China Metal Furniture Manufacturing Market: $31.4 Billion In
Have read 169
The China metal furniture manufacturing market has developed rapidly in recent years. In the five years through 2013, industry revenue has been growing at an annualized rate of 8.9% to total $20.6 billion.
Industry revenue growth slowed in 2009 due to weaker foreign and domestic demand stemming from the global recession. The industry returned to strong growth, however, with revenue jumping 19.9% in 2010. Affected by the slow growth in new house sold and weak economy in the world, slow revenue growth of 5.6% and 3.9% was estimated in 2011 and 2012. Steady revenue growth is expected through 2013, with revenue increasing 9%.
International trade plays an important role in this industry's development. In 2004, China surpassed Italy to become the world's largest furniture exporter. Although wooden furniture contributes the most revenue to total furniture export values from China, metal furniture exports have increased at a faster rate since 2004. Over the past five years. exports peaked at 36.9% of industry revenue in 2008. Competing imports have made up less than 0.5% of domestic demand in recent years.
In the five years through 2018, industry revenue is forecast to grow 8.8% annually to reach $31.4 billion. Several major export markets like the United States have been raising anti-dumping concerns regarding Chinese-made furniture, therefore, enterprises will begin expanding to emerging markets and further developing domestic ones. Exports as a share of industry revenue are projected to increase to 33.3% by 2018, up from 26.9% in 2013.