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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Covid-19 Scenario
- 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
- York wallcoverings
- brewster home fashions
- Sanderson design group
- F Schumacher & co
- Asian Paints Ltd
- osborne & little
- Lentex corporation
- Guilin wellmax wallcovering co. ltd
- Grandeco wallfashion group
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