World Market for Furniture & Fixtures to Reach $395 Billion by 2012, According to New Report by Global Industry Analysts, Inc.

World market for furniture & fixtures is projected to average to $395 billion by the year 2012. The industry that has long been driven by rising disposable incomes, improving standards of living, and growing consumer preferences for elegantly styled furniture, is now caught in the midst of growing unrest and uncertainties in the world economy. Challenges in the short-term include the slowdown of the US economy, and the spreading global financial crises.

San Jose, California (PRWEB) November 13, 2008 -- World market for furniture, and fixtures is expected to receive a temporary setback as a result of the present challenging business conditions, slowing global economy, and worsening financial instability. The US market is presently bearing the brunt of depressed business conditions. The soft housing and construction industry, steady erosion in consumer confidence, reduced household wealth, and weaker household consumption, have already thrown a dampener on furniture demand. However, with the market expected to post a quick recovery, growth is expected to bounce back in the upcoming years.

As the world market recovers poise, growth will be driven by Asia-Pacific. The region is well on its way into transforming itself into a hub of furniture production activities with several large manufacturers from developed countries establishing manufacturing operations in Asian countries in an attempt to leverage the benefits of low cost labor, and raw materials. Lucrative regional markets in Asia with the strongest potential include -- China, India, Vietnam, Thailand, Korea, and Malaysia, among others. China ranks as the largest worldwide exporter of furniture products in the international market. Italy, Germany, and Canada, in the preferred order, are other major global exporters of furniture. The share of developed countries in global furniture exports is gradually receding with rapid development of furniture sector in Vietnam, Malaysia, Brazil, Egypt, and Indonesia. Relatively low manufacturing cost is helping the aforementioned regions to register strong growth in overseas markets.

Product innovation in terms of designs, styles, colors and themes will continue to influence demand in the upcoming years. Presently in vogue are furnitures designed around the "natural" concept, driven by the consumer's desire to combat stress. New designs feature lake house, lodge and mountain retreat appearances, while coastal looks, which hitherto dominated the market, gives way to a shift towards more inland styles. Also popular are ethnic furniture from Far East, handcrafted furniture with hand-woven finishes, and furniture accessories manufactured from indigenous materials such as hardwoods, textiles, bamboo and reeds. The growing demand for unique textures and looks is contributing towards the search for alternative materials. In the US, extensive R&D related to advanced polymers is continuing. Another reason for alternative materials is the ongoing "Green" movement that emphasizes recycling. Common alternative materials include recycled plastics and objects such as stone and metal residues from demolition sites. Designers are also targeting recycled veneers and honeycomb plastic as materials for furniture manufacturing. Metal is re-emerging as a material of choice for furniture manufacturing.

Another noteworthy trend is the demand for furniture that fits gracefully into modern multipurpose living rooms. Consumers now prefer living area equipped with multipurpose furniture, such as futons, beanbags, plush leather benches, and oversized love seats, which offer various seating options. The most popular trend among homeowners is to club the living area with home theater entertainment. For instance, consumers prefer central round tables, and cozy sofas, which transform from workspace to eating-space to entertainment centers when required. As stated by a recent report published by Global Industry Analysts Inc., Europe and the United States corner over 70% of the world furniture and fixtures market (http://www.strategyr.com/Furniture_and_Fixtures_Market_Report.asp) estimated in the year 2008. Asia-pacific is projected to emerge into the fastest growing region with a CAGR of 4.35% over the years 2011 through 2015. Household furniture and fixtures market (http://www.strategyr.com/Furniture_and_Fixtures_Market_Report.asp) in Latin America is forecast to reach US$7.3 billion by the year 2015. Garden, kitchen, and bedroom furniture will experience relatively stronger growth over the years 2011 through 2015, with projected CAGRs in excess of 3%. Sales of Office & Institutional Furniture and Fixtures (http://www.strategyr.com/Furniture_and_Fixtures_Market_Report.asp) in Europe are forecast to rise by US$2.8 billion over the period 2008 to 2012.

Key players dominating the global furniture and fixtures market include Ashley Furniture Industries Inc., Bassett Furniture Industries Inc., Brown Jordan International, Bush Industries Inc., Canadel Furniture Inc., Conforama, DFS Furniture Company Plc, Dorel Industries Inc., VitrA, Vitra, Commercial Furniture Group, Furniture Brands International Inc., Godrej & Boyce Manufacturing. Co. Ltd., Haworth Inc., Herman Miller Inc., HeveaPac Sdn. Bhd, Knoll Inc., Kohler Co, La-Z-Boy Inc., Leggett & Platt Inc, Licentia Group A/S, Lexington Home Brands, Masco Corporation, Slims Furniture and Natuzzi Group SpA, among numerous others.

The report titled "Furniture and Fixtures: A Global Strategic Business Report" published by Global Industry Analysts, Inc., provides a comprehensive review of market trends, drivers, issues, and challenges. Richly annotated with authoritative, and unbiased commentaries, and hard-to-find statistical facts, the report provides unequivocal views on future potential while throwing light on the prevailing climate in key regional markets. The study provides market data and dollar market analytics for regions such as United States, Canada, Japan, Europe, Asia-Pacific, Middle East, and Latin America by the following product group/segment -- Household (Living Room, Bedroom, Kitchen, Dining Room, Bathroom, and Garden), and Office & Institutional. Also provided in the report is an enumeration of recent mergers, acquisitions, and other strategic industry activities.

For more details about this research report, please visit

http://www.strategyr.com/Furniture_and_Fixtures_Market_Report.asp

About Global Industry Analysts, Inc.

Global Industry Analysts, Inc., (GIA) (http://www.StrategyR.com/) is a reputed publisher of off-the-shelf market research. Founded in 1987, the company is globally recognized as one of the world's largest market research publishers. The company employs over 700 people worldwide and publishes more than 880 full-scale research reports each year. Additionally, the company also offers a range of over 60,000 smaller research products including company reports, market trend reports, and industry reports encompassing all major industries worldwide.

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