Shelving Market Outlook
The Global Shelving Market Size was valued at USD 7,481.0 million in 2021 and is projected to reach USD 12,506.0 million by 2030, expanding at a CAGR of 5.9% during the forecast period 2022-2030. A shelf is a flat, horizontal surface used to display or store objects in a household, commercial space, or retail store. It is raised off the floor and bracketed on its short-length sides, or anchored to cabinets with brackets, screws, dowels, or nails. Columns or pillars are also used to support shelves.
These shelves are generally fixed or portable. A typical unit consists of two to six shelves, each mounted vertically to the upright or diagonal supports and positioned parallel one above the other. Free-standing shelves can be accessed from one or both of their long-length sides.
Macro-Economic Factors
Exports and Imports
Export and import of any product are important factors affecting a nation’s economy. The cost of export and import of shelving product and its material are dependent on the tax levied on them. Export taxes on raw materials increases the cost of goods, which boosts the price of the end product.
For example, export tax levied on price of plastic and steel increases the price of shelves, which increases the cost of final product to be sold. The export and import tax have effect on the supply chain of the product. Increase in export or import tax can affect the supply of the product.
GDP
GDP per capita is a gross domestic product divided by midyear population. GDP tracks the health of a country’s economy, by representing the value of goods and services produced over a specific time period. Revenue generated from the manufacturing industry contributes to the country’s economy and GDP.
Currently, China and India are major producers of shelving units. According to CII-EY Report on FDI in India, the country can expect to attract USD 120 Bn to USD 160 Bn of FDI annually by 2025, if it increases the FDI to GDP ratio between 3% and 4% by 2025. This can aid in bringing India’s GDP growth rate from 7% to 8%.
R&D Activities
Research activities conducted on developing new design of shelving units and sustainable and eco-friendly raw material for shelving units. Companies in almost every industry rely on R&D to plan, design, and deliver innovative products; therefore, they are focusing on advancements and research trends in the shelving market for fulfilling the consumer demand.
Product Demand and Supply
Supply of and demand for shelving are rising. Shelving is widely used in residential and commercial applications for storage of goods. Bulk of the total production is consumed in the residential and commercial applications. During COVID-19 outbreak, the supply chain was disrupted as lockdowns were imposed by governments, which caused the manufacturing industries and companies to shutdown, which decreased the demand for shelving units.
Shelving Market Dynamics
Market Driver- Rising Usage for Shelves in Residential & Commercial Application
Rising usage of shelves in residential & commercial applications for storage of goods is expected to drive the market during the forecast period. As in residential application the shelves are used to store different types of goods such as books, decorative items and other products and also it provides added storage and display space, plus additional design elements to the space.
It also solves unused space issues like under the stairs, a wide hallway, or in a closet etc. Also in commercial application, shelves are essential for warehouse operation that needs to store materials or products. commercial shelving and racking allow warehouse operations to optimize their use of both vertical and horizontal space.
They also protect the product and make inventory management and retrieval much simpler. Specialized racking and shelving can also make the warehouse more easily traversed, keep stock clean, or enhance workflow which is anticipated to boost the market growth during forecast period.
Market Driver- Growing Demand for Industrial Shelving by End-use Industry
Growing demand for steel shelves by several end-use industry such as automotive, retail, logistics, and others. Increased awareness of the optimal use of space through supply channels, such as distribution centers, storage services, and stockyards. Warehouse racking offers cost-effective and systematic storage operations for bulky and fragile objects. Warehouse racking systems are used in the automotive sector for the storage of various automotive spare parts and vehicles.
Increasing sales of automotive vehicles in the U.K. are compelling manufacturers to adopt industrial shelving systems for optimal utilization of the storage space. Increasing adoption of pallet racking systems due to their advantages such as cost effectiveness and timely product moving will continue boosting the market growth during the forecast period. In addition to this, growing volumes of cross-border retail deliveries have increased the demand for warehouse storage products.
Market Restraint- Increasing Raw Material Prices act as a Challenge to the Shelving Market
Rising demand for shelves in various end-use industries increased the prices of raw material prices for the production of shelving units. Plastic and steel are a major raw material used for manufacturing of shelving. The rising demand of shelving from residential and commercial sector is creating high demand for raw material used for manufacturing shelving products.
Tight supply and insufficient production are major challenges for the players in the shelving market. High cost associated with transportation of raw materials such as plastic, steel, wood, and others due to import and export taxes levied by government, is expected to hamper the market during the forecast period.
Market Opportunity- Growing Opportunities for Shelving System in Asia Pacific
In Asia Pacific, developing countries such as India and China are focusing on improving their warehousing facilities. Furthermore, the Indian government is collaborating with the private sector to develop industrial racking systems technology and improve warehousing facilities by improving infrastructure.
Increased government capital investments in industrial racking systems in general and the warehousing sector and industrial infrastructure development in particular are likely to drive growth in the region. Similarly, China is investing more in public infrastructure as well as smart and efficient industrial units, which is expected to drive demand for industrial racking systems in the region.
High population growth rates in China and India, resulting in a high demand for packaged goods, are expected to boost the retail sector in these countries, thereby boosting the warehouse racking industry. The Indian retail industry has become one of the most dynamic and fast-paced in the world as a result of the influx of various new companies. Warehouse racking is used in the retail industry to store inventory of various items.
Scope of Shelving Market Report
The report on the Global Shelving Market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Shelving Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast
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Base Year
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2021
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Historic Data
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2015-2020
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Forecast Period
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2022–2030
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Segmentation
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Product Types (Fixed Shelves, Portable Shelves), Material Type (Plastic, Steel, Others), Sales Channels (Online, Offline)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered
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Seville Classics, Keter, Gladiator, Husky Rack & Wire, Edsal Manufacturing Company, Sterilite Corporation, FLEXIMOUNTS, PREPAC MANUFACTURING LTD.
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Shelving Market Segmental Outlook
The Global Shelving Market is segmented on the basis of by Product Types, by Material Type, and by Sales Channels.
Based on Product type, the Global Shelving Market is divided into Fixed Shelves, Portable Shelves. The fixed shelves segment is expected to dominate the market during the forecast period, owing to its several benefits such as fixed shelves are usually very strong and can bear a lot of load and can easily be used and adjusted according to need and space. Also, they can be easily arranged in a number of multiple ways such as they can be arranged in long or short aisles and can also be arranged in U-shaped cells
Based on material type, the shelving market is segmented into plastic, steel, and others. The steel segment is expected to hold a significant market share during the forecast period, owing to rising demand for steel shelves by end-users as steel provides the versatility of allowing to carry small as well as large weights.
Moreover, steel shelving has several advantages over plastic or wooden storage shelves. It is sturdy and durable, making it a space-efficient option for warehouses, distribution centers, retailers, and manufacturing facilities as most steel shelves are built with fully-welded solid upright posts and assemble easily with shelf clips.
Based on Sales channels, the shelving market is bifurcated into online and offline. The offline segment is expected to hold a significant market share during the forecast period, due to several reasons such as, offline sales channels take over as the main stream sales channel where internet access is not available properly. They also have a significant impact on turning abandoned shopping carts into sales and profits. Moreover, offline sales channel creates enormous cross-sell and upsell opportunities, serving as massive libraries of additional client data.
Regional Outlook
Based on region, the market is classified as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
The market in the Asia Pacific is projected to expand at a significant CAGR during the forecast period. The growth of the market is attributed to the rising demand for shelving for household items storage in homes. Furthermore, the expansion of retail chains and growth of e-commerce warehousing is also fueling the demand for shelving in emerging countries such as India and China.
Key Benefits for Industry Participants & Stakeholders
- In-depth Analysis of the Global Shelving Market
- Historical, Current, and Projected Market Size in terms of Value and Volume
- Potential & Niche Segments and Regions Exhibiting Promising Growth Covered
- Industry Drivers, Restraints, and Opportunities Covered in the Study
- Recent Industry Trends and Developments
- Competitive Landscape & Strategies of Key Players
- Neutral Perspective on Global Shelving Market
Segments
By Product Type
- Fixed Shelves
- Portable Shelves
By Material Type
By Sales Channel
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Key Market Players Profiled in the Report
Competitive Landscape
- Top players in the shelving market share include Seville Classics, Keter, Gladiator, Husky Rack & Wire, Edsal Manufacturing Company, Sterilite Corporation, FLEXIMOUNTS, PREPAC MANUFACTURING LTD.
- These companies are considered key manufacturers of Shelving based on their revenue, product offerings, regional presence, and supply chain management system.
- The players are adopting key strategies such as acquisition, collaborations, and geographical expansion where potential opportunities for Shelving Market.
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