Rise in disposable income, increase in consumer spending on home renovation, surge in urbanization, increase in the number of restaurants, and surge in awareness for interior designing drive the growth of the global vinyl wallpaper market.
PORTLAND, Ore., Oct. 5, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Vinyl Wallpaper Market by Product Type (solid vinyl, vinyl coated wallpaper, fabric backed vinyl wallpaper), by Application (Household, Commercial), by Distribution Channel (Supermarket and Hypermarket, Specialty store, E Commerce): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global vinyl wallpaper industry generated $943.3 million in 2021, and is anticipated to generate $1.3 billion by 2031, witnessing a CAGR of 3.3% from 2022 to 2031.
Prime determinants of growth
Rise in disposable income, surge in consumer spending on home renovation, rise in urbanization, surge in the number of restaurants, and increase in awareness for interior designing drive the growth of the global vinyl wallpaper market. However, high cost of installation restricts the market growth. Moreover, rise in investment for R&D of wall coverings products to meet the consumer expectation present new opportunities in the coming years.
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During the outbreak of the Covid-19 pandemic, poor logistics and restrictions on public movement in the affected countries across the globe led to supply chain disruptions.
Later, the lockdown was gradually lifted in various regions, creating a favorable environment for the hospitality sector. This, in turn, broadened the application of vinyl wallpapers in the commercial segment, boosting the growth of the Vinyl Wallpaper Industry.
The solid vinyl segment to maintain its leadership 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 estimated to maintain its leadership status throughout the forecast period. This is owing to rise in the number of hotels, restaurants, hospitals, and others residential and nonresidential building. However, the vinyl coated segment is projected to manifest the highest CAGR of 3.7% from 2022 to 2031. Vinyl coated wallpapers have a significantly longer life than their other alternatives. It is durable, washable, and resistant to scratching & tearing. All such factors are likely to drive the segment.
The household segment to maintain its leadership status throughout the forecast period
Based on application, the household segment held the highest market share in 2021, accounting for nearly than two-thirds of the global vinyl wallpaper market, and is estimated to maintain its leadership status throughout the forecast period. This is attributed to increase in urbanization across the globe. Moreover, rapidly growing real estate is expected to fuel the demand for vinyl wallpaper in the household segment However, the commercial segment is projected to manifest the highest CAGR of 3.6% from 2022 to 2031,due to rise in investments in commercial spaces such as airports, hospitals, hotels, and construction projects.
The specialty store segment to maintain its lead position during the forecast period
Based on distribution channel, the specialty store segment accounted for the largest share in 2021, contributing to more than two-fifths of the global vinyl wallpaper market, and is projected to maintain its lead position during the forecast period. This is attributed to the fact that consumers are preferring products from various specialty stores. Moreover, specific product offerings in the specialty stores and better customer services & higher quality products compared to other stores are the other key factors that attract customer in the specialty stores. However, the supermarket and hypermarket segment is expected to portray the largest CAGR of 4.1% from 2022 to 2031. Most crucial feature that draws customers to the supermarket or hypermarket is the price. In general, pricing at these stores is always fixed, discounts are offered on top of that fixed price, and product prices are kept low at super and hypermarkets.
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North America to maintain its dominance by 2031
Based on region, North America held the highest market share in terms of revenue in 2021, accounting for around two-fifths of the global vinyl wallpaper market, and is likely to dominate the market during the forecast period. increase in population & disposable income in developed countries contribute to the market growth. However, the Asia-Pacific 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 lifestyles and embracing modern culture. This is responsible for increasing the utility of wall coverings in conjunction with other home decor products. Furthermore, residential construction is increasing, providing lucrative opportunities for the vinyl wallpaper market growth.
Leading Market Players: -
A.S creation Tapetan AG
brewster home fashions
Sanderson design group
F Schumacher & co
Asian Paints Ltd
osborne & little
Guilin wellmax wallcovering co. ltd
Grandeco wallfashion group
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