Market Size of Institutional Furniture Industry
Study Period | 2020 - 2029 |
Base Year For Estimation | 2023 |
CAGR (2024 - 2029) | 6.00 % |
Fastest Growing Market | Asia-Pacific |
Largest Market | Asia-Pacific |
Market Concentration | High |
Major Players*Disclaimer: Major Players sorted in no particular order |
Institutional Furniture Market Analysis
The Institutional Furniture Market is expected to register a CAGR of greater than 6% during the forecast period(2024-2029).
Companies that produce furniture for schools, libraries, churches, and theaters also produce institutional furniture that serves a variety of purposes. The institutional furniture market is growing because of growth in emerging markets, a rise in disposable income, and changes in technology. In the past few years, there has been a growing focus on making public spaces like schools and hospitals more comfortable and useful. This has made more people want furniture that is built to last, is good for your body, and looks good.
Players are making their manufacturing processes more environmentally friendly because more and more people are interested in living in a sustainable way. This has led to a rise in demand for eco-friendly furniture, such as by reducing the amount of fuel used and recycling scrap metal and wood.
Several things, like a lack of resources, problems with the workforce, and rising inventory levels, are likely to slow down the production of institutional furniture.
It's important to note that the COVID-19 pandemic had a big effect on the furniture industry. This was because many companies had to switch to remote work and learning, which may have hurt the demand for traditional furniture like desks and chairs. Post-COVID-19, there has been an increased focus on creating furniture that is easy to clean and sanitize, which has further driven demand for new designs and materials.
Institutional Furniture Industry Segmentation
Institutional furniture is made by companies that make furniture for schools, libraries, churches, and theaters that can be used for many different things. The report gives a full background analysis of the market, including an analysis of the market for parents, new trends in segments and regional markets, big changes in the way the market works, and an overview of the market. The report also has both qualitative and quantitative analyses based on data collected from industry analysts and market participants at key points in the value chain of the industry.
The Institutional Furniture Market Is Segmented By Type (Metal, Wood, And Other Types), By End-User (Schools, Libraries, Churches, Theaters, And Other End-Users), By Distribution Channel (Supermarkets/Hypermarkets, Specialty Stores, Online, And Other Distribution Channels), And By Geography (North America, Europe, Asia-Pacific, South America, And The Middle East And Africa). The Report Offers Market Size And Forecasts For The Institutional Furniture Market In Terms Of Value (USD) For All The Above Segments.
By Type | |
Metal | |
Wood | |
Other Types |
By End-User | |
Schools | |
Libraries | |
Churches | |
Theaters | |
Other End-Users |
By Distribution Channel | |
Supermarkets & Hypermarkets | |
Specialty Stores | |
Online | |
Other Distribution Channels |
Geography | |
North America | |
Europe | |
Asia-Pacific | |
South America | |
Middle-East and Africa |
Institutional Furniture Market Size Summary
The institutional furniture market is experiencing significant growth, driven by factors such as increasing disposable income, technological advancements, and a focus on enhancing the comfort and functionality of public spaces like schools and hospitals. This market encompasses furniture designed for various institutions, including schools, libraries, churches, and theaters, and is characterized by a rising demand for durable, ergonomic, and aesthetically pleasing products. The trend towards sustainability is also influencing the market, with manufacturers adopting eco-friendly practices and materials to meet consumer preferences for sustainable living. However, challenges such as resource shortages, workforce issues, and high inventory levels may impede production capabilities.
Geographically, the Asia-Pacific region has emerged as the largest market for institutional furniture, fueled by commercial construction activities and the economic growth of countries like India and China. The region's market is further bolstered by innovation from companies in China, South Korea, and Japan. In North America, the market is characterized by a high spending capacity and a rapid adoption of premium products. The market is fragmented, with major players like Herman Miller Inc., HNI Corporation, Steelcase, and Knoll Inc. leading the industry. These companies, along with mid-size and smaller firms, are expanding their market presence through technological integration, sustainable production, and strategic acquisitions, such as HNI Corporation's acquisition of Kimball International Inc.
Institutional Furniture Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.3 Market Restraints
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1.4 Industry Value Chain Analysis
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1.5 Porter's Five Forces Analysis
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1.5.1 Bargaining Power of Buyers
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1.5.2 Bargaining Power of Suppliers
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1.5.3 Threat of New Entrants
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1.5.4 Threat of Substitutes
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1.5.5 Intensity of Competitive Rivalry
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1.6 Insights into Technological Advancements in the Industry
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1.7 Impact of COVID-19 on the Market
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2. MARKET SEGMENTATION
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2.1 By Type
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2.1.1 Metal
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2.1.2 Wood
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2.1.3 Other Types
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2.2 By End-User
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2.2.1 Schools
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2.2.2 Libraries
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2.2.3 Churches
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2.2.4 Theaters
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2.2.5 Other End-Users
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2.3 By Distribution Channel
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2.3.1 Supermarkets & Hypermarkets
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2.3.2 Specialty Stores
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2.3.3 Online
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2.3.4 Other Distribution Channels
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2.4 Geography
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2.4.1 North America
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2.4.2 Europe
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2.4.3 Asia-Pacific
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2.4.4 South America
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2.4.5 Middle-East and Africa
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Institutional Furniture Market Size FAQs
What is the current Institutional Furniture Market size?
The Institutional Furniture Market is projected to register a CAGR of greater than 6% during the forecast period (2024-2029)
Who are the key players in Institutional Furniture Market?
Herman Miller, Inc., HNI Corporation, Steelcase, Knoll, Inc. and Seats Inc. are the major companies operating in the Institutional Furniture Market.