The increasing disposable income and a rapid growth in urbanization have been significantly driving the transformation of human social roots on a global scale, by predominantly replacing rural culture which has resulted in the increased usage of wall coverings, along with other modern products.
New York, March 17, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Wall Covering Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" - https://www.reportlinker.com/p06036742/?utm_source=GNW
- Residential constructions account for a substantial market share in the wallpaper market and are expected to witness a significant growth rate. The employment opportunities and population growth are fundamental drivers of rising demand for new housing as sustained population growth across the world has led to increased demand for wall dwellings, including apartments.
- Moreover, with the advent of graphic designing, along with new reproduction capabilities, wallpaper is set to become the next big disrupter in the world of design and décor. Recently, some of the regions of emerging economies of Europe witnessed a considerable rise in the demand for textile wall coverings, owing to which, there has been an increase in the number of imports of textile coverings. According to the Office of National Statistics (UK), the industry revenue of floor and wall covering in the United Kingdom in the year 2024 will rise to USD 5,410 million.
- The wall covering the market suffers from negative consumer perceptions and stiff competition from paint and coatings. Paint is considered to be a better option when compared to wall coverings in certain applications. For instance, in rooms that record high humidity levels, paints are more better suited because paint could be used for both the kitchen and bathroom, can deal with humidity, and is mold resistant unlike the wallpaper.
- Nevertheless, the development of products, such as wallpaper borders, custom wallpaper, and textured wallpaper, is expected to renew the stagnant product category. Also, with advances in wallpaper technology, which make these products easier to apply and remove, are expected to expand sales opportunities, thereby, fuelling the market growth.
- With the recent outbreak of COVID 19, the wall covering market is expected to decline due to decrease in advertising across the various part of the world. Moreover, various government are enforcing lockdown of the cities and towns in the country which will also impact the market due to supply chain disruption and closure of many distribution channels.
- For instance, due to spread of the COVID-19 virus the construction project has taken a hit with workers not reporting to construction site. According to Real Estate Developers Associations of India, there are around 20,000 ongoing projects in India and work is being undertaken in around 18,000 of them which involves a workforce of 8.5 million in construction work. Thus, due to direct impact on construction industry the wall covering market is also expected to affected.
Key Market Trends
Wall Panel is Expected to Register a Significant Growth
- Panels include wooden panels and laminates, which are used for covering walls effectively, while also providing protection from the external environment. The usage of wall panels can reduce the construction costs significantly by providing a consistent appearance to the paneled surface without the requirement of application of paint or some other finishing material. Additionally, the growth of the construction industry, owing to urbanization and simplified utility, along with lower costs of insulated wall panels, is expected to drive the demand.
- Advancements in the market have been in the form of insulated wall panels, which provide superior and uniform insulation, in comparison with more common methods of house construction. These panels can be used in almost any architectural setting, but are most common in residential constructions. The greatest advantage of these panels is that they offer superior and uniform insulation when compared to more common methods of house construction.
- The adoption of panels results in an enhanced aesthetic appeal. The wall covers with fewer joints also offer several practical gains, as they are easier to install than separate single tiles and considerable time can be saved during the renovation process. Besides, after the placement of the wall panels, the end-user also benefits from the ease that these panels offer, as the wall is easier to clean and maintain. The growing investments in the hospitality sector, owing to increasing global tourism, is poised to impact the market studied, over the forecast period.
- Moreover, wall panels are increasingly popular as an alternative to ceramic tiling in both kitchens and bathrooms. It was once known as the low-end product used mainly in social housing and large scale public sector projects. However, the developments in design and technology have combined to produce high-quality finishes, textures, and colors, which work with any style of property.
North America is Expected to Hold Significant Market Share
- In the United States, for instance, the public residential building’s construction spending rose from USD 5.07 billion in 2014 to USD 6.55 billion in 2019, according to the United States Census Bureau. With this, huge investments were made in home décor and home improvements, in the United States, which propelled the wall covering the market in the country. The similar trend of rising residential constructions, owing to the increasing population across the world, is expected to drive the demand for wall coverings.
- Also, the commercial construction sector is on an upswing. According to the FMI Corporation, in the United States, the new commercial buildings are expected to value USD 99.42 billion in 2021 from USD 47.33 billion in 2012. Furthermore, technological advancements in wall coverings, such as inkjet painting (which is expected to mimic the texture, design, and look of natural wood and stone) are expected to boost the market growth in the region.
- North America is witnessing Flavor Paper, a New York-based wallpaper company, has stepped into the niche area, where a selection of readily available images can be sized to fit specific dimensions or customize the wallpapers by taking buyers’ high-resolution digital images and turn them into full-scale wall murals. According to the US Census Bureau, the Paint and wallpaper store sales in the United States in the year 2018 was USD 12.51 dollars which was a 6% increase compared to the prior year.
- According to the US Geological Survey, wallboard product sales in the United States in 2019 were 24,000 million square feet which is a clear indicator of an increasing demand of wall panels from consumers for wall panels in one piece, from wholesalers, DIY markets, architects, and contractors in the region. Moreover, these panels are common in commercial spaces, bathrooms, and toilets.
The wall covering the market is quite fragmented and consists of several players. The companies in the market tend to partner with international designers to make the wall coverings aesthetically pleasant to the eye, and manage to incorporated latest designs and punchy colors and to perfectly enhance the home interiors, shops, hotels, cafés, and restaurants, as well as exhibition stands and public buildings.
- March 2020 - Wall-to-wall compositions make the wallpapers in the AS Creation’s new Atelier 47, which is a digital print collection flamboyantly eye-catching with multilayered imagery inspired by urban and natural themes, combined with graphics, geometrics, and striking textures.
- March 2019 - Benjamin Moore, along with The Alpha Workshops, the nonprofit organization providing decorative arts education and employment to adults and youth with disabilities and other vulnerabilities, announced the launch of their bespoke wallpaper capsule collection. After several years of close collaboration, the company’s color specialists have collaborated with The Alpha Workshops wallpaper artisans in the creation of the special edition of 15 hand-painted wallpapers featuring Benjamin Moore’s premium paints, including CENTURY, Aura and Studio Finishes.
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