January 07, 2021
According to the research report titled ‘Global Kitchen Cabinet Market Size study, By Type ( Ready-to-assemble (RTA), Stock Kitchen Cabinets, Semi-custom Kitchen Cabinets, Custom Kitchen Cabinets), By Application (Home, Restaurant, others), By Raw Material (Wood, Metal, Other Raw Materials), By Distribution Channel (Retail, Online) and Regional Forecasts 2020-2027‘, available with Market Study Report LLC, global kitchen cabinet market accounted for USD 112.8 billion in 2019 and is projected to experience a CAGR of 6% during 2020-2027.
Increasing construction of residential buildings, preference towards countertops for renovation projects, and escalating demand for space-saving professional storage which optimally utilize small spaces are driving the global kitchen cabinet industry growth.
As per the Statistics Canada, there was a 7.2% rise in investments for new housing construction in Canada during 2016-2017. Similarly, in India, Department of Commerce, Department of Energy, Department of Transportation, and Environmental Protection Agency have jointly made investments of about USD 70 million for developing new smart city projects which include development of residential and commercial infrastructure.
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Further, benefits of the product such as simple installation as well as easy availability at affordable prices in comparison with traditional kitchen cabinets, are contributing to the industry growth. However, low product demand in underdeveloped countries due to lower disposable income and slow pace of urbanization are likely to hamper the global kitchen cabinet market remuneration in the coming years.
From a regional frame of reference, worldwide kitchen cabinet market is segmented into Europe, Asia Pacific, North America, Latin America, and rest of the world. North America market is projected to record significant growth during the study period, mainly due to rising trend in kitchen furnishing that combines rustic and modern styles. Whereas, Asia-Pacific industry is anticipated to accrue modest returns over 2020-2027, owing to rising kitchen renovation activities.
Major players operating in global kitchen cabinet market sphere include Leggett & Platt Incorporated, Poggenpohl, JPD Kitchen Depot, Canyon Creek Cabinet Company, LEICHT Küchen AG, IKEA AB, Shenandoah Cabinetry, SieMatic Möbelwerke GmbH & Co. KG, Crystal Cabinet Works, and Masco Corporation.