Vinyl Wallpaper Market is slated to increase at a CAGR of 3.3% to reach a valuation of US$ 1.3 billion by 2031
Vinyl Wallpaper Analysis, growth
By product type, the vinyl coated wallpaper segment is expected to be the fastest growing segment during the forecast period
WILMINGTON, DELAWARE, UNITED STATES, June 23, 2024 /EINPresswire.com/ -- The Vinyl Wallpaper Market Size was valued at $943.30 million in 2021, and is estimated to reach $1.3 billion by 2031, growing at a CAGR of 3.3% from 2022 to 2031.
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Vinyl wallpaper consists of a carrier layer (recycled paper or non-woven wallpaper base) and a decorative layer made of polyvinyl chloride. A synthetic foam layer provides three-dimensional structures to embossed vinyl wallpaper models. Vinyl wallpapers are ideal for moist areas such as kitchens and bathrooms, as they can be cleaned more thoroughly.
Moreover, growth in the number of restaurants and changes in perception about the working environment by private organizations cheer up their employees with a neat and refreshing office interior. The necessity of interior decoration and budget for this purpose varies according to the consumer segment that urges the brands to differentiate offers according to the need of the organization or household. these aforementioned factors increase the revenue of Vinyl Wallpaper Industry.
Furthermore, private firms require cost-effective decoration in accordance with organizational requirements. The decorated wall displays the organizational values and personality through various signs and symbols. In contrast, in hotels and restaurants, the brands consider the cost but require a highly decorative and quality wall that can represent the brand personality; thus, they spend a substantial amount of money for this purpose. Hotels and restaurants view it as an initial investment, and budgets are prepared based on the expected return on investment. Around 75 % of tourism brands have stated that the decorative interior has resulted in high customer satisfaction and a 13% increase in customer retention which has contributed to the vinyl wallpaper market growth.
According to the United Nations, a large part of the globe is currently undergoing urbanization. In 2020, nearly 56% of the world’s population lived in urban areas. Growth in urbanization has resulted in increased awareness for wall covering products such as vinyl wallpaper. Increase in number of nuclear families, especially in developing countries coupled with rise in urbanization are surging demand for wallpaper.
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Lockdown imposed due to the outbreak of COVID-19 pandemic has resulted in temporary ban on import & export and transportation activities which has disrupted supply chain. This, in turn, led to decline in growth of the Vinyl Wallpaper Market Demand in the second, third, and fourth quarter of 2020. However, the market is expected to recover in 2022 as the demand for infrastructure and home decor products increases.
The Vinyl Wallpaper Industry is segmented on the basis of product type, application, distribution channel, and region. By product type, it is categorized into solid vinyl wallpaper, vinyl coated wallpaper, and fabric backed vinyl wallpaper.
Based on product type, the solid vinyl segment was the highest revenue contributor to the market with a value of $401.8 million in 2021 and is estimated to reach $527.9 million by 2031 with a CAGR of 2.8% Vinyl Wallpaper Market Forecast 2022-2031. Rise in the number of hotels, restaurants, hospitals, and others residential and nonresidential building increasing Vinyl Wallpaper Market Opportunity
On the basis of application, the household segment held a significant share of 56.84% in the global market in 2021. 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.
As per distribution channel, the specialty store dominated the market in 2021 Vinyl Wallpaper Market Size accounting for 44.84% of the market and is expected to retain its dominance throughout 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 actors that attract customer in the specialty stores.
Based on region, North America has the highest Vinyl Wallpaper Market Share in 2021. North America was the revenue contributor accounting for $377.3 million in 2021 and is estimated to reach $494.0 million by 2031 with a CAGR of 2.8%. Owing to increasing public residential building construction, fueling the growth of vinyl wallpaper market. Moreover, increase in population and disposable income in this region are the Vinyl Wallpaper Market Trends. Another factor which drives the market growth is the availability of customized vinyl wallpaper by key manufacturers in this region.
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The key players profiled in this report for Vinyl Wallpaper Market Analysis are AS Creation, York Wallcoverings Inc., Brewster Home Fashions LLC, Sanderson Design Group, F Schumacher & Co., Asian Paints, Osborne & Little, Lentex Corporation, Guilin Wellmax Wallcovering Co., Ltd., and Grandeco Wallfashion Group.
Key findings of the study
On the basis of product type, the vinyl coated wallpaper segment is expected to be the fastest growing segment during the forecast period.
On the basis of type, the household segment was the dominating segment in 2021.
On the basis of distribution channel, supermarket/hypermarket segment is expected to be the fastest growing segment during the forecast period, with the CAGR of 4.1%.
On the basis of region, Asia-Pacific is expected to be the fastest growing segment during the forecast period with the CAGR of 4.5%.
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