Institutional Furniture Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Institutional Furniture Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Due to COVID-19, all institutions were closed to prevent the virus from spreading. It had a significant impact on the market for institutional furnishings. Unsold benches, tables, and chairs harmed the market's ability to attain its bottom line.

The growth in the institutional furniture market is due to emerging market growth, a rise in disposable income, and technology development. Institutional furniture comprises the companies involved in producing 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 of sustainable living that is resulting in increasing demand for eco–friendly furniture, which includes minimizing fuel consumption and recycling sheet metal and wood byproducts.

The Schools end-user segment is accounting larger market share over 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 that is considered effective for use and 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.

In terms of revenue, Asia-Pacific has been the largest geographic region market for the past few years. APAC is expected to contribute significantly to the Institutional Furniture Market due to rising commercial construction activities. The region is the most lucrative global market due to emerging economies such as India and China. Further, the innovation of the products by manufacturers in China, South 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 in other geographies.

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 production approach, and technology integration with furniture and nearshore manufacturing are the major trends witnessed in the market.

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