(MENAFN- GlobeNewsWire - Nasdaq) New York, Feb. 26, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Wall Covering Market - Growth, Trends, and Forecasts (2019 - 2024)" - https://www.reportlinker.com/p05865732/?utm_source=GNW
This has resulted in the increasing usage of wall coverings, along with other modern products, such as window frames with very low heat transmission, electrical cables and conduits, easily cleaned flooring, and light reflecting roofing.
Residential constructions account for a substantial market share in wallpaper market and are expected to witness a significant growth rate. The employment opportunities and population growth are fundamental drivers of rising demand for new housing as sustained population growth across the world has led to increased demand for all dwellings, including apartments.
Furthermore, high-density apartments have also accounted for most of this increase in residential buildings, such that in Australia, by 2015, apartments accounted for one-third of all residential building approvals. The increase in apartment construction delivered many dwellings that are less expensive than larger, lower-density housing.
The wall covering market suffers from negative consumer perceptions and stiff competition from paint and coatings. Paint is considered a better option, as compared to wall coverings in certain applications. For instance, in rooms with high humidity levels, paints are more suitable because, unlike wallpaper, paint is suited to both the kitchen and bathroom, can deal with humidity, and is mold resistant.
Moreover, removing existing wallpaper can be a tedious task that requires the right tools to be effective. Stripping wallpaper can be done with chemicals or stripping tools, but care must be taken or the wall can be damage.Paints, however, have reduced their cons over years. Applying primer paint in advance to painting over darker color paint will make painting preparation easier. Also, paint requires considerably less preparation time than wallpaper.
The scope of the Report
Wall coverings protect the wall surface from accidental marks or scratches, besides imparting an air of quality and grandeur to uncovered walls. They further help in neutralizing interior and customizing it with the help of various colors and patterns. Also, these coverings are cost effective. The two common areas of applications of wall coverings include residential and commercial. Residential wall coverings are mainly used in homes and in small businesses to add attractiveness to rooms and to express individual style.
Key Market Trends
Residential Sector is expected to register a Significant Growth
The increasing demand for premium real estate is one of the vital trends impacting the market studied. Real estate companies are focusing on value addition, by offering sophisticated designs and luxurious interiors, to lure consumers.
The demand in residential wall coverings is mainly driven by household customization. Moreover, with increasing residential construction and growth of spending power of people, in regions like Asia-Pacific, the market studied is expected to register growth. Additionally, the decrease in average household size, owing to an increasing number of individuals living alone, is driving the demand for real estate, thereby influencing the demand for wall coverings.
Moreover, the advancements in wall covers have led to the introduction of eco-friendly interior products for residences. The 3D wall panels and 3D wall tiles have become prominent in the market, in recent times.
Geographic Trends
Latin America has a significant growth rate over the forecast period owing to flowing investments in the construction sector. Brazil has the highest market share in this region followed by Mexico. Growth opportunities through 2016 will be sparked by a recovery in both non-residential and residential building markets and strengthening prospects in renovation and repair markets.
Adoption of wall covering products in the region is buoyed by the increasing construction sector in countries like Brazil and Mexico along with the greatest gains in residential markets. For instance, China Communication and Construction also signed a USD 700 million deal for the construction of a terminal at the Port of Sao Luis, while a USD 300 million loan deal was reached between the Exim Bank of China and Banco do Brasil.
Imports of wall covering products have been steadily declining for a decade, reflecting the weakening market environment for wallpaper. However, changing consumer preferences and improving economies are expected to offer opportunities for growth in the region.
Competitive Landscape
The Wall Covering Market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. These major players with prominent share in the market are focusing on expanding their customer base across foreign countries. These companies are leveraging on strategic collaborative initiatives to increase their market share and increase their profitability. The companies operating in the market are also acquiring start-ups working on Wall Covering technologies to strengthen their product capabilities. In June 2017, Brewster Home Fashions makes a major move with product expansion by purchasing the assets of Fetco Home Décor Inc. company. This product expansion helps company product offerings even further into the home décor category as well.
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