Global Market for Wall Coverings is Projected to Exceed US$32 Billion by 2020
Sustainable Wall Panels & Wallpapers and
Eco-Friendly Interior Paints Drive the Global Wall Coverings Market, According
to New Report by Global
Industry Analysts, Inc.
GIA announces
the release of a comprehensive global report on Wall Coverings markets. Global
market for Wall Coverings is projected to exceed US$32 billion by 2020, driven by rising environment consciousness
and launch of beautifully styled products offering versatility, sustainability
and extended life.
Wall Coverings,
a protective wall décor comprising wallpapers, wall tiles, interior paints, and
wall panels, are extensively used in residential, commercial and industrial
buildings for functionality and art. Wall coverings represent a vital component
of a building's integrated wall system with market demand highly dependent on
construction activity in residential, hospitality and healthcare sectors. Improving
economic growth as mirrored by the steady rise in global GDP, growing consumer
confidence, and rising construction activity and building renovation/retrofit
activity across the world is driving current growth in the market. Ongoing
trends in the market include revival of interest in feature walls and the
gradual replacement of paper-based wallpapers with non-woven wallpapers.
Future growth
in the market is expected to be driven by increasing global population, rapid
urbanization, burgeoning middle class population, and rising standards of
living and the resulting need to build more residential and commercial spaces
across the world. With urban population increasing at the rate of more than a
person every second, by 2050 urban population worldwide is set to increase by
over 2.5 billion totaling over 6.0 billion individuals. The scenario broadens
the total available market opportunity for wall coverings.
Driven by growing
emphasis on environment protection, the market is witnessing the launch of a
wide range of eco-friendly interior paints, sustainable wall panels and
wallpapers. Technological innovations such as ink-jet printing
technology that allows tile surfaces to replicate any look, texture and design,
is expected to kindle consumer interest
and re-energize demand patterns in the market. Innovations that are poised to
benefit the market in the near term include digital wall coverings; application
of 3D technology in
combination with laser cut relief, hand sculpting and engravings;
indoor air quality enhancing wall coverings; sound-proof wall coverings; smart
multi-purpose wall tiles; and feature-rich interior paints.
As stated by
the new market research report on Wall Coverings, Europe represents the largest
market worldwide. Asia-Pacific ranks as the fastest growing market with a
projected CAGR of 5.7% over the analysis period. Burgeoning economies with
huge population such as China and India, growing need for improved
accommodation, growing urbanization, increasing employment opportunities,
improving disposable income levels, and the increasing number of residential apartments to
accommodate the rising middle class and their changing attitude towards
interior decors represent primary growth drivers in the region.
Key players
covered in the report include Crossville Inc., Dal-Tile Corporation,
Emilceramica S.p.A, Johnson Tiles, Marazzi Group, Blue Mountain, Brewster Home
Fashions, F. Schumacher & Company, Seabrook Wall coverings Inc., The
Designtex Group, Decorative Panels
International, Georgia-Pacific LLC, Wilsonart LLC, Akzo Nobel N.V., Asian Paints Limited, Benjamin Moore & Co.,
Nippon Paint Co. Ltd., Sherwin-Williams Company, and Valspar Corporation, among
others.
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