The global wall coverings market size was USD 29.26 million in 2019 and expected to reach USD 41.04 million by 2027; this converts into a compound annual growth rate (CAGR) of 4.32% for the forecast period.
Based on geography, market is segmented as below:
Wall coverings are products that can be utilized to impart grandeur to uncovered walls and protect against accidental marks or scratches. They are cost-effective and hence preferred over paints and other coatings. They are widely used in residential and commercial spaces.
The wall coverings market is expected to grow as the construction industry expands. The demand for residential buildings will further boost the market. Also, development of new technologies that improve quality and assist in the creation of innovative designs will positively influence the market. On the contrary, the rising demand for paints and coatings will deter market expansion.
Factor such as the sustained increase in population, rise in migration and rapid urbanization will raise the need for residential buildings. The proliferation of tools and technologies that make DIY wall coverings possible coupled with the surge in availability of different styled products as well as the option to customize patterns will positively impact the market.
On the flip side, paints provide better resistance to mould formation, eliminate the tedious application and removal task as in case of wall papers, do not peel off easily, longer lasting, etc. Additionally, paints are preferred in humid areas since wall coverings often peel off under such circumstances. Hence, any rise in the demand for paints will hamper the market growth.
Being one the oldest wall covering type available and the access to a wide variety of designs have placed the wallpaper segment at the top of the wall coverings market in 2019. The segment garnered approximately USD 9.5 million. Nevertheless, the tiles segment is predicted to register the fastest CAGR of nearly 7.5% from 2020 to 2027, due to the advantages it provides over other wall coverings.
The residential segment held over 50% of the market in 2019 and is anticipated to witness a high CAGR of over 6.5% during the forecast timeline. The surge in demand for residential complexes and the need to decorate or renovate the space has led to its dominance and estimated fast growth.
While the furniture store segment secured over USD 12 million in revenues in 2019, the e-commerce segment is all set to expand at an approximate 8% CAGR between 2020 and 2027. The shift towards digital modes of purchasing and the convenience that e-commerce provides, is boosting the segment substantially.
The growth of the construction sector is driving the progress of the wall coverings market across the globe. It is also one the major contributors for the rapid expansion of the market in Middle East. North America is expected to grow on account of the accessibility to technology and the increasing investments in residential renovation. Asia-Pacific, owing to the surge in disposable income and improved standard of living will register a moderate growth.
A few key players include, but not limited to: Brewster Home Fashion, Adfors (Saint Gobain), Ahlstrom-Munksjö Oyj, Asian Paints Ltd., Benjamin Moore & Co, A.S. Création Tapeten AG, J. Josephson Inc., Walker Greenbank PLC, Grandeco Wallfashion Group, Nippon Paint Holdings Co. Ltd.
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