The global wallpaper market size is poised to expand at a substantial CAGR over the study period.
Wallpaper serves as decorative wall material, featuring designer patterns, textures, and digital images. It finds applications in both domestic and commercial interior decoration, catering to specific aesthetic and material requirements.
The significant expansion of the real estate sector, as highlighed by the remarkable growth in the Indian interior design marketplace, underscores the strong demand for interior decoration products. Wallpapers, in this context, have gained prominence as a favored choice for elevating the visual appeal of residential and commercial spaces in this thriving market.
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Segmentation:
On the basis of product type, the market is classified into vinyl, fabric, paper, and nonwoven. The vinyl wallpaper segment is the most sought-after product type in the market. Vinyl wallpapers are versatile and budget-friendly, making them an appealing choice for customers in both commercial and residential settings. This attractiveness has significantly contributed to their market expansion as they outperform traditional options like plaster of Paris (POPs) and wall painting.
By application, the market is divided into commercial and residential. The commercial segment is likely to grow during the study period. The rise in highly public places and commercial infrastructure such as cafes, restaurants, clubs, and bars is likely to spur the segment’s growth.
In terms of distribution channel, the market is classified into offline and online. The offline segment is touted to dominate. One factor supporting the growth of the offline segment in the market is the personalized guidance and expertise provided by expert staff in specialty stores.
Based on geography, the market is segregated into North America, Europe, Asia Pacific, south America, and the Middle East & Africa.
Report Coverage:
The report conducts a thorough analysis of the key trends that are propelling the global business environment. It goes on to explore the major factors that will propel market growth in the coming years. Additionally, the report provides insights into the strategic approaches adopted by key industry players to enhance their market positions.
Drivers and Restraints:
Rising Urbanization and Population Growth to Boost Industry Growth
The projection that 68% of the world's population will be urbanized by 2050 indicates a substantial increase in the number of people living in urban areas. This tends to increase the demand for modern interiors in urban settings, and, consequently, wallpapers as a means to enhance interior aesthetics.
Regional Insights:
North America to Dominate Owing to High Disposable Income
North America market is slated to hold the key wallpaper market share. The presence of developed countries with high disposable income groups, such as the USA, Canada, and Mexico, drives demand for home renovation and interior decoration, contributing to the region's growth.
Competitive Landscape:
Major Industry Players Focus on Product Innovations to Expand their Product Reach
Major industry players prioritize the implementation of a range of strategic measures to broaden their product outreach and expand their geographical presence. These actions encompass mergers, acquisitions, product introductions, and collaborative partnerships.
Key Industry Development:
October 2022- Asian Paints partnered with the luxury Indian fashion brand "Sabyasachi" to launch an exclusive collection of luxury home interior wallpapers.
May 2022- York Wall Coverings Inc. introduced a fresh collection featuring art and craft moments, designed to support and celebrate artists.
List of Key Players Mentioned in the Report:
Asian Paints
Brewster Wallpaper Corporation
Sangetsu Corporation
AS Creation Tapeten AG
Grandeco
York Wall Coverings Inc.
The Romo Group
4walls
Schumacher & Co.
Osborne & Little
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