Key companies profiled are Brewster Home Fashions Llc (US), Dal-Tile Corporation (US), Asian Paints Ltd (India), Akzo Nobel N.V. (Netherlands), 4walls (US), Wayfair LLC (US), Benjamin Moore & Co. (US), Ahlstrom Corporation (Finland), and York Wallcoverings (U.S.), among others.
New York, June 14, 2021 (GLOBE NEWSWIRE) -- Wallpaper Market Analysis/Wallpaper Market Outlook
The global Wallpaper market is expected to witness a CAGR of around 5.52%, to reach at USD 33.15 billion over the forecast period (2020 - 2027), states the current Market Research Future (MRFR) report. A wallpaper, put simply, is a type of material which is used for beautifying, covering, and decorating inner walls of homes, buildings, entertainment, offices, and other buildings. This is an attribute of interior beautification. Based on its alluring features over decoration materials and interior wall covering, like convenient installation, appropriate price, rich patterns, environment protection, and color diversity, these have gained a noteworthy adoption among customers across the globe. Fabric, paper, nonwoven, vinyl, and others are the different types of wallpapers. Owing to its different attractive features and benefits, wallpapers have wide applications in non-residential construction and residential constructions.
Alluring Features that Boost Market Growth
As per the new MRFR report, there are numerous factors that are propelling the global wallpaper market share. Some of these entail the booming real estate, rapid urbanization, growth in the private construction sector, growing number of residential building, increase in renovation and remodeling projects, durability and convenience of installation over conventional wall decoration methods, the lack of chemicals/harmful substances like lead, technological and innovative advancements across several industries which includes non-residential and residential construction, and growing need for green buildings. The additional factors adding to the wallpaper market revenue include the growing investments in infrastructure development projects in developing economies, increasing awareness, increasing standards of living, growing disposable income, rapid urbanization, increasing construction activity, launch of new geometrical patterns, intriguing textures, and bold colors, transforming interior designs and home décor, rising focus on better aesthetics, advancement in the material, and time saving process. Besides, increasing trends of interior designing are the latest wallpaper market trends.
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On the contrary, high price of specialized wall coverings, limited use in specific locations of the building, and constant exposure to heat, humidity, and sunlight causing it to peel off may impede the global wallpaper market growth over the forecast period.
Due to the COVID-19 outbreak, the wallpaper market has suffered a huge loss for the decrease in advertising across the globe. Owing to the government-imposed lockdown, the trade and also the construction industry has taken a hit. This has affected the wallpaper market. Besides due to economic slowdown there has been a decrease in consumer spending. The pandemic has spread across North American, Asia Pacific, and European countries thus affecting the market growth with most companies having headquarters in these regions. This crisis has disrupted supply chains and slowed down the market growth for the unavailability of manpower and lack of raw materials. The lockdown in major countries owing to the outbreak has resulted in the shutting down of the production facilities of wallpaper substrates and other raw materials as these are not regarded as essential products. The COVID-19 crisis had a drastic effect on the construction business and impacted the cost and supply of labor and material, the key cost components of construction projects. Besides, the disruption in the transportation industry has also impacted the value chain of the construction industry, impacting the wallpaper market.
The MRFR report highlights an inclusive analysis of the global wallpaper industry based on end user and type.
By type, the global wallpaper market is segmented into fabric, paper, nonwoven, vinyl, and others. Of these, the vinyl type segment will lead the market over the forecast period.
By end user, the global wallpaper market is segmented into non-residential construction and residential construction. Of these, the residential construction segment will dominate the market over the forecast period.
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APAC to Dominate Wallpaper Market
Geographically, the global wallpaper market is bifurcated into Europe, North America, the Asia Pacific, & Rest of the World (RoW). Among these, the APAC region will dominate the market over the forecast period. Growing number of construction projects supported by significant infrastructure expenditure in Vietnam, Taiwan, Myanmar, Thailand, Philippines, Singapore, Japan, Australia, and China among others, strong construction, booming construction industry in China, rising population, the burgeoning demand for infrastructure, construction, and building, rising foreign investments, and growing non-residential and residential construction sectors are adding to the global wallpaper market value in the region. The additional factors adding market growth include the increasing number of new housing units, growing need for cheaper interior decoration, huge investments in the infrastructure sector, improved economic conditions in the emerging countries, rising industrialization and urbanization, rising disposable income, and the availability of cheap labor.
North America to Have Admirable Growth in Wallpaper Market
In North America, the global wallpaper market is predicted to have admirable growth over the forecast period. Growing renovation operations in the region, flexibility in investments, growing demand for wallpapers from commercial and residential sectors, and huge investments in home improvements and home décor are adding to the global wallpaper market growth in the region. The US holds the utmost market share.
Europe to Have Promising Growth in Wallpaper Market
In Europe, the global wallpaper market is predicted to have promising growth over the forecast period for the growing renovation operations.
In RoW, the global wallpaper market is predicted to have sound growth over the forecast period.
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The global wallpaper market is fragmented along with being competitive owing to the presence of an array of international as well as domestic key players. These players have encompassed multiple strategies to remain at the forefront and also suffice to the burgeoning needs of the consumers, including partnerships, collaborations, geographic expansions, contracts, joint ventures, and new product launches, and more. Additionally, these players are also incurring heavy investments in the R&D activities for strengthening their portfolios and also creating a foothold in the market.
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