Interior designers can depend on bamboo as a sustainable resource as new report highlights its benefits
The bamboo market is forecast to increase by $20.38 billion from 2022 to 2027, at a compound annual growth rate of 5.45 percent, according to a recent market study by Technavio.
This growth will be driven by the increased demand for bamboo plates, the increased online penetration of bamboo products, and the robust growth of the construction industry.
The report extensively covers market segmentation by application (industrial products, furniture, raw material, shoots, and others), type (tropical, herbaceous, and temperate), and geography (APAC, North America, Europe, Middle East and Africa, and South America).
Due to its unique properties and characteristics, bamboo has a wide range of industrial applications. Its high strength-to-weight ratio makes it an attractive material for eco-friendly construction.
Even bamboo furniture is highly durable and lightweight, and boasts a natural aesthetic appeal. Therefore, the increased demand in different industries will have a favorable impact on the growth of the segment.
In recent years, customers have become more aware of the impact of their purchases and lifestyles on the environment. This means the demand for alternatives to single-use plastic and paper products is increasing.
As bamboo is renewable and biodegradable, it makes it ideal for individuals and businesses.
Generally, it needs minimal water resources, pesticides, and fertilizers and can be harvested without destroying the plant, which makes it a sustainable choice.
Moreover, bamboo plates are compostable and break down naturally over time, thereby decreasing waste and minimizing the impact on landfill.
With the increase in environmental awareness worldwide, there has been a shift toward sustainable and eco-friendly materials.
The one disadvantage is that its availability is limited to specific geographic regions, posing as the only challenge to market growth. The natural resource is mostly found in regions such as Africa, Asia and South America, where it thrives in specific climatic conditions.
Therefore, the limited availability of bamboo may prompt consumers and industries to turn to alternative materials, which, in turn, may impede the growth of the global market.