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New York, June 14, 2021 (GLOBE NEWSWIRE) – Wallpaper Market Analysis / Wallpaper Market Outlook
The Global Wallpaper market is expected to experience a CAGR of around 5.52%, to reach USD 33.15 billion during the forecast period (2020-2027), the current Future Market Research (MRFR) report states. Wallpaper, in simple terms, is a type of material used to beautify, cover and decorate the interior walls of homes, buildings, entertainment, offices, and other buildings. It is an attribute of inner beautification. Based on its attractive features compared to decoration materials and interior wall coverings, such as convenient installation, appropriate price, rich patterns, environmental protection and color diversity, these have acquired a notable adoption among customers around the world. Fabric, paper, non-woven, vinyl and the like are the different types of wallpapers. Due to its various attractive features and advantages, wallpapers have wide applications in non-residential construction and residential construction.
Attractive features that drive market growth
According to the new MRFR report, there are many factors that are propelling the global wallpaper market share. Some of them involve booming real estate, rapid urbanization, the growth of the private construction sector, the growing number of residential buildings, the increase in renovation and remodeling projects, sustainability and convenience. installation compared to conventional wall decoration methods, the lack of chemicals / harmful substances. like lead, technological and innovative advancements in several industries, including non-residential and residential construction, and the growing need for green buildings. Additional factors that add to the revenue of the wallpaper market include increasing investments in infrastructure development projects in developing economies, increased awareness, increase in standard of living, increase in disposable income , rapid urbanization, increased construction activity, the launch of new geometric patterns, intriguing textures and bold colors, interior designs and interior decorations transformed, an increasing focus on better aesthetics, the advancement of materials and a time-saving process. In addition, the growing trends in interior design are the latest trends in the wallpaper market.
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On the contrary, the high price of specialist wall coverings, the limited use in specific areas of the building, and the constant exposure to heat, humidity and sunlight causing it to peel off may hamper the growth of the global market. wallpaper during the forecast period.
COVID-19 analysis
Due to the COVID-19 epidemic, the wallpaper market suffered a huge loss due to the decline in advertising across the world. Due to the government-imposed lockdown, trade as well as the construction industry have been affected. It affected the wallpaper market. In addition, due to the economic downturn, consumer spending has declined. The pandemic has spread to countries in North America, Asia-Pacific and Europe, affecting the growth of the market, with most companies headquartered in these regions. This crisis disrupted supply chains and slowed market growth due to lack of manpower and lack of raw materials. Containment in key countries due to the outbreak has resulted in the closure of production facilities for wallpaper substrates and other raw materials as these are not considered essential products. The COVID-19 crisis has had a drastic effect on the construction industry and has had an impact on the cost and supply of labor and materials, the main cost elements of construction projects. In addition, the disruption of the transportation industry has also impacted the construction industry value chain, affecting the wallpaper market.
Market segmentation
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, non-woven, vinyl, and others. Among these, the vinyl type segment will dominate the market during the forecast period.
By end user, the global wallpaper market is segmented into non-residential construction and residential construction. Among these, the residential construction segment will dominate the market during the forecast period.
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Regional analysis
APAC will dominate the wallpaper market
Geographically, the global wallpaper market is divided into Europe, North America, Asia Pacific and Rest of the World (RoW). Among these, APAC region will dominate the market during the forecast period. Growing number of construction projects supported by large infrastructure spending in Vietnam, Taiwan, Myanmar, Thailand, Philippines, Singapore, Japan, Australia and China, among others, strong construction, industry booming construction in China, a growing population, growing demand for infrastructure, construction and building, rising foreign investment and growth of non-residential and residential construction sectors add to the value of the global market wallpaper in the area. Additional factors contributing to the growth of the market include increasing number of new housing units, increasing need for cheaper interior decoration, huge investments in infrastructure sector, improving economic conditions in emerging countries, increasing industrialization and urbanization, increasing disposable income and the availability of cheap labor.
North America to experience admirable growth in the wallpaper market
In North America, the global wallpaper market is expected to witness admirable growth during the forecast period. The growing renovation operations in the region, the flexibility of investments, the growing demand for wallpapers from the commercial and residential sectors and the huge investments in home improvement and interior design are contributing to the growth of the global paper market. painted in the area. The United States has the largest market share.
Europe to see promising growth in the wallpaper market
In Europe, the global wallpaper market is expected to witness promising growth during the forecast period for increasing renovation operations.
In RoW, the global wallpaper market is expected to witness solid growth during the forecast period.
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The global wallpaper market is fragmented and competitive owing to the presence of an array of international and domestic key players. These players have encompassed several strategies to stay ahead of the curve and are also sufficient for growing consumer needs including partnerships, collaborations, geographic expansions, contracts, joint ventures and new product launches, etc. In addition, these players are also making heavy investments in R&D activities to strengthen their portfolios and also gain a foothold in the market.
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