The global market for plastic furniture is likely to experience 5.3% Y-o-Y growth over 2018, thereby, exceeding US$24 billion by the end of 2019, as reported by Fact.MR study. Looking at the current trends and opportunities across the target market, it has been noticed that the ongoing expansions in engineered plastics and recyclable plastics would tend to act instrumental in benefitting the growth of the plastic furniture market.
Molded Polypropylene has emerged as a vibrant option in plastic furniture market. Based on this study, polypropylene accounted for approximately 50% revenue share in the overall plastic furniture market in 2018. In the coming years, it is projected that the trend will continue to provide high-demand with the involvement of polypropylene as a vital plastic resin. Manufacturers are making use of polypropylene to deliver indoor and outdoor plastic upholstery, due to its greater performance characteristics as compared to other plastic resins utilized to produce plastic furniture. Furthermore, polypropylene is basically a flexible, recyclable and durable plastic resin, which can cope higher temperatures than its substitutes in plastic furniture like high density polycarbonate (PC) and polyethylene (HDPE). Therefore, manufacturers are shifting their focus towards operations involving the development of high-performance polypropylene using carbonate additives to accomplish more energy saving, improved durability and cost reduction of plastic furniture.
With the market leaders predominantly focusing to magnify distributors’ network, there has been an evident enlargement in their geographical foothold which is proving advantageous. The involvement of new entrants and start-ups in the plastic furniture market is focused on introducing innovative designs as well as cheaper alternatives for the modern population. These efforts are primarily aimed at gaining recognition and develop brand identity across the plastic furniture market. In addition, environmental conscience has also proven vital to launch new designs of plastic furniture which are created out of recycled plastic. The growing consumer demand for eco-friendly products has taken a serious turn which is giving an opportunity to market players to capitalize their market presence.
Looking at the geographical expanse of the plastic furniture market, South Asia is presently the leading market with increasing disposable income of consumers experienced across India and Indonesia. This factor is motivating the sales of plastic furniture across the target region. Furthermore, with the development of the construction industry in South Asia, the enduring infrastructural developments are likely to push demand for plastic furniture in the near future.