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According to the market research analysts at Technavio, the furniture manufacturing market in Turkey will witness tremendous growth and post a staggering CAGR of more than 9% during the forecast period. The major distinguishing factor in the furniture manufacturing industry is the cost of the product, which is directly dependent on labor costs. This works in favor of the Turkish manufacturers due the abundance of cheap labor in the country compared to the other European countries that are faced with issues like strong labor rights, shorter working hours, high wages, and social security costs. Such benefits allow Turkey to produce high-quality furniture that conforms to European standards at low prices.
The augmented use of medium-density fiberboard (MDF) in furniture is one of the emerging trends spurring this market’s growth prospects during the forecast period. MDF is an engineered product made by breaking down hardwood or softwood residuals into wood fibers, combining it with wax and a resin binder, and forming panels by compressing this mixture under high temperature and conditions. MDF is denser than plywood and because of its high tensile strength and flexibility, MDF panels and MDF-based products have become the materials of choice in the furniture industry in Turkey. Also, Turkey is one of the largest manufacturers of MDF in Europe, which will also contribute to the growth of this market during the predicted period.
In terms of revenue, the office and shop furniture segment dominated the furniture manufacturing market in Turkey and accounted for close to 39% of the total market shares during 2015. Office furniture includes a broad range of products such as tables, chairs, desks, storage cabinets, and workstations. An evolving corporate culture in Turkey is anticipated to have a positive impact on the demand for office furniture.
The furniture manufacturing market in Turkey is highly fragmented owing to the presence of several small, mid-sized, and large manufacturers. Favorable demographics and positive economic development in Turkey, coupled with a large population are resulting in high domestic as well as global demand for the furniture manufactured in the country. Furniture manufacturers in Turkey are adopting state-of-the-art technologies to enhance productivity, while focusing on establishing uniqueness in their products.
Key vendors in this market are -
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PART 01: Executive summary
PART 02: Scope of the report
PART 03: Market research methodology
PART 04: European Union
PART 05: Turkey
PART 06: Introduction
PART 07: Furniture manufacturing market in Turkey
PART 08: Segmentation of furniture manufacturing market in Turkey by type of product
PART 09: Market drivers
PART 10: Impact of drivers
PART 11: Market challenges
PART 12: Impact of drivers and challenges
PART 13: Market trends
PART 14: Manufacturer landscape
PART 15: Key manufacturers
PART 16: Appendix
PART 17: Explore Technavio
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