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The market for furniture manufacturing in Romania will experience impressive growth and will be affected by the focus on bio-based production. Over the past few years, manufacturers in the furniture manufacturing sector have been making concerted efforts to employ sustainable processes that have a minimal impact on the environment. These include the development of products that are manufactured from renewable resources. Such R&D activities add a new dimension to the market and increase the competitiveness between manufacturers as people prefer products that are eco-friendly. This shift in the consumer’s preference will allow vendors that offer innovative and green solutions to grow in the market. According to Technavio’s market research analyst, the furniture manufacturing market in Romania will post an impressive CAGR of over 6% between the period of 2016 to 2020.
Intense competition from Asian counterparts will compel manufacturers in this region to develop innovative products to bolster their revenue share. This market study has observed that the manufacturers of furniture products in Romania face strong competition from low-cost Asian vendors, particularly those from China. In Romania, the penetration of Chinese products is substantial and is expected to increase over the course of the next few years as they are highly cost-effective. Though Romania offers numerous cost advantages, a gradual increase in labor costs and prices of raw materials like wood and energy will result in lower profit margins for manufacturers.
In this market, the companies that have access to technical and financial resources will have the capability to manufacture products that may render competitors' merchandise non-competitive even before they are launched. This makes it difficult for the latter to recover R&D and commercialization costs. Consequently, apart from developing innovative products, manufacturers also have to keep abreast of emerging products that can have a bearing on their product lines.
Key manufacturers in this market are -
This market study has identified that the other furniture segment, which includes products like desk chairs, deck chairs, metal bed heads, outdoor metal furniture, and chest of drawers, dominated this market during 2015 and accounted for an impressive market share of more than 82%. This market segment was followed by the office and shop furniture segment, which accounted for a minority share in the market.
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This is preliminary content. The table of contents is subject to change.
PART 01: Executive summary
PART 02: Scope of the report
PART 03: Market research methodology
PART 04: Introduction
PART 05: Market landscape
PART 06: Market segmentation by product
PART 07: Geographical segmentation
PART 08: Market drivers
PART 09: Impact of drivers
PART 10: Market challenges
PART 11: Impact of drivers and challenges
PART 12: Market trends
PART 13: Vendor landscape
PART 14: Key vendor analysis
PART 15: Appendix
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