Global wallpaper market is estimated to be valued at USD 1.88 Bn in 2024 and is expected to reach USD 2.56 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 4.5% from 2024 to 2031.
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The market has witnessed steady growth over the past few years, due to growing real estate and construction industries.
Market Driver - Growing construction industry
The construction industry has witnessed steady expansion worldwide, and this has boosted demand for wallpaper across the globe. Developing countries in Asia Pacific and Latin America, which are rapidly urbanizing, have become major centers of construction activity. As the middle-class population swells in emerging economies, there has been increase in investment in residential and commercial construction to meet the rising housing needs.
Several nations in Asia Pacific such as India, Indonesia and the Philippines have registered strong GDP growth rates in recent times, which has translated to higher disposable incomes. This has boosted demand for new residential units from emerging affluent populations in urban areas. Real estate developers are launching large townships and housing projects, catering to different income segments. To enhance the aesthetic appeal and ambience of new residential constructions, wallpaper is gaining traction as an affordable interior design solution. The durable and easy to install characteristics of modern wallpaper using non-woven substrates have made them a practical choice for numerous real estate ventures.
Countries in the Middle East and Africa are also undertaking massive infrastructure projects to develop transport and urban infrastructure. Mega cities are coming up across the Gulf region, supported by billions of dollars of investments. This has spurred the activity levels in building construction industry locally. Various types of commercial spaces such as shopping malls, hospitals, hotels and office buildings are increasingly adopting wallpaper for interior decoration purposes. The thriving construction sector can boost wallpaper usage for new projects initiated in public as well as private sector.
In Western nations, policies for green buildings and sustainable construction can stimulate residential repair and renovation activities. As older houses undergo refurbishment, homeowners and builders show greater inclination towards eco-friendly wallpaper that qualifies for green building certifications. Rising inclination towards green products in the construction sphere bodes well for future sales of sustainable wallpaper materials made from recycled paper or plant-based substrates.
Increasing disposal income
Rising disposable incomes have been a key growth driver boosting demand in the global wallpaper market. As economic conditions improve around the world, consumers have more purchasing power available after mandatory expenses to spend on lifestyle upgrades and home decor. This has translated directly into higher sales of wallpaper products. Consumers in developing nations have seen some of the most significant income gains in recent years. For example, average disposable incomes have risen sharply in countries such as India, Indonesia, and Brazil over the past decade according to World Bank data from 2020. As individual wealth accumulates in emerging middle classes within these populations, more households are able to consider redecorating rooms in their homes or apartments beyond basic necessities. The additional funds give consumers options to experiment with aesthetic wall finishes including premium and designer wallpaper options.
Wallpaper Market Report Snapshots
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