Furniture Foam Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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Is the Furniture Foam Market Experiencing Significant Growth?
Yes, the furniture foam market has witnessed impressive growth in recent years. It expanded from $55.37 billion in 2023 to a projected $58.61 billion in 2024, reflecting a compound annual growth rate CAGR of 5.9%. This historic period growth can be attributed to the increasing demand for comfortable and durable furniture, growing consumer preference for customizable furniture solutions, and rising disposable incomes leading to larger expenditure on home furnishings. The booming real estate sector that catalyzes furniture sales and heightened awareness of the health benefits associated with using high-quality foam products also fuel the growth.
What is the Market Size Projection for the Furniture Foam Industry?
The furniture foam market size is expected to see substantial growth in the next few years. It is projected to grow to $74.41 billion by 2028 at a compound annual growth rate CAGR of 6.1%. The chief growth propellers in this forecast period include the expansion of e-commerce platforms facilitating furniture purchases, the rise in home renovation and interior design activities, increasing focus on sustainable and eco-friendly materials in furniture, and advancements improving foam technology. Sample the full report here: https://www.thebusinessresearchcompany.com/sample.aspx?id=19071&type=smp
What are the Key Drivers for the Furniture Foam Market Growth going Forward?
The surging residential and commercial building projects present a substantial growth catalyst for the furniture foam market. Residential buildings cater to people, including houses, apartments, or condos, while commercial buildings serve business purposes like offices, retail stores, or warehouses. Factors contributing to the rise in residential and commercial building projects include economic growth, favorable government policies, and post-pandemic recovery.
Furniture foam finds significant usage in residential and commercial building projects, providing seating comfort, mattresses, and cushioning. Its durable attributes are highly valued in furniture and interior design applications. For instance, data from Trading Economics, a US-based economic indicator, revealed that around 621 thousand units of single-family houses were sold in May 2024, escalating to 668 thousand units in June and 739 thousand units in July. This represented a 7.6% growth from May to June and an additional 10.6% increase from June to July. The rising number of residential and commercial buildings, therefore, turbocharges the furniture foam market growth. Pre-book the full report here: https://www.thebusinessresearchcompany.com/report/furniture-foam-global-market-report
What are the Recent Trends in the Furniture Foam Market?
Major furniture foam makers are focusing on innovating advanced materials like recycled polyurethane PU foam to establish a competitive edge. Flexible polyurethane PU foam is a versatile, lightweight material extensively used in industries like furniture, bedding, automotive, and packaging. It is produced by combining polyols and diisocyanates, resulting in a resilient, flexible foam. For instance, The Vita Group, a UK-based manufacturer of flexible PU foam, launched Orbis, a flexible PU foam in January 2024. Partially composed of post-consumer foam mattresses, Orbis stands as an environmentally responsible option. This foam minimizes landfill or incineration needs while maintaining the durability, quality, and comfort expected from traditional PU foam.
What are the Key Segments in the Furniture Foam Global Market?
The furniture foam market covered in this report is segmented as follows –
1 By Product Type: Polyurethane Foam, Latex Foam, Other Types
2 By Category: Rigid, Flexible
3 By Application: Chair, Sofa, Beds, Recliners, Other Applications
4 By End-Use: Building And Construction, Automotive, Hospitals, Other End-Uses
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