Global wallpaper market is estimated to witness high growth, owing to rising adoption of decorative interior products and growing remodeling & renovation activities
Global Wallpaper Market is estimated to be valued at USD 1.88 Bn in 2024, exhibiting a CAGR of 4.5% over the forecast period (2024-2031). Furthermore, growing urbanization and changing lifestyle along with rising disposable income can boost demand for wallpapers globally.
Market Dynamics:
Global wallpaper market growth is driven by growing adoption of decorative interior products along with increasing remodeling and renovation activities worldwide. Wallpapers improve the aesthetics of indoor spaces, and are becoming increasingly popular among homeowners as well as commercial space owners. Moreover, wide availability of wallpapers in various designs, textures, patterns, and styles catering to diverse consumer preferences has boosted their demand. Innovations in manufacturing technologies have led to more durable and easier to install wallpapers without toxic compounds, and this has further expanded their application scope. However, volatility in raw material prices can pose challenge for wallpaper producers. Ongoing R&D to develop eco-friendly and customized wallpaper solutions can offer new growth opportunities for market players over the forecast period.
Growing Construction Industry Boosts Demand for Wallpapers
The construction industry around the world has witnessed significant growth over the past decade. Both commercial and residential construction has increased to accommodate rising populations and urbanization. As more homes and buildings are built, there has been huge demand for interior finishing products like wallpaper. Wallpaper is a cost-effective way to decorate and protect walls, thus, it remains a popular choice for new construction projects. The wallpaper market is directly correlated with construction industry trends, thus, sustained growth in building can boost wallpaper sales globally.
Increasing Home Remodeling and Renovation Projects
In addition to new construction, many existing homes and commercial properties undergo remodeling or renovation work each year. As buildings age, interior spaces need to be refreshed and updated periodically. Wallpaper is removed and replaced during such projects. In developed nations especially, a large portion of the wallpaper market comes from renovation of older structures. Homeowners prefer switching out dated wallpaper for new modern designs. Contractors also use wallpaper installation and removal services during commercial refurbishments. The steady stream of remodeling projects worldwide presents profitable opportunities for wallpaper manufacturers and installers.
Availability of Alternative Decorating Options
Growing alternative decorating options can hamper the market growth. Thin laminate wall panels that resemble natural materials like wood or stone have gained popularity. Such faux panels are easy to install, remove and replace without much hassle. These provide a similar aesthetic to wallpaper but with less maintenance requirements over time. Vinyl wall claddings and wall murals printed on canvas or non-woven substrates are also competing substitutes. The variety of attractive and affordable alternate decor solutions divert some consumer spending away from conventional wallpaper.
Raw Material Price Fluctuations
Wallpaper is produced using various raw materials like paper, vinyl, non-woven fibers and coatings. Global prices of these input commodities tend to fluctuate regularly based on supply and demand forces. As costs of paper pulp, polymer resins or other key ingredients increases, wallpaper manufacturers have little choice but to pass on at least part of the increase to customers. High retail prices deter some buyers and project contractors, impacting sales volumes. Unpredictable price swings in raw materials pose a key challenge for the wallpaper industry in stabilizing production costs and profit margins.
Growing popularity of DIY Home decor trends
In recent years, do-it-yourself (DIY) projects have gained immense popularity worldwide. Many homeowners express their creativity through DIY interior decorating using various affordably-priced items. For wall decor, options like stenciling designs, hanging framed art, applying removable peel-and-stick wallpapers are gaining favor over permanent wallpaper installation. DIY trends allow people to refresh wall decor affordably on their own without depending on decorators or repairs.
Rising Income Levels in Developing Regions
As economies in developing Asian, African and Latin American countries strengthen steadily, average household incomes are improving significantly over time. A sizeable middle-income population segment is emerging in major developing markets that now has discretionary spending power on home remodeling and decorative upgrades. Since wallpaper usage has historically been higher in middle and upper classes, these regions present huge untapped opportunities. International wallpaper manufacturers are targeting emerging markets proactively through effective distribution and tailored product designs, addressing local aesthetic preferences and price-points. Asia Pacific especially will drive most of the future increases in global wallpaper consumption.
Growth of E-commerce Platforms
Online retail platforms have massively expanded product access worldwide in recent years. Major e-commerce sites selling home decor now allow wallpaper to be conveniently browsed, selected and purchased with just a few clicks. International delivery has also become reliably affordable. This eases previous issues like limited local brand/design choices in certain regions. Moreover, online shopping research exposes more consumers to latest wallpaper trends and ideas that may spark renovation projects. Social media marketing also plays a role in virtual discovery. The flourishing e-tail landscape cultivates new demand previously out of reach through physical stores alone.
Link - https://www.coherentmarketinsights.com/market-insight/wallpaper-market-3316
Key Developments:
- In February 2024, Life n Colors, a leading luxury wallpaper brand, launched its latest collection called Suneherii. This exclusive line showcases intricate detailing that sets a new benchmark for ultra-luxury wallpaper designs.
- In February 2024, Asian Paints, a prominent Indian multinational in the paint industry, launched its Paris-Calcutta Collection in collaboration with the esteemed designer Mr. Sabyasachi.
- In July 2023, F. Schumacher & Co. opened its new office in the historic Devlin building, located in the vibrant Soho neighborhood of Manhattan, U.S. This move reflects the company’s commitment to being a progressive design center driven by innovation.
- In April 2023, Romo Group partnered with Alice Temperley, the founder and creative director of Temperley London, to launch a stunning collection of wallpapers, pillows, fabrics, and trimmings.
Key Player:
Sherwin-Williams, ABC Imaging, F. Schumacher & Co., York Wallcoverings, Monadnock Paper Mills, Brewster Home Fashions, Osborne & Little, Waldan Paper Services LLC, Maya Romanoff, Ultrawalls, Kreative Decor, Urban Decor, Insignia Decor, Vivid Decor & Panel, Param Enterprises, Sky Wallpapers, Sangetsu Corporation, York Wall Coverings Inc., Raimata Impex Pvt. Ltd., Coatex
