Press Release: December 13, 2018
The global institutional and office furniture manufacturing market, a part of the paper, plastics, rubber, wood and textile manufacturing industry, grew at a compound annual growth rate (CAGR) of around 10% during the historic period. The paper, plastics, rubber, wood and textile manufacturing industry showed a steady growth. The growth is mainly due to rapid growth in the education industry in countries such as China and India. Institutional Furniture Manufacturing include companies engaged in producing general purpose institutional furniture for schools, libraries, churches and theaters. These products may be assembled or unassembled and manufactured on a custom or stock basis. It also includes showcase, partition, shelving, and locker manufacturing companies.
In the forecast period, the global institutional and office furniture manufacturing market size is expected to be over $500 billion by 2021, growing at a CAGR of nearly 10%. This is expected due to high demand for office furniture from commercial establishments owing to economic growth in the country and also due to rapid growth in the education industry in China and India. Furthermore, rising population, increase in dispensable income, and increasing per capita incomes are expected to drive the global institutional and office furniture manufacturing market in the future.
Find TBRC’s report on the Household Furniture And Kitchen Cabinet Manufacturing market: https://www.thebusinessresearchcompany.com/report/institutional-and-office-furniture-manufacturing-global-market-report-2018
Furniture manufacturers are adopting sustainable practices in their manufacturing process. This is mainly a result of growing consumer awareness on sustainable living that is resulting in increasing demand for eco–friendly furniture. This includes minimizing fuel consumption and recycling sheet metal and wood by–products.
Major companies in the household furniture and kitchen cabinet manufacturing market, offering sustainable practices include IKEA AB, Herman Miller Inc, HNI Corporation, Okamura Corporation, Knoll, and Leggett & Platt.
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