Definition of Market/Industry:
Wallpaper is used in construction industry for the purpose of interior decoration for decorating the walls of commercial and residential buildings. The scope of the report global wallpaper market takes into consideration of both wallpapers and wall coverings.
Global wallpaper market was valued at US$ 6,946.2 Mn in 2018, and is expected to reach US$ 11,286.7 Mn by 2027, exhibiting a CAGR of 5.9% over the forecast period.
The global wallpaper market is expected to witness significant growth, owing to the numerous advantages provided by wallpaper in terms of excellent durability, easy installation, and wide availability of wallpaper products. Furthermore, increasing trend of interior decoration within the residential and commercial spaces is expected to drive growth of the market. Interior decoration is an important part of construction industry, as aesthetical appearance of residential homes or commercial buildings is a prime factor for consumers. Therefore, growth of the construction industry is expected to boost demand for aesthetically appealing wallpapers over the forecast period. For instance, according to the Global Construction 2030 perspective and Oxford Economies, in 2016, the global construction industry was valued at US$ 9.5 trillion, which is expected to grow by 85% to reach US$ 17.5 trillion by 2030, with China, India, and the U.S. accounting for 57% of the global share. Moreover, according to the India Brand Equity Foundation, the Indian real estate sector was valued at US$ 120 billion in 2017, and is expected to reach US$ 1 trillion by 2030. Moreover, it is expected to contribute over 13% to the country’s GDP.
Figure 1. Global Wallpaper Market Share (%), By Region, 2018
The wallpaper market is restrained by its limited use in specific locations of the building. Wallpapers can be efficiently used in specific locations such as bedrooms, seating areas, dining area, and others However, it cannot be used in kitchen, bathroom or exterior decoration. Constant exposure to sunlight can damage the wallpaper and may burn part of it or can fade color of the wallpaper. Exposure to humidity & heat causes the wallpaper to peel off, therefore, wallpapers do not last long in areas exposed to constant sunlight or humidity. These factors are expected to hamper growth of the global wallpaper market over the forecast period.
Increasing consumer awareness about harmful volatile organic compounds in paints is shifting their preference towards more eco-friendly decorative options. Most of the wallpapers are made using PVC, which contains phthalate plasticizers & dilutants. During wallpaper production, these chemicals partially evaporate and some components remain in the wallpaper. Such toxic chemicals can migrate into the home environment, which can potentially harm human health. Therefore, eco-friendly wallpapers made of natural raw material are expected offering growth opportunities to wallpaper manufacturers.
Figure 2. Global Wallpaper Market Share (%), By Product Type, 2018
Brewster Home Fashions LLC
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