World Cabinets Market – SYS-CON Media (press release)
NEW YORK, June 29, 2015 /PRNewswire/ — World demand to rise 5.8% annually through 2018
Global demand for cabinets is expected to reach $65.8 billion in 2018 on gains of 5.8 percent per year. Advances will be driven primarily by robust growth in the developing regions, as cabinets increase their market penetration in residential markets at the expense of other storage options like freestanding furniture and shelves. An additional boost to global expenditures on cabinets will come from a recovery in demand in the developed countries, where building construction declined in conjunction with the 2009 global economic recession.
Kitchen cabinet segment to pace industry growth rate
Kitchen cabinets will continue to make up by far the largest share of the market, with advances of 5.9 percent per year through 2018, driven by rising value and volume demand. The strongest growth in consumption through 2018 will be for cabinets other than kitchen and bathroom types. These other applications make up the smallest share of the market, but are driven by greater use in the developing world. For example, strong advances in nonresidential building construction in China have boosted demand for cabinets used as fixtures in offices and medical buildings.
US market to exhibit strong gains in demand as housing construction rebounds
The United States, the world’s largest market for cabinets, will exhibit strong increases in demand through the forecast period. Following the collapse in housing construction that began in 2006, cabinet demand declined for several years. A recovery in building construction spending, particularly in the residential market, will boost US cabinet demand to $16 billion in 2018 on growth of 6.8 percent annually. In addition to stronger construction activity, interest in more expensive bathroom and kitchen designs will boost volume demand for cabinets in the US, while rising interest in premium features and finishes will also spur value growth.
Asia/Pacific region to post most rapid market growth
Cabinet sales in the Asia/Pacific region, the largest regional consumer, are projected to reach $21 billion in 2018, nearly one-third of the global total. It will also register the fastest regional growth, at 7.3 percent per annum through 2018, spurred by rapid demand growth in developing countries, primarily China and India. China is forecast to continue to post the fastest gains in cabinet demand of any country, sur-passing Japan to become the second largest global cabinet market by 2018, with sales reaching $9.4 billion on 14 percent annual advances. Rapid growth in the installations of cabinets in new and existing homes, as well as in nonresidential buildings, will support the robust demand growth.
Western Europe to register below-average increases
Western Europe, the second largest regional market for cabinets after the Asia/Pacific region, is expected to post below-average increases in cabinet consumption through the forecast period. The region is an intensive user of cabinets; however, due to stagnation in housing completions in some countries and a slow recovery from the declines in demand in others following the economic recession, 2018 demand is forecast to remain below the 2008 level.
This upcoming industry study, World Cabinets, presents historical demand data (2003, 2008, 2013) plus forecasts (2018, 2023) by market, application, world region and for 18 major countries. This study also considers market environment factors, details the industry structure, evaluates company market share and profiles 31 global competitors
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