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Global furniture market expected to reach US$ 676 billion by 2027

IMARC Group – a leading market research and consulting company estimates that the global furniture market has reached a value of US$ 651 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 676 Billion by 2027, exhibiting a CAGR of 3.4% during 2022-2027.

As per the analysis by IMARC Group, the top manufacturers in the furniture market are leveraging technological interventions in various parts of the product lifecycle, which includes designing, manufacturing, marketing, and sales. They are utilizing sophisticated computer software and tools, like machine learning (ML), data analysis, artificial intelligence (AI) and the Internet of Things (IoT), to develop innovative product variants and cater to evolving consumer needs. This also ensures that the customer receives the superior quality product at an optimum price.

As per the analysis by IMARC Group, the top furniture companies are introducing sustainable furniture that is made from recycled items, like textiles, salvaged wood, wood pallets, and natural materials such as bamboo, rattan, and seagrasses to reduce carbon footprint, save production costs, conserve energy, and manage wastes. They are also launching ergonomically designed furniture, which helps prevent health and posture-related problems in adults and children. Moreover, key players are enhancing the design experience by adopting three-dimensional (3D) printing and augmented reality (AR) technologies.

In recent years, the demand for multi-functional furniture has increased as it enhances the aesthetics of a space and provides functionality and maximum storage facility to the user.

Top furniture manufacturers across the globe:

1. Durham Furniture Inc.
Establishment: 1992
Headquarter: Ontario, Canada
Website: www.durhamfurniture.com

Durham Furniture Inc. has been manufacturing high-quality solid wood luxury furniture. The company makes furniture that is handcrafted from sustainably harvested maple and cherry tree wood. Its product portfolio includes occasional, home, and office furniture in traditional, contemporary, transitional, and cottage styles. Some of the common products designed and marketed by the company are beds, armoires, dressers, mirrors, and chests. These are also exclusively featured at various luxury hotels across Canada and the United States.

2. Haworth Inc. (Haworth International Ltd.)
Establishment: 1948
Headquarters: Michigan, United States
Website: www.haworth.com

Haworth Inc. designs manufacture and markets adaptable office furniture worldwide. It offers partitions, chairs, desks, whiteboards, tables, and storage products under various brand names, such as Buzzi Space, Cassina, Pablo, Bluescape, Cappellini, Framery, and Boss Designs. The company has design centers in Italy, China, Germany, and the US that partner with international architects and designers to understand the organizational culture and create inspiring and organic workspace furnishing products.

3. HNI Corporation
Establishment: 1944
Headquarters: Iowa, United States
Website: www.hnicorp.com

HNI Corporation is one of the largest office and home furniture manufacturers that produce chairs, file cabinets, desks, and fireplaces. It manages various brands under its names, such as Gunlocke, HON Company, HBF textiles, Allsteel, Lamex, and HNI India. The company is mainly engaged in workplace furnishing solutions that support the work environment in the home and large commercial complexes. Besides this, HNI is also improving its production processes, delivering high-quality products, and using recycled materials to minimize the environmental impact.

4. Inter IKEA Systems B.V. (Interogo Foundation)
Establishment: 1991
Headquarters: Delft, Netherlands
Website: www.inter.ikea.com/en

Inter IKEA System B.V. is a holding company owned by the Interogo foundation. It mainly manages the intellectual property of IKEA, which is a Swedish-founded, Dutch-headquartered multinational conglomerate that designs and sells ready-to-assemble furniture, kitchen appliances and home accessories, among other goods and home services. IKEA uses medium-density fiberboards (MDF) to produce furniture, consuming less energy than other materials. Besides this, the company aims to be energy-independent by continuously investing in renewable energy production through wind turbines and solar panels.

5. Kimball International Inc.
Establishment: 1939
Headquarters: Indiana, United States
Website: www.kimballinternational.com

Kimball International Inc. is a leading omnichannel commercial furnishings company specializing in the workplace, healthcare, and hospitality markets. It creates and sells design-driven, innovative, and functional furniture through National, Kimball, and Kimball Hospitality brands. The company’s diverse portfolio includes benches, chairs, school furniture, workstations, storage, tables, and modular casework. At present, Kimball International is adopting various sustainable initiatives to reduce solid waste generation, water usage, hazardous waste materials, and greenhouse gas (GHG) emissions.

6. Kohler Co.
Establishment: 1873
Headquarters: Wisconsin, United States
Website: www.kohlercompany.com

Kohler Co. manufactures smart bathroom furniture and majorly serves the home and hospitality sector. It mainly offers cabinetry, sinks, vanity, and smart mirror under the brand names Karat, Jacob Delafon, Kohler, Mira, Sterling, Novita, and Kallista. The company is well-known for its hand-painted artistic work on the products. At present, Kohler Co. is working toward net-zero environmental impact by 2035, producing zero solid wastes and developing innovative energy- and water-saving products.

7. Masco Corporation
Establishment: 1929
Headquarters: Michigan, United States
Website: www.masco.com

Masco Corporation manufactures premium products for home improvement and new building construction projects. It operates 60 manufacturing facilities in over 28 countries. Some of its associated brands are Behr, Brainerd, Axor, Delta, Kilz, Mercury Plastics, Kichler, and Peerless. The company mainly sells its products through hardware stores, home center retailers, wholesalers, distributors, mass merchandisers, e-commerce platforms, and direct-to-consumer (D2C).

8. Okamura Corporation
Establishment: 1946
Headquarters: Tokyo, Japan
Website: www.okamura.com

Okamura Corporation is primarily engaged in manufacturing and selling office furniture. The company operates in two business segments wherein the office environmental segment manufactures and sells office furniture, security products, communal facility furniture, and health care products. On the other hand, the commercial environmental segment is engaged in the manufacturing and selling of freezer showcases, store shelves, refrigerated showcases, and store counters. It strategically designs the product as a catalyst to create a workplace that promotes a high level of creativity and intellectual involvement.

9. Steelcase Inc.
Establishment: 1912
Headquarters: Michigan, United States
Website: www.steelcase.com

Steelcase Inc. produces office furniture, architectural, and technology products for office environments, health care, education, and retail industries. The company aims to provide a high-performance work environment to its consumers through its diverse range of products, such as benches, chairs, ottomans, bookcases, clinical chairs, cabinets, shelves, and height-adjustable desks. The company also markets and sells its products to corporate, government, and retail customers under the Coalesse, Steelcase, Smith System, Turnstone, Orangebox, AMQ, and Designtex brands.

10. Stickley Furniture Inc.
Establishment: 1912
Headquarters: Michigan, United States
Website: www.stickley.com

Stickley Furniture Inc. is a manufacturer and marketer of premium solid wood furniture crafted for living rooms, dining, bedroom, and office. Presently, the company offers leather recliners, dressers, nightstands, upholstered beds, bookcases, media units, bar cabinets, and chairs. With over 100 years in furniture manufacturing and 80 years as a furniture retailer, Stickley operates three manufacturing facilities and various corporate-owned retail showrooms, including Stickley, Audi & Co.