With a global consumption of $50 billion, the Japan and U.S. office furniture market is an important segment of the furniture industry. Despite being a mature segment, it has been reporting slow but steady growth, of course, except during the worst parts of the recession. The aggregate value of world exports is about $9 billion, with China and Germany being top exporters with the U.S. as the main importing country.
In 2009, due to global slowdown, the international office furniture trade dropped by almost 30 percent. Despite this, its growth has resumed in the last three years and is expected to continue in 2013. According to the report, which forecasts demand in 54 countries, demand will decrease in Western Europe and will grow - at different rates – throughout other parts of the world. The highest growth rates will notably be experienced in Asia and South America.
The first part of this report provides a review of the world market, the major producing countries and the status and prospects of the global office furniture trade including a world trade matrix. Additionally, the report also provides CSIL forecasts of growth of demand in 2012 and 2013, as categorized by country and regional groupings. The second part provides a ten-year series of data coverage on production, exports, imports, consumption, import penetration and export ratio for office furniture in 54 most important countries for office furniture production, consumption and trade.
In Europe, production of office furniture increased by 3.3 percent in 2011,while internationally, there has been a 2.8 percent increase in exports which has also been accompanied by a substantial stability in imports. As a result, apparent consumption increased by 2.6 percent over the year. Market openness decelerated in 2011 as import penetration reduced to 30 percent (31 percent in 2010) while exports/production ratio stabilized at 32 percent.
Germany, Austria and the Nordic Countries were additionally drivers for positive performance of the European market in 2011. The restructuring process at an industrial level continued also in 2011 with a certain number of companies interested by insolvency procedures, factory closures and M&A process. Industrial and logistic costs showed increase in the second half of the year.
South East Asia, Vietnam, Malaysia, Indonesia, Thailand and the Philippines are reported as the fastest growing suppliers. With around two thirds of production currently sold outside the country of origin, the development of furniture production in these five countries is export-driven. The export /production ratio for the area is roughly 66 percent – more than double than the world average (around 30 percent).
Currently, furniture produced in the area caters to five percent of total furniture consumption in the U.S., and two percent of total furniture consumption in Western Europe. This share has increased year after year in the last decade, particularly in the USA.
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Edited by Allison Boccamazzo