Wall Covering Market Expected to Reach $239.7 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Wall Covering Market," The wall covering market size was valued at $152 billion in 2021, and is estimated to reach $239.7 billion by 2031, growing at a CAGR of 4.7% from 2022 to 2031.

Wall covering is used in residential and commercial sector to enhance the interior and exterior walls and to protect the wall surface from stains and moisture. Numerous varieties of wall coverings are available in the market, some for extremely particular and various uses. Wall covering products include wallpaper, wall-panel, and tiles, which are used in different applications such as kitchens, bathrooms, and interior & exterior walls.

The wall covering market has grown due to global expansion of the residential construction and renovation sector. Rise in demand for wallpaper and tile wall covering in the residential construction sector for the purpose of protecting walls have enhanced the look & style of exterior walls, which has propelled the market forward. The governments of various countries have invested in residential sector due to rise in population and for better living standards. For instance, since April 2021, the U.S. government has invested $213 billion to construct and retrofit more than 1 million residential and commercial buildings. It includes the construction of 500,000 homes for low and middle-income homebuyers. In addition, the U.S. government is expected to spend $137 billion on the upgrade of schools and universities. Hence, due to rise in population, these investments in construction sector are anticipated to increase the utilization of wall covering and hence are anticipated to drive growth of the wall covering market forecast period.

Asia-Pacific region has registered the highest wall covering market share in 2021, due to growth in the residential sector owing to rise in population and income level. Furthermore, an increase in renovation activities in developing countries, as well as rise in building construction are expected to provide a wide range of opportunities for wallpaper and tile wall coverings to be used for bathroom walls, kitchen walls, and exterior & interior spaces, boosting the Asia-Pacific wall covering market growth.

However, during the COVID-19 pandemic, various manufacturers in the wall covering market had to stop their business in countries such as China, the U.S., and India. This break directly impacted the sales of wall covering companies. In addition, lack of manpower and raw materials constricted the supply of wall covering products, which negatively influenced the growth of the market. However, the reopening of production facilities and introduction of vaccines for coronavirus disease are anticipated to lead to the re-opening of wall covering companies.

Key Findings of the Study

• The report provides an extensive analysis of the current and emerging global wall covering market trends and dynamics. 
• In terms of revenue, the tile segment dominated the market in 2021, and wall panels are expected to grow at a significant CAGR during the wall covering market forecast period
• By application, the new construction segment registered the highest revenue in 2021.
• On the basis of printing type, the traditional segment registered the highest revenue in 2021.
• Asia-Pacific is projected to register the highest growth rate in the coming years.
• The key players within the global wall covering market overview are profiled in this report, and their strategies are analyzed thoroughly, which helps understand the competitive outlook of the wall covering industry.
• The report provides an extensive analysis of the current trends and emerging opportunities in the market.
• An in-depth global wall covering market analysis is conducted by constructing estimations for the key segments between 2022 and 2031.