Market Size of Asia-Pacific Wall Covering Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 5.55 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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APAC Wall Covering Market Analysis
The Asia-Pacific wall covering market was valued at USD 8 billion in 2020 and is expected to reach USD 11.01 billion by 2026 at a CAGR of over 5.55% during the forecast period 2021 - 2026. The increasing disposable income and a sharp rise in urbanization have been majorly driving the historic transformation of human social roots, by predominantly replacing the rural culture. This has resulted in the increased usage of wall coverings, along with other modern products, like window frames with low heat transmission, electrical cables and conduits, easily cleaned flooring, and light-reflecting roofing.
- Residential constructions account for a substantial share in the wallpaper market and are expected to witness a considerable growth rate. The employment-population growth and opportunities 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 buildings have also accounted for most of the surge in residential buildings, such that in Australia, by February 2020, the value of residential buildings rose 0.9% and has risen for six months. The value of non-residential buildings rose 0.1% and has risen for two months. The increase in apartment construction delivered several dwellings that are more economical than larger, lower-density housing.
- The wall covering market in the region however suffers from stiff competition from paint and coatings and negative consumer perceptions.
- Paint is considered a viable option, as compared to wall coverings in specific applications. For instance, in rooms with higher 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 wallpapers can be a difficult task that requires the right tools to be effective. Stripping wallpaper can be done with stripping tools or chemicals, but care must be taken, or the wall can be damage. Paints, however, have reduced their cons over the years. Applying primer paint prior to painting over dark-colored paints will make paint preparation easier. Also, paint requires considerably lesser preparation time than wallpaper.
- COVID-19 has further decreased the market demand. This is due to decreased customer spending on non-essential and lucury items. Moreover due to the perception that coronavirus stays on wallpaper and similar materials, the supply of wallpapers have been exceeding the demand.
