Market Trends of United States Wall Coverings Industry
This section covers the major market trends shaping the US Wall Coverings Market according to our research experts:
Rebounding Residential Construction Activity in the United States is Boosting the Market
- Residential constructions account for a significant portion of the wallcovering market and are expected to increase considerably. Employment opportunities and population expansion are substantial drivers of the rising demand for new housing since sustained population growth in the United States has raised the demand for all types of housing, including apartments.
- The United States Census Bureau and the United States Department of Housing and Urban Development jointly released the following new residential building statistics for April 2022: 1,819,000 building permits issued, 1,724,000 housing starts, and 1,295,000 housing completions.
- According to US Census Bureau, after a considerable decline during the 2008 Great recession, the value of the new commercial building in the United States has recovered to pre-recession levels, hitting 91.03 billion USD in 2021. In 2022, the value of construction starts in the United States reached USD 135 billion. Moreover, the most popular forms of commercial construction started in the United States were private offices. Private offices, warehouses, and shopping/retail facilities will maintain their attractiveness in the coming years.
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Incremental Innovation in Wallpaper Products Drives Market Growth
- The wallpaper segment of the market is seeing a constant innovation, such as the replacement of Osnaburg with non-woven backing and lightweight. Besides, the incorporation of other characteristics, like breathable fabrics that eliminates the limitations of molds, is considerably promoting the growth of the wall-coverings market in both commercial and residential sectors.
- Furthermore, advancements in wallpaper technology will improve sales opportunities by making these materials easier to apply and remove. Therefore, through 2022, the more attractive possibilities for building construction in residential & non-residential markets and home improvements will enhance wallpaper demand.
- Rising standard of living, Increased disposable income lead to a desire for a better outlook on living and working spaces, and part of achieving that is conditioning one's brain to think more positively, which they may do the surrounding themselves with the wallpapers that make them happy.
- Many companies in the United States are investing in producing environmentally friendly and attractive wallpapers. In addition, numerous corporations are using additional techniques to retain or expand market shares, such as mergers and acquisitions. In May 2021, for instance, F. The Backdrop paint company was purchased by Schumacher & Co. This acquisition allows the company to increase its market share by adding Premium wall coverings to its product line.
