Global Info Research has released a new study titled Europe Wall Coverings Analysis and Forecast 2021-2025, which provides critical insights and gives clients a competitive advantage. The European wall coverings market was valued at USD 10.05 billionin 2019, and is expected to register a CAGR of over 2.54% during the forecast period, 2020-2025. This analysis focuses on the major worldwide Web Access Management Software Concentrate companies, to define, characterise, and evaluate the market value, market share, market competitive landscape, and recent developments.
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Europe has emerged as the market leader for wallcoverings in the last decade. The European market is expected to witness robust growth and is likely to retain its market leadership over the forecast period.The region has witnessed a significant rise in the construction of new buildings, residential as well as commercial, on the back of low interest rates, good economic growth, and pent-up needs, and these factors have significantly contributed to the growth of home furnishing.
-The rise in the number of residential houses or complexes due to an increasing number of nuclear families caused the residential segment to hold the larger share over commercial applications. In the present scenario, wall panels and wallpapers, which are sub-segments of wall coverings, are the dominant products.-The European population has been concerned about the home furniture and dcor systems. Owing to the increasing number of high-income population, the spending on home furnishing has increased over the past few years. Due to this demand, European companies are investing significantly in innovative wallcoverings. For instance, Kobes library offers a wide range of fabrics and wallcoverings to create your own personal statement in interiors.
-High inventory costs have been one of the biggest challenges to the growth of the wallcoverings industry. Distributors are needed to stockpile the number of patterns, styles, and raw materials, and store them in controlled environments to protect them from various climatic conditions. Such storage requirements are coupled with very low inventory turnover rates.
-While there are a number of wallpaper designs coming up, almost 80% of wallpapers purchased are from just 20% of the designs present in the inventory. This has led to the cost-conscious behavior of the wallcoverings industry.
The scope of the Report
Wall coverings protect the wall surface from accidental marks or scratches, besides imparting an air of quality and grandeur to uncovered walls. Wall coverings further help in neutralizing interior and customizing it with the help of various colours and patterns. These coverings are also cost-effective.
Key Market Trends
Non-commercial is expected to register a Significant Growth
-The non-commercial applications include the residential usage of wallcoverings. Decreasing average household size, owing to the increasing number of individuals living alone, is driving the demand for real-estate, influencing the demand for wall coverings in the market. Consumer trends relating to wallcoverings in Europe are constantly shifting. Wallpaper remained the preferred choice of covering in the last decade, while panels are finding increasing demand in the residential segment.
-Increased consumer awareness is resulting in consumers demanding specific wall coverings to suit their preference. This is creating a demand for high-end and customized wallcovering solutions in the residential sector in Europe.
-Besides, increasing demand for premium real-estate is one of the important trends, impacting the market. Real-estate companies are focusing on value addition, by providing sophisticated designs and luxury interiors to lure consumers. The demand in residential wallcoverings is mainly driven due to the growth in household customization, as nuclear families are growing in the region. Moreover, owing to the increase in residential construction, coupled with the growth of the spending power of people in the region, the market has been handed a boost. Additionally, a decrease in average household size, owing to an increasing number of individuals living alone, is driving the demand for real estate, influencing the demand for wallcoverings in the market. Moreover, advancement in wallcovers has led to the introduction of eco-friendly interior products for residences. With the 3D wall panels and 3D wall tiles becoming prominent in the market, in recent years.
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The United Kingdom is expected to Hold Major Share
-There were 27.2 million households in the United Kingdom, in 2017. The number of households increased by 6%, since 2007, similar to the growth in the UK population, during this period. Being the sixth-largest construction sector in the world, the UK construction industry is a major contributor to the domestic economy. It is a highly prioritized industry, with a pledge from the government to build 1,000,000 homes by 2020, and another 500,000 in the subsequent two years.
-Furthermore, despite market volatility, the outlook is positive, considering the reports from the government of United Kingdom, the residential building and commercial building revenues are expected to grow by 3.1% and 3.0%, respectively, by 2023. This is pushing contractors to offer additional value in the form of premium interiors, creating demand for high-end wallcoverings.-The demand for real estate is also increasing, with an estimated demand of 300,000 new houses every year. This is further expected to impact the market, with higher demand for wallcoverings. Within the residential sector, prefabricated housing was dominated by timber frame systems, using storey height timber wall panels, when compared to the inner leaf, timber panels.
The Europe Wall Coverings Market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. These major players with a prominent share in the market are focusing on expanding their customer base across foreign countries. These companies are leveraging on strategic collaborative initiatives to increase their market share and increase their profitability. The companies operating in the market are also acquiring start-ups working on Europe Wall Coverings to strengthen their product capabilities. In November 2018, Nippon Paint Holdings Co. Ltd announced that Nippon Paint China has agreed to acquire a 70% stake in Shanghai Mega Coatings Co. Ltd and Mega Coatings (Nantong) Co. Ltd. With this acquisition, NP China will enter full-scale into the container and wind power infrastructure segments, both of which have strong growth potential in Chinas industrial coatings market.
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All the reports that we list have been tracking the impact of COVID-19 the market. Both upstream and downstream of the entire supply-chain has been accounted for while doing this. Also, where possible, we will provide an additional COVID-19 update supplement/report to the report in Q3, please check for with the sales team.
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