INSTITUTIONAL FURNITURE MARKET - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

INSTITUTIONAL FURNITURE MARKET - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Institutional Furniture Market is anticipated to grow at a CAGR of 7% during the forecast period. The growth in the institutional furniture market is due to emerging markets growth, rise in disposable income, and technology development.

Key Highlights

• Institutional furniture comprises the companies which are involved in the production of general purpose institutional furniture for schools, libraries, churches, and theaters.
• Institutional furniture manufacturing is expected to face certain restraints from several factors such as lack of available resources, workforce issues, and increasing inventory levels.
• Players are adopting sustainable practices in their manufacturing process due to the growing consumer awareness on sustainable living that is resulting in increasing demand for eco–friendly furniture, which includes minimizing fuel consumption and recycling sheet metal and wood byproducts.

Key Market TrendsSchools End-User Segment is Dominating the Market

Schools end-use segment is accounting larger market share from the past few years. School furniture plays an active and crucial role in transforming a classroom from a static physical space into a dynamic learning environment. Usually made from wood, metal, and plastic, it is designed in a way which is not only considered effective for use but also beneficial for physical health.

The rising demand for ergonomically designed furniture from educational institutes is one of the major factors driving the market growth. The usage of low-quality furniture in classrooms can often lead to discomfort, which may further result in the development of certain health issues. As a result, several schools across the globe are adopting desks and chairs equipped with wheels and spacious cabinets, which provide enhanced convenience.

Asia-Pacific Region is Dominating the Market

In terms of revenue, from the past few years, Asia-Pacific is the largest geographic region market. APAC expected to contribute significantly to the Institutional Furniture Market owing to the rising commercial construction activities in the market. The region is the most lucrative market across the globe owing to emerging economies such as India and China. Further, the innovation of the products by manufacturers in China, Korea, and Japan is fueling the growth of the market in this region. The rise in North American users have a spending capacity and tend to adopt costlier products faster than other geographies.

Competitive Landscape

The report covers major international players operating in the Institutional Furniture Market. Some of the key players in the market are Herman Miller, Inc, HNI Corporation, Steelcase and Knoll, Inc. However, with technological advancement and product innovation, mid-size to smaller companies are increasing their market presence by securing new contracts and by tapping new markets. Companies are adopting a sustainable approach for production, integration of technology with furniture, nearshore manufacturing are the major trends witnessed in the market.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

Herman Miller, Inc.
HNI Corporation
Steelcase
Knoll, Inc.
Smith System, Inc.
Seats Inc.
Krueger International, Inc.
Edsal Manufacturing Company
Irwin Seating Company
Bonton Furniture
Okamura Corporation*

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