Luxury Furniture Market Is Predicted To Grow Swiftly Due To Growing Demand For Home Furnishings & Rapid Urbanization Till 2022: Grand View Research, Inc.

Global luxury furniture market is expected to reach USD 28,600.7 million by 2022 growing at an estimated CAGR of 3.7% from 2015 to 2022, according to a new study by Grand View Research, Inc. This expected growth in demand can be ascribed to rapid urbanization and growing demand for home furnishings.

Additionally, disposable income of individuals in North America and Asia-Pacific region has also witnessed high growth. Thus, increasing disposable income of individuals is acting as a major driver for the industry progress.

Luxurious products are becoming an essential part of life; as a result, population is ready to spend on luxurious products. This would contribute to drive the sector growth. In addition, increasing disposable income of individuals has led to think regarding the social status, driving the increased spending on products including furniture.

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Further key findings from the report suggest:

  • Wooden luxury furniture was valued for over USD 5,200 million owing to its higher preference for usage in high class office and home interiors, and wooden furnishings. Presence of several global and local luxury furniture manufacturers present in the sector is also attributive towards larger share of wooden products.
  • Glass is anticipated to witness significant growth in the coming years because of the expected advancements in this segment with respect to manufacturing and incorporation of attractive and stylish designs.
  • Domestic use dominated the sector in terms of revenue generated from end-use segments. Factors that are responsible for such large share of this segment include increased adoption owing to the rise in disposable income and influence of western culture. This segment covers the furniture used in kitchen, living and bedroom, bathroom, outdoor and lighting.
  • Living room registered largest share in the industrial revenue in 2014 because aesthetic value and customization are the notable trends observed in the living and bedroom segment of the luxury furniture industry.
  • Lighting is expected to witness significant progress with a CAGR of over 8% due to available technical development in this sector in order to increase the aesthetic presence of the furnishing in domestic use.
  • Europe was the largest revenue generating region in the luxury furniture industry followed by North America. Asia Pacific region holds a great potential for growth in domestic segment of luxury furniture. High demands for furnishing amenities in hospitality industry coupled with the increasing disposable income in this region are expected to contribute in growth in the regional market.
  • Key participants of the luxury furniture industry include Henredon Furniture Industries Inc., Muebles Pico, Scavolini S.p.a., Laura Ashley Holding Plc, Valderamobili s.r.l, Duresta Upholstery Ltd, Iola Furniture Limited, Nella Vetrina, Giovanni Visentin s.r.l., and Turri S.r.l.
  • Operating entities of this sector are involved in usage of e-commerce platforms to reduce the operating expenses. Use of alternative business models rather than the conventional business models is adopted by the market players in order to maintain their market share.

About Grand View Research, Inc:

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.

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High Performance Alloys Market Is Anticipated To Grow Due To Increased Demand For Gas Turbines Used In Power Generation Till 2024: Grand View Research, Inc.

High performance alloys market is expected to reach USD 11.33 Billion by 2024, according to a new report by Grand View Research, Inc. The market is expected to witness significant growth owing to increasing substitution of steel and other alloys by titanium and aluminum based high performance alloys. High strength coupled with superior oxidation resistant properties exhibited by these materials is expected to drive demand over the projected period.

Growing use of the product in industrial gas turbines and other gas turbines used in power generation is expected to drive growth over the forecast period. In addition, increasing government expenditure particularly in developing economies to restart gas based power plants is expected to have a positive impact growth.

Technological advancements related to alloys manufactured using platinum group metals have led to an increase in the demand for the aforementioned product. The platinum-palladium-copper alloys are used in wrought products thereby resulting in a substantial cost reduction. The ruthenium-platinum-palladium alloys are being used increasingly in industrial applications owing to high oxidation resistance and superior strength.

Europe accounted for a significant market share of over 26.0% in 2015 and is expected to witness significant growth over the next eight years. Increasing demand for high performance alloys from the robust automotive and aerospace industry in the region is expected to propel demand.

U.S. high performance alloys market revenue, by application, 2013 – 2024 (USD Million)

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Further key findings from the report suggest:

  • Non-ferrous high performance alloys are expected to be the fastest growing segment, growing at a CAGR of over 3.0% from 2016 to 2024. Increasing application scope of the products in aerospace as well as industrial applications owing to its ability to withstand high temperature and pressure is expected to fuel demand.
  • Electrical & electronics segment was valued at over USD 6.00 billion in 2015. High performance alloys used in electrical & electronics applications are added with conductive metals to optimize performance efficiency. Furthermore, growing use of these products in electrical & electronics applications owing to its superior thermal resistance is likely to fuel growth over the forecast period.
  • Asia Pacific is expected to exhibit the highest growth owing to growing demand for these products particularly in emerging economies owing to rapid industrialization in Indonesia, India, and China. Furthermore, increasing government initiatives coupled with supportive regulations benefiting the manufacturing sector is expected to augment growth over the projected period.
  • Superalloys segment is expected to register a market growth of CAGR of over 4.5% from 2016 to 2024. The corrosion-resistant superalloys are extensively used in extreme environments owing to its ability to offer superior heat and corrosion resistance. Growing use of these alloys in power plants, chemical and petrochemical processing, and oil and gas industries is expected to augment demand over the next eight years.
  • Key market players include VSMPO, RTI International Metals, Carpenter Technology Corporation, Aperam, Haynes International, Outokumpu. Alcoa Inc., Timken Company, Precision Castparts Corp.

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Microporous Insulation Market Is Projected To Grow Due To Enhanced Application Scope In Commercial, Automotive, & Industrial Applications Till 2025: Grand View Research, Inc.

The global microporous insulation market is expected to reach USD 184.8 Million by 2025, according to a new report by Grand View Research, Inc. The rapid growth of the end-use industries has been a major factor driving the global market.

 Energy & power industry has been witnessing significant growth in the power generation from renewable energy. Thermal insulation is one of the vital requirements during manufacturing on account of high levels of heat emission by gas and steam turbines. The superior properties of microporous insulation allow efficient protection of the equipment during power generation. This is likely to have a positive impact on the demand for the product in this sector.

High product cost is expected to be the major market restraint over the forecast period. High manufacturing cost on account of low industrial production capacity is anticipated to restrict market growth.

The product is considered expensive for utilization in price sensitive sectors such as commercial, automotive, and industrial applications. However, companies including Thermodyne have been trying to develop products which can lead to energy conservation and weight reduction, thereby compensating the high cost.

UK microporous insulation market, by product, 2014 – 2025 (USD Million)

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Further key findings from the report suggest:

  • Flexible panel segment is expected to grow at fastest CAGR of 5.1% due to its wide range of application in oil & gas industry
  • Industrial segment emerged as the largest application in 2016 and is expected to grow at a CAGR of 4.7% from 2017 to 2025 on account of high utilization of the product in metal, iron & steel, nonferrous metals, and ceramic industries
  • Oil & gas industry is expected to grow at fastest CAGR of 6.5% in Middle East & Africa region due to presence of huge oil reserves
  • Europe accounted for the largest market share in 2016 and is expected to grow at a CAGR of 3.8% from 2017 to 2025. The industry is expected to witness fastest growth in demand from aerospace & defense sector in the region.
  • The Asia Pacific market is expected to witness fastest CAGR of 6.0% from 2017 to 2025 on account of high GDP growth, rising population, and rapid industrialization in the region
  • Market players have been adopting mergers & acquisition and expansion as their key strategic initiatives over the past years. For instance, in August 2011, Unifrax LLC acquired three North American vacuum forming businesses which are, VacuForm Incorporated (“VFI”), Refractory Specialties Incorporated (“RSI”), and specialty Ceramics Incorporated (“SCI”).
  • In December 2013, Promat International Nv started a new factory in North America to expand its product offerings in passive fire protection (PFP) and high-performance insulation (HPI)

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Europe Carpet Market Is Projected To Reach $60.31 Billion By 2022: Grand View Research, Inc.

Europe carpet market is expected to reach USD 60.31billion by 2022, according to a new report by Grand View Research, Inc. Rising expenditure towards home improvement and residential floor replacement in developed markets of Germany and Spain is expected to fuel the demand for soft covering flooring material, particularly, carpet.

Rising environmental concerns over green house gas emissions has resulted in a shifting preference towards the development of biodegradable and sustainable products. In January 2015, Niaga established partnership with DSM for the development of carpet technology with 100% recycling and 95% energy reduction processes.

Demand for nylon exceeded 315.0 million square meters in 2014 and is expected to foresee significant gains owing to increased acceptance of polyamides for providing good wear properties. Over the past few years, companies including ROLS have increased their expenditure for incorporating nylon along with wool and yarn to manufacture tailored base product forms.

UK carpet demand, by raw material, 2012-2022, (Million Square Meters)

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Further key findings from the report suggest:

  • Europe carpet demand was 665.7 million square meters in 2014 and is expected to exceed 800 million square meters by 2022.Improvement in residential sector of Eastern European countries including Russia and Turkey on account of increasing spending by builders is expected to promote the importance of flooring including carpets.
  • Demand for woven carpets is expected to grow at a CAGR of 2.5%, in terms of volume, from 2015 to 2022. These products are expected to maintain a significant chunk of market on account of providing excellent mechanical strength.
  • Non-residential sector generated demand of over 250.0 million square meters in 2014 and is expected to witness growth in light of rising importance of carpet as good insulation material in retail outlets and commercial offices. However, high price and low durability of soft flooring materials as compared to ceramic as well as wood laminate material is expected to have a negative impact.
  • Spain is expected to witness growth at a CAGR of 2.6%, in terms of volume, from 2015 to 2022 on account of increasing housing sector output as a result of rising number of new housing permits in Greater Madrid.
  • European market is highly fragmented on account of large number of manufacturers across the region. Regulatory support intended for promoting recycling of flooring materials in Europe is expected to increase result in shifting preference of manufacturers.Key industry participants include Agnella SA, Balta Group, Brintons, Creatuft NV, Associated Weavers International Group NV, Dekowe GmbH &Co.KG, Fletco and Egetæpper A/S.

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Europe Aerosol Container Market Will Reach USD 1.37 Billion By 2022: Grand View Research, Inc.

Europe aerosol container market is expected to reach USD 1.37 Billion by 2022, according to a new report by Grand View Research, Inc. Europe aerosol container is expected to witness substantial growth over the forecast period owing to its widespread use in household, paint, and medical industries. Furthermore, growing demand for these products from food & beverage and automotive applications is expected to propel market growth over the projected period.

Increasing demand for cosmetic products in countries including UK, France, Germany and Italy is expected to have positive impact on market growth. Furthermore, rising demand from personal care sector owing to increasing use of deodorants, hair sprays, and shaving creams among young population is expected to be a key driver for aerosol container market growth.

Europe aerosol container market revenue, by product, 2012-2022 (USD Million)

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Further key findings from the report suggest:

  • Europe metal aerosol container accounted for over 95% of the market share in 2014. Increasing demand for these products owing to its superior barriers properties which protects the product from negative effects of UV radiation on medical, personal care and food products is likely to increase market share.
  • Growing demand for glass aerosol container from medical industry including pharmaceutical manufacturers as well as laboratory research is expected to drive production growth over the forecast period. These containers are non-porous, impermeable and have no chemical interactions with the product stored, thus promoting its use in medical and laboratory applications.
  • Metal aerosol container production in France was over USD 130 million in 2014. Presence of large number of personal care companies coupled with rising use of these products in personal care packaging is expected to propel demand over the next seven years. France is the fourth largest paint exporter in the world and has been exporting to economies including Poland, Turkey and Russia. Rising demand for paint from various applications, especially construction, is expected to propel container production in the region.
  • UK aerosol container production is expected to witness significant growth, growing at a CAGR of over 4% from 2015 to 2022. Growing demand for these products in personal care products is likely to propel production over the next seven years. Rising demand for these containers owing to their light weight and corrosion resistance properties is expected to propel demand over the forecast period.
  • Europe aerosol container market is integrated across various stages of the value chain particularly from container manufactures to end-use industries and recycling companies. Raw material companies include Arcelor Mittal, Alcoa Inc., TW Metals, and Crown Aerosol provides various raw materials including stainless steel and aluminum in the form of rod, sheet, plate, tube or pipe.

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Automotive Plastic Fasteners Market Will Be Worth $3.67 Billion By 2021: Grand View Research, Inc.

The global automotive plastic fasteners market is expected to reach USD 3.67 billion by 2021, according to a new report by Grand View Research, Inc. Increasing substitution of metal fasteners in automotive interiors owing to improved aesthetics and lightweight characteristics is expected to propel demand.

The plastic fasteners production is highly influenced by high production volumes of automotive vehicles across major economies of the world. The market is highly fragmented and competitive owing to various small-scale manufacturers concentrated in countries including Thailand, China, and Germany.

The industry rivalry is expected to be high owing to manufacturers of low switching cost of manufacturers from metal to plastic products. However, factors including low tensile strength of the fasteners in high stress applications is expected to impact the product demand.

Illinois Tool Works Incorporated (ITW), ARaymond and Alcoa, Inc. are the major manufacturers dominating the market. Profit margins of companies vary in the range of 15 to 20% owing to reduced manufacturing costs. The uncertainty in automotive production statistics coupled with raw materials price volatility are expected to be major barriers for new entrants in the market.

U.S. automotive plastic fasteners market revenue by vehicle type, 2011 – 2021 (USD Million)

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Further key findings from the report suggest:

  • The product demand in automotive interior application is expected to grow at a CAGR of 11.8% from 2017 to 2021, owing to their light weight, wide variety, and compatibility with the internal ambience of the vehicle. In addition, increasing product demand on account of their ability to resist water and dust ingress in car interiors, is expected to propel growth
  • The average price and weight of a plastic fastener is significantly lower than a metal fastener, which lowers the vehicle cost and improves the overall automobile efficiency. As a result, the product demand in passenger cars is expected to reach the revenue of USD 1.96 billion by 2021
  • The demand for plastic fasteners in Europe was valued at USD 461.5 billion in 2016 and is expected to grow at a CAGR of 7.7% from 2017 to 2021. The presence of a large number of automotive companies, including General Motors Company, Ford, Fiat, Toyota Motor Corporation, and AM General in the region is expected propel growth
  • Japan & South Korea have been a major market for the product accounting about 25% of the overall fasteners demand in Asia Pacific. However, both these regions witnessed a decline over the next two consecutive years in terms of production, which impacted the industry growth
  • The key fastener manufacturers across the globe include Illinois Tool Works Incorporated (ITW), ARaymond, Sundram Fasteners Limited, Precision Castparts Corporation and Alcoa, Inc.

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Conveying Equipment Market Size Will Grow At 1.9% from 2014 to 2020: Grand View Research, Inc.

In 2013, the global conveying equipment market was worth USD 31.89 billion. These equipments provide an efficient, cost-effective and accurate technique for the rapid and easy movement of goods from one place to another. Conveyor belts are usually prepared from rubber and secured with textiles, PVC or steel according to the application. These are used as carriers for goods across numerous end use industries such as steel works, power, ports, metal mining & coal, cement, airports and food & beverages.

Conveyors lead to diminish the manufacturing time that, in turn, help plants in attaining operational efficiency. Conveying equipment are used for decreasing human effort and time in the transfer of goods from one place to another. They can be set up anywhere and are considered to be harmless as compared to using a forklift and other machines for the movement of goods. The making of modified conveying equipment is enabled by the increased industrial production and developments in technologies.

Unit handling was the largest product type which accounted for over 45% of the market in 2013. Key uses of unit handling equipment include the monitoring of lesser batches which are most largely applicable in businesses such as shipments, food & beverage processing and other productions for durable goods. However, parts & attachments is projected to witness the highest growth rate, at an estimated CAGR of 2.4% from 2014 to 2020.

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Durable goods accounted for the highest market share of over 40% in 2013. Growing demand for computer equipment and industrial machinery has led to the high growth of durable goods. Durable goods is also forecasted to witness the highest growth rate, at an anticipated CAGR of 2.0% from 2014 to 2020.

Europe accounted for over 60% of the global market in 2013.The growth in this region is driven by the presence of few top automobile manufacturers such as Audi, Mercedes and Ferrari. Europe is also projected to have the highest growth at an estimated CAGR of 1.6% over the forecast period.

Global conveying equipment market is amalgamated with few companies leading the market. The top three participants include Dematic, Rexnord and Sandvik and together they accounted for over 35% of the total market in 2013. The industry is moderately fragmented. The small unorganized companies across China and South Korea are taking ardent steps such as M&As to gain market share. There are ample opportunities for the new entrants, however high initial investment leads to restraining them from entering the industry.

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