Market Research Future Insights
According to market research future insights analysis, The Wallpaper Market Size was valued at USD 2.28 Billion in 2022. The Wallpaper industry is projected to grow from USD 2.38 Billion in 2023 to USD 3.11 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 3.95% during the forecast period (2023 - 2030).
The increase in disposable incomes and modernization of the nation's suburban areas are the main market drivers for wallpaper. As a result, decorative wallpaper is now increasingly preferred by consumers over paint. The real estate market is expanding quickly, which has increased demand for wallpaper in both commercial and residential settings. Furthermore, printed wallpapers are not just for building walls; they can also be applied to furniture with various textures and used to hide the walls' deficiencies. Moreover, vinyl and lead-free wallpapers are offered, luring health-conscious customers and fueling the expansion of the wallpaper business. The demand for wallpaper is fueled by its ease of installation and durability compared to traditional wall decoration techniques like painting. Additionally, wallpaper can hide wall defects. The absence of hazardous materials like lead in wallpaper is another factor driving the market. It is anticipated that innovative and technological developments in several industries, including residential and non-residential building, will propel the worldwide wallpaper market throughout the forecast period. In the near future, there are expected growth opportunities for the wallpaper market in developing economies due to rising demand for green buildings and investments in infrastructure development projects. However, the growth of the wallpaper market is hampered by the strict regulatory requirements and restrictions regarding the chemicals used in the components. Wallpaper production methods significantly influence the expansion of the wallpaper market.
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Regional Analysis
North America dominated the market for wallpaper in 2021. The demand for local goods is increasing due to several home improvement initiatives by local homeowners. Additionally, more than 75% of American homeowners, according to Porch.com, have completed at least one home renovation project since the pandemic began. Several customers are driving the demand in the area who choose wallpapers with striking prints and textures.
Asia Pacific is expected to register lucrative growth in the market for wallpaper due to urbanization and expanding population. Competing regional brands are using various tactics to strengthen their national presence. For instance, Sangetsu and Sanderson Design Group Plc announced a deal in May 2021 under which Sangetsu would hold the exclusive license for Morris Co. wallpapers in Taiwan, Singapore, Korea, and Japan.
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Market Segmentation
The global wallpaper market has been segmented into product and end-use.
Based on product, the market has been segmented into vinyl, nonwoven, paper, fabric and others. The vinyl category accounted for the largest share of the market in 2021. The product's growth is accelerating because it is suited for high-traffic areas and is simple to clean. Additionally, the damaged vinyl-based wallpaper is easily repairable. Due to their ability to repair damage and simplicity of use, vinyl-based products are anticipated to see an increase in demand in the upcoming years. On the other hand, the nonwoven category is anticipated to grow at a significant rate. One key element driving the nonwoven wallpaper market is the expanding DIY trend. Nonwoven wallpaper can be applied directly to the wall with paste. Furthermore, nonwoven wallpapers are simple to remove and perfectly conceal cracks and other flaws in the wall, giving it a smooth appearance.
Based on the end-use, the market has been segmented into residential and commercial. The commercial category accounted for the largest revenue share in 2021 in the wallpaper market. Increasing urbanization and constructing supermarkets and hypermarkets to reach even more people are anticipated to drive product sales through offline end-user channels worldwide. An increase in the number of high-traffic areas worldwide, including pubs, clubs, and restaurants, is primarily driving the demand in the commercial sector. On the other hand, the residential category is anticipated to grow significantly. The main factor boosting the popularity of online channels in the global industry is an increase in internet penetration among the middle-class population and the use of smartphones and other similar devices.
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Key Players
Some key market players are Sangetsu Corporation; York Wall Coverings Inc.; Brewster Wallpaper Corporation; F. Schumacher Co.; AS Creation Tapeten AG; Osborne Little; The Romo Group; Grandeco; 4walls and Asian Paints.
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