Institutional furniture includes companies engaged in producing general purpose institutional furniture for schools, libraries, churches and theaters. These products may be assembled or unassembled and manufactured on a custom or stock basis.
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The global institutional furniture market has been growing in the past years with a CAGR of almost 11%. TBRC’s latest report show the historic and future trends in the market for each year with sourced reasons to support the growth claims.
The report also shows the global institutional furniture market to grow at a higher CAGR by 2021 as compared to 2017, along with geographies best suited for investments with highest return rate.
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Furniture manufacturers are adopting sustainable practices in their manufacturing process. This is mainly a result of growing consumer awareness on sustainable living that is resulting in increasing demand for eco–friendly furniture. This includes minimizing fuel consumption and recycling sheet metal and wood by–products. Companies manufacturing ecofriendly furniture products procure wood from plantations that grow sustainable plants and have a long term conservation policy. For example, Crate and Barrel, a North American home retailer is working directly with the Tropical Forest Trust to ensure that the selected hardwood for manufacturing of their furniture is from sustainable plantations that are managed for their long term conservation. Similarly, Ashley Furniture Industries, Inc. has adopted a “green” approach wherein it focuses on replenishing, recycling and reusing of furniture by using recyclable engineered wood and by reducing raw materials wastage.
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Companies included in the report are IKEA AB, Herman Miller Inc, HNI Corporation, Okamura Corporation, Knoll, and Leggett & Platt.
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