The global furniture contract manufacturing market is anticipated to grow at a CAGR of 6.4% during the forecast period (2021-2027). The key companies across the globe are highly inclined towards the adoption of different growth strategies including capacity expansion, mergers and acquisitions, new product launches, and product innovation to remain competitive in the marketplace. During a pandemic, companies had also done agreements to the expansion of manufacturing facilities. For instance, In October 2020, Kindred Biosciences, Inc., a biopharmaceutical company focused on the development of innovative biologics, announced that the manufacturing agreement with Vaxart, Inc., for Vaxart’s oral vaccine for COVID-19 and other vaccine candidates has been extended. Centaur Biopharmaceutical Services (Centaur), a wholly-owned subsidiary of KindredBio that offers full-service contract development and manufacturing services, has handled the manufacturing.
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Moreover, in April 2020, Fairfield Chair Co., a residential and contract seating company located in Lenoir, N.C., has retooled its chair and sofa production to high-demand surgical gowns in an attempt to assist health care companies on the front lines of the COVID-19 pandemic get supplies faster. Fairfield produced the first surgical gown samples, and immediately approved the prototype from Blue Ridge Healthcare in North Carolina, placing an initial order for 1,200 surgical gowns.
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Apart from it, in December 2020, Grand Rapids Chair Co., a Byron Center-based, has introduced a “playful” collection of residential furniture. In this new brand, the company had offered versatile, high-quality, design-forward solutions for the home. In addition, in October 2019, Davis Furniture, which develops furniture for corporate, hospitality, education, and institutional clients. The company had started construction on a new 50,000 square-foot building to house its offices as well as manufacturing space. However, the various initiatives by the key players such as the development of new manufacturing plant, expansion of manufacturing capacity, launches of furniture for the residential purpose during a pandemic, and other initiatives were taken by the key players to propel the growth of global furniture contract manufacturing market.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Furniture Contract Manufacturing Market Report Segment
By Material Type
- Wooden
- Metal
- Others
By End-User
- Residential
- Commercial
- Government
- Healthcare
- Others
(This release has been published on Global Market Post. Global Market Post is not responsible for any content included in this release.)
