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The global folding furniture market size was valued at USD 3.1 billion in 2018. Demand for #space-saving and multi-purpose furniture has increased due to the development of compact size flats in many countries, thus leading to the growth of the market. Moreover, millennials opting for rented living spaces are inclined towards multifunctional and compact furniture, which, in turn, is expected to drive the global market. Companies are introducing folding chairs and tables made of wood and metal to replicate the aesthetic appeal of traditional furniture. Rising demand for compact furniture has allowed the companies to introduce more products such as study tables, racks, and storage boxes with #foldable features. For instance, in February 2019, Inter IKEA Systems B.V. launched space-saving shelving units with #foldabletables, which can be easily used as a desk as well as a dining table. Rising prices of traditional wood furniture on account of increasing environmental concerns have paved the way for these #modern products. This furniture is manufactured using #lightweight materials such as #HDPE plastic and mild #steel. Therefore, plastic and metal #foldingfurniture are gaining an increasing preference due to their less cost and better #durability. For instance, Lucid Mattress provides a folding metal bed frame with heavy-duty wired grid supports in order to adjust the mattress effectively. Moreover, the shifting trend towards #small-sized apartments as a result of the increasing population and rising urbanization has popularized the concept of folding furniture. According to Tokyo Kantei, in 2017, the average size of a new apartment in Tokyo was 680 sq. ft and a size of 647 sq. ft. for an existing apartment. Whereas, the average size of a new apartment in the U.S. is 941 sq. ft., which has been reduced by 5% in ten years. Thus, downsizing living space in apartments has led to a rise in demand for folding furniture in the market. Furthermore, shifting preference towards single and two-person households has paved the way for less occupying space furniture. For instance, in 2018, about 33.9% of the household type was composed of a single person living alone in the European Union-28, while 25.1% of private households contributed to two-person households. As a manufacturers also focus on introducing new products with the help of mergers and acquisitions. For instance, in 2015, COS and HAY collaborated to produce two folding HDPE tables and chiars with the help of Spanish designer Tomas Alonso.
