 2025.

Furniture fittings like knobs, drawer slides, hinges and handles are essential components that enhance the furniture's overall use and functionality. The expanding furniture market leads to a greater variety of furniture styles and designs. In order to satisfy the diverse needs of furniture makers, furniture fitting manufacturers need to offer a broad variety of designs, coatings and sizes.

Growing Investments in Renovation and Remodeling Activities

Growing remodeling and restoration projects have a big effect on the global market for furniture fittings. Fittings for furniture that complement contemporary design ideas and functional needs are becoming more and more in demand. The layout, style and general atmosphere of the space are frequently modified during renovation and remodeling projects, allowing for the installation of new furniture pieces that both enhance functionality and complement the updated aesthetics.

This fuels demand for a broad variety of furniture fittings, such as knobs, handles, hinges, drawer slides and other hardware elements essential to the overall usability and aesthetic appeal of the furniture. Furthermore, custom or built-in furniture is frequently created during renovations; this calls for specialist fittings to guarantee a smooth integration with the existing architecture.

Fluctuating Raw Material Prices

The cost of making furniture fittings is directly impacted by changes in the price of raw materials. Growing costs for raw materials could cause manufacturers to pay higher production costs, which would reduce their profitability. It becomes challenging to maintain competitive pricing without compromising quality or raising prices for customers.

Furthermore, the supply chain may also be disrupted as a result. If suppliers don't keep their prices and availability consistent, it could affect manufacturers' ability to receive raw materials on time. The could result in production delays, issues meeting customer demand and issues with inventory management.

Segment Analysis

The global furniture fittings market is segmented based on product, material, application, end-user and region.

Handles and Pulls Functionality and Aesthetic Quality

Handles and Pulls in furniture fittings are a growing market based on product and are expected to cover more than 23.9% market share in 2022. In the furniture fittings market, handles and pulls are crucial parts. The hardware pieces are made to offer a stylish and useful way of opening and shutting cabinets, drawers, doors and other furniture parts. The components act as gripping and pulling mechanisms, handles and pulls help users open and close drawers, doors and other furniture components with ease.

Furthermore, they add to the ease of use and functionality of furniture by being made to withstand frequent use and offer a firm grip. The products come in a wide range of designs, styles and finishes, thus making them an integral part of furniture aesthetics. The segment has seen immense popularity in the furniture fitting market due to its functional and aesthetic purposes.

Geographical Penetration

Asia-Pacific’s Dominant Consumer Electronics and Automotive Sectors

The Asia-Pacific furniture fittings industry is a significant and dynamic market that serves the growing demand for furniture components and hardware in the region. The furniture industry in Asia-Pacific has grown significantly, especially in China, India, Japan, South Korea and Southeast Asian nations.

For instance, 2015 saw a roughly 50% increase in the value of the Asia-Pacific furniture market over 2010. In terms of the consumption of furniture, this was the region with the best performance globally. Furthermore, the furniture market in Asia-Pacific is expected to grow by more than 5% between 2021 and 2025, with a projected value of US$614 billion in 2023. The growth has coincided with an increase in demand for furniture fittings.

Asia-Pacific is home to numerous manufacturers, including both large-scale production facilities and smaller, specialized workshops. The region is a global centre for the production of furniture which is a major driver for the furniture fitting market to grow in the region.

COVID-19 Impact Analysis

The furniture industry has been significantly impacted by the COVID-19 pandemic. Each aspect of the industry has been impacted by the pandemic, including sales, production, design and consumer behavior.

The COVID-19 pandemic caused the production of furniture to be interrupted. Lockdowns and disruptions in the supply chain caused many furniture factories to close or reduce their production. Production was delayed as a result and some furniture types were in short supply.

Furthermore, Sales of furniture were also impacted by the COVID-19 pandemic. There has been a surge in demand for home office furniture and furniture for leisure and entertainment at home since so many people are locked up at home. However, there was also a decline in the general demand for furniture because so many people were experiencing financial instability. Thus, above mentioned factors have a direct impact on the furniture filling market as they are vital components in the industry.

Russia-Ukraine War Impact Analysis

The conflict between Russia and Ukraine has a significant effect on international trade, particularly the timber market. The escalation of sanctions against Russian trade, coupled with complex financial transactions, may cause global shipments of forest products to be redirected and interrupted. As a result, trade with Russia is expected to decrease, posing a threat to the region's long-standing international forest product trade flows.

Furthermore, One of the biggest globally users of wood for furniture manufacturing is IKEA. All imports and exports into and out of Belarus and Russia have been suspended by the Inter IKEA Group. The will directly affect the fifteen thousand employees of IKEA. Furthermore, IKEA has stopped producing and selling its products in Russia, except for daily necessities. Thus the above impact on the furniture industry has directly hampered the furniture filling market at a global level

By Product
• Handles and Pulls
• Screws or Fasteners
• Hinges
• Connectors
• Drawer Slides
• Knobs
• Legs
• Others

By Material
• Stainless Steel
• Aluminum Alloy
• Zinc Alloy
• Plastic
• Iron
• Others

By Application
• Bedroom
• Living Room
• Dining Room
• Dining Room
• Hotel
• Office
• Bathroom
• Others

By End-User
• Residential
• Commercial

By Region
• North America
U.S.
Canada
Mexico
• Europe
Germany
UK
France
Italy
Russia
Rest of Europe
• South America
Brazil
Argentina
Rest of South America
• Asia-Pacific
China
India
Japan
Australia
Rest of Asia-Pacific
• Middle East and Africa

Key Developments
• On July 31, 2023, The latest campaign from Ebco, a well-known furniture hardware manufacturer in India, highlights the significant influence that high-quality furniture can have on people's lives. The ad, ""Ebco Fittings - They Change You,"" highlights how Ebco's creative fittings elevate spaces and change lives. It highlights the ideal union of functionality and style.
• On March 24, 2021, In Pune, India, Häfele, a global leader in kitchen fittings, furniture and architectural hardware, provided its first exclusive Häfele ICONIC Sanitary Store. For more than a decade, Häfele has led the way in the sales of fixtures in India. Since it is a German company, providing customers with high-quality products at competitive prices along with solution-based services has always been its top priority. With the launch of the Häfele ICONIC brand, which stands for the ""Best of the Best"" in each product category, Häfele is now expanding on this idea.

Competitive Landscape

The major global players in the market include Julius Blum GmbH, Kanpe & Vogt Manufacturing Company, SALICE- P.IVA, ERA Teknik Metal Dis Ticaret A.S., ACCURIDE INTERNATIONAL INC, Hettich Holding GmbH & Co. oHG, Ebco- Furniture Fittings and Accessories, Sugatsune America, Inc., Guangdong SACA Precision Manufacturing Co., Ltd and Guangdong Dongtai Hardware Group.

Why Purchase the Report?
• To visualize the global furniture fittings market segmentation based on product, material, application, end-user and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of furniture fittings market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The global furniture fittings market report would provide approximately 69 tables, 79 figures and 212 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies