Office decorations are becoming increasingly popular as businesses place a greater emphasis on environmentally responsible decor. The use of natural components in the workplace is something that many firms are doing, which will benefit the market. In addition, businesses have begun to decorate their offices with eco-friendly elements like indoor plants, natural lighting, and other decorations. Companies are increasingly using eco-friendly materials when creating offices, which will encourage sustainability and create market opportunities.
WILMINGTON, Del., Nov. 10, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Office Decoration Market By Product Type (Wall Art, Sculptures, Fountains, and Others), Material (Wood, Glass, Metal, and Others), and Distribution Channel (Online and Offline): Global Opportunity Analysis and Industry Forecast, 2022-2032". According to the report, the global office decoration industry generated $5.1 billion in 2022, and is anticipated to generate $7.9 billion by 2032, witnessing a CAGR of 4.5% from 2023 to 2032.
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Prime determinants of growth
Increase in new employment possibilities have surged as a result of population growth. As people often seek for work, target workplaces, and businesses begin introducing new office decors, which contributes in expansion of the market. Moreover, the demand for office decoration is impacted by shifting workplace trends such as increase in remote work and flexible office layouts. To support hybrid work practices and create collaborative, and inspirational workspaces, businesses are altering their office architecture, thus boosting the market growth.
Report coverage & details:
Report Coverage | Details |
Forecast Period | 2023-2032 |
Base Year | 2022 |
Market Size in 2022 | $7.9 billion |
Market Size in 2032 | $5.1 billion |
CAGR | 4.5 % |
No. of Pages in Report | 300 |
Segments covered | Product Type, Material Type, Distribution Channel, and Region. |
Drivers | Rise in demand for office decorations Surge in demand for eco-friendly and sustainable office decors Innovation of smart and new technologies |
Restraints | Economic recessions, downturns and budget issues for the business companies Changes in workplace and real-estate market |
Opportunities | Introduction of new eco-friendly office decorations |
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The wall art segment to maintain its dominance during the forecast period.
By product type, the wall art segment held the highest market share in 2022, accounting for more than two-fifth of the market revenue, and is estimated to maintain its dominance during the forecast period. Many start-up businesses, work companies, and enterprises have started using customized and personalized wall arts to highlight their brand identity, values, and culture, which contributes towards the market growth. However, the others segment is projected to attain the highest CAGR of 5.1% from 2023 to 2032. Decorative plants, mirrors, clocks and lights are witnessing asurge in popularity, driven by the demand for office decorations.
The wood segment to maintain its dominance during the forecast period
By material, the wood segment accounted for the largest share in 2022, contributing to more than two-fifth of the market revenue, and is projected to maintain its dominance during the forecast period. Wood is a type of material, which is expected to drive the market owing to its simplicity, familiarity, and ease of participation, as it offers a straightforward and easy-to-understand option for companies in office decoration. However, the others segment is expected to attain the largest CAGR of 5.5% from 2023 to 2032. Plastic, fiber, steel, bamboo, textiles, and cork have witnessed significant growth in recent years, owing to rise of companies spending on unique and attractive office decorations.
The offline segment to maintain its dominance during the forecast period
By distribution channel, the offline segment held the highest market share in 2022, accounting for nearly two-third of the market and is estimated to maintain its dominance during the forecast period. Increase in demand for ecologically friendly and sustainable workplace decor, which is being driven by the rise in awareness of environmental challenges, is one of the main factors boosting retail sales. However, the online segment is projected to attain the highest CAGR of 4.6% from 2023 to 2032. With advancement of technology and increased accessibility of online services, consumers are becoming more aware of the many purchasing patterns.
North America to maintain its dominance by 2032
Region-wise, North America held the highest market share in terms of revenue in 2022, accounting for nearby two-fifths of the market revenue, and is likely to dominate the market during the forecast period. Modular furniture, versatile designs, and smart workplace technology are in high demand as a result of the growing need for flexible office spaces. With growing focus on environmentally friendly components and energy-saving design strategies, sustainability is another important driver. However, the LAMEA region is expected to witness the fastest CAGR of 5.5% from 2023 to 2032. The LAMEA region's office decoration industry is distinguished by distinctive market dynamics and significant development potential. The Middle East's booming economic environment and quick urban center growth have increased demand for high-end, opulent office layouts.
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Leading Market Players: -
- Trends International, LLC
- Crystal Craft
- Exelgreen, Canvas Press, LLC
- Wall Art
- Covet Group
- Feathr Oy
- Alpine Corporation
- Finesse Decor
- Haworth Inc.
The report provides a detailed analysis of these key players in the global Office Decoration Market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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