Growing middle class driving up floor-to-ceiling cabinet sales around the world
Floor-to-ceiling cabinets,growing market,softwood lumber
A report, Global Cabinets Market 2018-2022, by ResearchandMarkets.com, has stated that the market for cabinets globally is expected to grow at a Compound Annual Growth Rate (CAGR) of 5.11 per cent between 2018 and 2022. The report covers vendors such as American Woodmark, Inter IKEA Systems, and Nobia, among other top brands.
The report was prepared and written based on in-depth market analysis and inputs from experts in the industry. It looks at the market landscape, growth predictions and prospects, and discusses the key vendors in the market as well.
Nobia, which dominates the German market with 6,000 employees, has disclosed its intentions to expand in Europe, according to Woodworking Network. The company acquired Bribus, a Dutch cabinet firm, earlier this year. Bribus serves professional customers in the Netherlands, supplying kitchens, including installations and appliances.
“This acquisition is the first step in our growth strategy to expand to attractive and adjacent kitchen markets,” Morten Falkenberg, CEO of Nobia, said.
Floor-to-ceiling cabinets are experiencing a surge in popularity and adoption among end users as they are able to enhance aesthetics and address storage issues with their greater height as compared to traditional cabinets, and boast a number of other benefits as well.
Moreover, according to the report, one of the major driving forces is the growth of the construction sector around the world, and the other is the rising disposable income of people from developing countries such as China, South Africa and India, creating demand for cabinets, a staple in buildings all over the world.
The report also lists factors hindering market growth, naming the fluctuating prices of raw material as an issue as softwood lumber is one of the raw materials needed for the construction of cabinets. However, the price of softwood lumber depends on global economic performance and price elasticity, affecting the price margin of vendors and influencing the market, according to Woodworking Network.