Wall Covering Market- Forecast (2021-2026)

Wall Covering Market Overview

Wall Covering Market size is forecast to reach $57,168.9 Million by 2026, after growing at a CAGR of 7.1% during 2021-2026. Increasing government initiatives and investments to enhance and promote the building and construction activities across various regions, will raise the usage of wall coverings which will further drive the growth of the market. In addition, the increasing demand for wall tiles, which has alluring properties such as being more useful, easy to use, and install in remodeling and renovation projects, is expected to boost the wall covering industry. Furthermore, due to the increasing initiatives in the renovation of buildings the demand for wall coverings is expected to rise during the forecast period.

COVID-19 Impact

The rapid expansion of coronavirus has had a huge effect on global markets as large markets had been locked up because of this pandemic in 2020. Because of the nationwide lockdown, suddenly the production and supply demand for raw materials used for the production of wall coverings declined in the year 2020. Globally, the shutdown of all forms of international transports was also one of the major factors which affected the growth of the wall covering industry. The pandemic has also had a huge effect on the GDP growth rate worldwide. According to the International Monetary Fund, globally the actual GDP for the year 2020 (annual percentage change) was -3.3%. Besides, the construction sector also slowed down the demand for goods’ production and exports of wall coverings with the pause of several ongoing and upcoming residential and commercial projects. Thus, this declined the wall covering market growth in the year 2020.

Report Coverage

The report “Wall Covering Market- Forecast (2021-2026)” covers an in-depth analysis of the following segments of the wall covering market.

By Product Type: Wall Panel, Wall Paper (Vinyl Wallpaper, Non-Woven Wallpaper, Paper-Based Wallpaper, Fabric Wallpaper, and Others), Tiles, and Others

By Application: Residential, Commercial, Healthcare, Hotels and Restaurants, Concert Halls and Museums, Sports Arena, Educational Institutes, Transport, and Others

By Geography: North America (U.S., Canada, and Mexico), Europe(Germany, UK, France, Italy, Spain, Netherlands, Russia, Belgium, and Rest of Europe), Asia Pacific (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia, and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America),and RoW (Middle East and Africa)

Key Takeaways

• Asia-Pacific region dominated the wall covering market owing to a change in government emphasis and investments on residential and commercial construction growth.
• Rising usage of ceramic wall tiles owing to the durability, water resistance, and esthetic design, in the residential and commercial construction sector to withstand unavoidable spills and rigorous cleaning procedures will raise the demand for wall tiles in the upcoming years.
• Moreover, the presence of alternatives such as paints & coatings for creating more alluring walls would further create hurdles for the growth of the wall covering market in the forecast period.

Wall Covering Market Segment Analysis -By Product Type

Tiles held the largest share in the wall covering market in 2020 and is expected to grow with the CAGR of 6.8% during the forecast period. More modern homes are opting for contemporary designs, large format wall tiles are becoming increasingly common in today's interiors. One of the benefits of large format wall tiles is that there is less grout, resulting in a much smoother and sleeker overall effect. Another advantage of having fewer grouting lines is that it requires less upkeep, which keeps your space looking newer for longer. Furthermore, when properly installed, large format wall tiles can make rooms flow throughout the property, which is especially effective in open plan living spaces. Moreover, these wall tiles are almost impervious to the effects of water, making them popular in bathrooms, kitchens, and even floors. Increasing demand for wall tiles owing to its long-lasting services is estimated to drive the growth of the market.

Wall Covering Market Segment Analysis -By Application

Commercial segment held the largest share with 46% in the wall covering in 2020 and is anticipated to grow at a CAGR of 7.9% during the forecast period 2021-2026. Wall coverings are used in interior and exterior of commercial buildings in order to enhance the overall look and design of home and also to protect the walls. Wall coverings also make the walls of commercial buildings sound proof, water proof, moisture proofs and more. The government across the world is heavily investing in the commercial buildings. For instance, in November 2019, the U.S. Department of Transportation announced to award US$ 485 million in grants for airport infrastructure to 108 airports in 48 states. Also, TRSDC states that by the end of 2022, the project is on schedule for completion, 14 luxury hotels offering 3,000 rooms across five islands and two inland resorts are included in the plans. Such government initiatives and private investments are bolstering the growth of commercial construction industry in various regions. Thus, the rising construction of commercial buildings such as skyscrapers, hotels, airports, and others, would drive the wall covering market in the forecast period.

Wall Covering Market Segment Analysis - By Geography

Asia-Pacific region dominated the wall covering market in terms of revenue with a share of 57.6% in 2020 and is projected to dominate the market during the forecast period (2021-2026). The demand for wall coverings such as wall papers, vinyl wall covering, wall panels, and others is majorly driven by household customization. According to International Trade Centre (ITC), Australia exported wall paper and similar wall covering of paper worth US$1,037 thousand in 2016, which then increased to US$2,552 thousand in 2020. With the rising export of wall papers the production of wall coverings has increased which has raised the growth of the market. Additionally, ongoing construction projects have raised the growth of the market. According to the Japan Property Central news report, in October 2020, it reported that in Tokyo's Nihonbashi district, Mitsui Fudosan and Takenaka Corporation intend to build a 17-story wood-frame office tower. With a planned height of 70 metres, it will be Japan's tallest wooden structure. This will increase the demand for wooden wall panels. Thus, growing demand for wall covering materials in various end use industries in this region will further drive the market growth in the forecast period.

Wall Covering Market Drivers

Increasing Demand for Digitally Printed Wall Coverings

Digitally printed wall coverings with improved durability and aesthetics are increasingly being used in several regions. These digitally printed wall coverings are more cost-effective than conventional wall coverings and improve the visual appeal of walls. Better aesthetics are in high demand, especially in residential construction. As compared to conventional wall coverings, digitally printed wall coverings offer more interior design options. Also, digitally printed wall coverings provide unlimited variety of widths and are re-printable, whereas in conventional wall coverings the variety of widths are strictly limited and difficult to replace or reprint. Additionally, advancement in material technologies like those for vinyl production has enhanced the durability of all wall covering materials. Under normal conditions, digitally printed vinyl wallpaper lasts five times longer than other wallpapers available. Furthermore, increasing usage of digitally printed wallpapers made of non-woven materials or papers are environmentally friendly, thus, owing to which the demand for these wallpapers are rising in various industries. Thus, the rising demand for affordable digitally printed wall coverings in up-coming construction buildings owing to its alluring properties is projected to fuel the market for wall coverings during the forecast period.

Wall Covering Market Challenges

Rising usage of paints & coatings instead of wall coverings can hinder the market growth

The acceptance of paint and coating products that are corrosion resistant, water resistant, heat resistant, and waterproof, instead of wall coverings is restraining the growth of the market. In addition, to improve performance, paint and coating manufacturers are continuously introducing new products in the market that are environmentally-friendly. The introduction of new technologies has thus increased coating performance, limiting the move from paint and coating to digitally printed wallpaper by consumers. Moreover, many underdeveloped countries are still unaware of the digital printing technology, thus, owing to which wall covering materials are facing huge problems in its acceptance. Due to the above-mentioned factors, wall covering market is anticipated to get struggled to achieve widespread adoption over the forecast period.

Wall Covering Market Landscape

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the wall covering market. Major players in the wall covering market are Shaw Industries Group, Inc., J. Josephson, Inc., Mohawk Industries Inc., Roca Corporacion Empresarial, Sa., Crossville, Inc., Armstrong World Industries, Inc., Fletcher Building Limited., Decorative Panels International, York Wallcoverings, Inc., Patrick Industries Inc. and others.

Acquisition/Product Launches

• In August 2020, Moz Designs, Inc., a manufacturer and fabricator of custom architectural metal ceilings, walls, dividers, and column covers for interior and exterior applications, was acquired by Armstrong World Industries, Inc. AWI expands its leading range of metal ceiling and wall solutions with this exciting new capability.
• In February 2020, Crossville, Inc., launched a new cursive porcelain wall tile collection that includes a variety of unique shapes and vibrant colour options.