Rising disposable income, rising consumer spending on home improvement, surge in urbanization, rise in number of restaurants and increased awareness of home decor are driving the growth of the global wallpaper market in vinyl.
PORTLAND, Oregon., October 5, 2022 /PRNewswire/ — Allied Market Research has released a report titled, “vinyl wallpaper market by product type (solid vinyl, vinyl coated wallpaper, textile-backed vinyl wallpaper), by application (household, retail), by distribution channel (supermarket and hypermarket, specialty store, e-commerce): opportunity analysis Global Markets and Industry Forecast, 2021-2031 ». According to the report, the global vinyl wallpaper industry generated $943.3 million in 2021, and should generate $1.3 billion by 2031, with a CAGR of 3.3% from 2022 to 2031.
Main determinants of growth
Rising disposable income, rising consumer spending on home improvement, increasing urbanization, growing number of restaurants and growing awareness of home decor are driving the growth of the global paper market vinyl painted. However, the high cost of installation limits the growth of the market. Additionally, increasing investment in R&D of wallcovering products to meet consumer expectations presents new opportunities in the coming years.
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- During the outbreak of the Covid-19 pandemic, poor logistics and restrictions on the movement of the public in affected countries around the world led to supply chain disruptions.
- Later, the lockdown was gradually lifted in various regions, creating a favorable environment for the hotel industry. This, in turn, has expanded the application of vinyl wallpapers in the commercial segment, driving the growth of the vinyl wallpaper industry.
The strong vinyl segment to maintain its leading status throughout the forecast period
Based on product type, the solid vinyl segment held the highest market share in 2021, accounting for more than two-fifths of the global vinyl wallpaper market, and is expected to maintain its leading status throughout the forecast period. This is due to the increase in the number of hotels, restaurants, hospitals and other residential and non-residential buildings. However, the vinyl coated segment is expected to show the highest CAGR of 3.7% from 2022 to 2031. Vinyl coated wallpapers have a significantly longer lifespan than their other alternatives. It is durable, washable and resistant to scratches and tears. All these factors are likely to boost the segment.
The household segment to maintain its leading status throughout the forecast period
Based on applications, the household segment held the highest market share in 2021, accounting for nearly two-thirds of the global vinyl wallpaper market, and is expected to maintain its leading status throughout the forecast period. . This is attributed to the increase in urbanization across the world. Additionally, rapid real estate growth is expected to fuel the demand for vinyl wallpaper in the household segment. However, the commercial segment is expected to show the highest CAGR of 3.6% from 2022 to 2031, owing to the increase in investment in commercial spaces such as airports. , hospitals, hotels and construction projects.
The specialty store segment to maintain its leading position during the forecast period
Based on distribution channel, specialty store segment accounted for the largest share in 2021, contributing more than two-fifths of the global vinyl wallpaper market, and is expected to maintain its leading position during the forecast period. . This is attributed to the fact that consumers prefer products from various specialty stores. Moreover, specific product offerings in specialty stores and better customer services and higher quality products compared to other stores are the other key factors that attract customers to specialty stores. However, the supermarket and hypermarket segment is expected to show the highest CAGR of 4.1% from 2022 to 2031. The most crucial feature that attracts customers to the supermarket or hypermarket is price. In general, prices in these stores are always fixed, discounts are offered on top of this fixed price, and product prices are kept low in supermarkets and hypermarkets.
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North America maintain dominance by 2031
Based on the region, North America held the highest market share by revenue in 2021, accounting for around two-fifths of the global vinyl wallpaper market, and is expected to dominate the market during the forecast period. increasing population and disposable income in developed countries is contributing to the growth of the market. However, the Asia Pacific The region is expected to witness the fastest CAGR of 4.5% from 2022 to 2031. People in this region are experiencing a change in their lifestyle and embracing modern culture. This is responsible for increasing the usefulness of wall coverings in conjunction with other home decor products. Additionally, residential construction is increasing providing lucrative opportunities for the vinyl wallpaper market growth.
Major Market Players:-
- Foundation AS Tapetan AG
- York wallpapers
- fashion home brewer
- Sanderson Design Group
- F Schumacher & co
- Asian Paints Ltd.
- osborne & small
- Lentex Company
- Guilin wellmax wallcovering co. ltd
- Grandeco Wall Mode Group
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SOURCE Allied Market Research