Rising investments for residential and commercial development and government “go green” initiatives is bolstering the growth of the wall covering market. Wall Covering Market size is forecast to reach $57,168.9 Million by 2026, after growing at a CAGR of 7.1% during 2021-2026.
Increasing government investments to enhance and promote the building and construction activities across various regions, will raise the usage of wall coverings which will further drive the growth of the market. Also, the wall covering market is growing at a significant rate as the governments of various countries are embracing new initiatives such “go green” for modern residential and commercial construction activities. In addition, the increasing demand for wall tiles, which has alluring properties such as being more useful, easy to use, and install in remodeling and renovation projects, is expected to boost the wall covering industry. Furthermore, due to the increasing initiatives in the renovation of buildings the demand for wall coverings is expected to rise during the forecast period.
Rising investments in the construction sectors has raised the growth of the wall covering market. For instance, according to Invest India, by 2025, the construction market in India is expected to emerge as the third largest, construction output is expected to grow on average by 7.1% each year, and the construction equipment industry’s revenue is estimated to reach US$5 billion. Furthermore, as per the Global Construction Perspectives and Oxford Economics report, the global construction industry is projected to hit US$8 trillion by 2030. In addition, Paris will host the Summer Olympic Games in 2024. It is expected that construction work related to the Games will also increase, as the government plans to spend 6.8 billion Euros (US$7.7 billion) to develop and refurbish the infrastructure needed to complete such a large-scale sporting event. Many pre-existing sites will be used for Olympic sporting activities, in order to comply with France's efforts to combat climate change. Therefore, rising investment in residential and commercial development is expected to create various opportunities for the wall covering market.
Wallpaper printed with digital inkjet has excellent longevity – up to 15 years or more – and is less expensive than many paints. All of this makes digitally printed wallpaper an attractive choice for creating a distinctive look that is also reliable and low-maintenance. Thus, quite a few manufacturers have already begun to invest in new technological advances in wall coverings. For instance, in March 2020, the wallpapers in AS Creation's new Atelier 47, a digital print series flamboyantly eye-catching with multilayered imagery inspired by urban and natural themes, combined with graphics, geometrics, and striking textures, featured wall-to-wall compositions. Furthermore, the 'Go Green' trend is expected to drive consumer interest in sustainable wall coverings in the coming years, paving the way for eco-friendly wall panels and coverings, in addition, the need to enhance indoor air quality, and concerns about VOC pollution are further expected to attract consumer interest in sustainable wall coverings in the coming years. Thus, it is anticipated with the rising government investments in the construction industry and government “go green” initiative will boost the market growth during the forecast period.
Asia-Pacific region dominated the wall covering market in terms of revenue with a share of 57% in 2020 and is projected to dominate the market during the forecast period (2021-2026). In developing countries such as India and South Korea, the growing commercial sectors has raised the demand for wall covering at a fast pace. With the development of new commercial buildings the implementation of wall covering has created larger opportunities for the growth of the market. Development of new constructions has been set up in India, which is further estimated to drive the wall covering market growth. For instance, the Indian Government initiated a scheme “Housing for All” which is expected to bring US$1.3 trillion investment in the housing sector by 2025. Under this scheme, 60 million houses are to be built, which include 40 million in rural areas and 20 million in urban area by 2022. Thus, with the increasing investment in the residential sector the construction sector is expected to grow, which in turn will drive the growth of the market in the forecast period. Thus, growing demand for wall covering materials in various applications in this region will further drive the market growth during the forecast period.
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Wall Covering Market Growth Driver
Rising Residential and Commercial Construction Activities is Driving the Market Growth
Rapid urbanisation have been driving the transformation of human social roots on a global scale, primarily through replacing rural culture with urban culture, resulting in increased construction activities. Growing trend towards alluring interior decoration and rising demand for esthetic wall covering materials, is estimated to drive the wall covering market in the residential and commercial sectors. Also, increasing construction activities is further anticipated to raise the demand for wall coverings in the upcoming years. For instance, according to Invest India, the Indian government estimated that by 2022, the construction industry in India is projected to grow at a CAGR of 15.7%, reaching US$ 738.5 billion. Also, according to the government of United Kingdom, 1.7-2.5m new homes are estimated to be built by 2025 in United Kingdom as per the huge retrofit programme. Similarly, as per the United States Census Bureau, the total construction activities rose with 5.3% from February 2020 to February 2021. Thus, with the rising construction activities the market demand for wall coverings is further estimated to rise in various regions over the forecast period.
The Major Players in this Market Include
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the wall covering market. Major players in the wall covering market are Shaw Industries Group, Inc., J. Josephson, Inc., Mohawk Industries Inc., Roca Corporacion Empresarial, Sa., Crossville, Inc., Armstrong World Industries, Inc., Fletcher Building Limited., Decorative Panels International, York Wallcoverings, Inc., Patrick Industries Inc. and others.
In July 2020, Turf Design, Inc., a Chicago-based commercial interiors design firm and manufacturer of custom felt ceiling and wall solutions with annual sales of about $25 million, was acquired by Armstrong World Industries, Inc. AWI's design and production expertise strengthened, and its vast portfolio of architectural specialties ceiling and wall solutions expanded.
In February 2020, Tauranga-based Fletcher Building has announced the construction of a new plasterboard manufacturing and distribution facility. The new plant is US$ 400 million investments that ensure supply in New Zealand for the long term and enable Winstone Wallboards to meet demand.
The rapid expansion of coronavirus has had a huge effect on global markets as large markets had been locked up because of this pandemic in 2020. Because of the nationwide lockdown, suddenly the production and supply demand for raw materials used for the production of wall coverings declined in the year 2020. Globally, the shutdown of all forms of international transports was also one of the major factors which affected the growth of the wall covering industry. The pandemic has also had a huge effect on the GDP growth rate worldwide. According to the International Monetary Fund, globally the actual GDP for the year 2020 (annual percentage change) was -3.3%. Besides, the construction sector also slowed down the demand for goods’ production and exports of wall coverings with the pause of several ongoing and upcoming residential and commercial projects. Thus, this declined the wall covering market growth in the year 2020.
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