Global sales of wall decoration products will approach US$58.2 billion in 2022
JUMEIRAH LAKES TOWERS, DUBAI, UNITED ARAB EMIRATES, Jan. 20, 2022 /EINPresswire.com/ — Comprehensive analysis by FMI on the wall decoration market provides fascinating insights into key dynamics, including drivers and restraints affecting the market growth. It reveals hidden growth prospects in various segments based on product type, base material, end-use, and sales channel.
According to an in-depth study by IMF, the global wall decoration market is expected to reach US$58.2 billion in 2022. Increase in residential and commercial infrastructure construction across the globe is driving the growth of the decoration market mural. For this reason, the wall decoration market is estimated to reach US$70.9 billion by the end of 2028.
Improving living standards and increasing infrastructure spending by individuals to improve the aesthetic appeal of their homes in the United States, Germany, China, and India are facilitating the demand for wall decorations. As a result, sales are expected to increase by 4% CAGR during the forecast period 2022-2028.
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The growing trend of adopting nature-derived elements, such as wood, and nature-inspired patterns for the decoration of luxury earthen components is creating growth opportunities for the market.
Moreover, consumers are increasingly embracing wall decoration to make the space look authentic, especially in modern homes. This shift in consumer lifestyle preferences is believed to create lucrative opportunities for the market.
In addition, owners of commercial spaces such as resorts, restaurants, hotels and others are increasingly focusing on improving their interiors to create a warm and luxurious ambience to increase the customer footfall, which in turn accelerates wall decor sales.
In terms of end use, the commercial segment is expected to overtake the residential segment, accounting for the lion’s share of the market. Increasing government investment in the commercial sector for the construction of hotels, resorts, restaurants and spiritual institutes to develop the tourism industry is driving the growth of the segment.
“Major companies are focusing on expanding their portfolio by introducing handmade and easy-to-install decor such as picture frames, wall hangings, wall decals and more to capitalize on the DIY (DIY) trend across North America and Europe. This should bode well for market growth,” says an IMF analyst.
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Key Takeaways from Wall Decor Market Research
• The United States is expected to represent the maximum share of the North American market, growing at a CAGR of 2.6% over the assessment period.
• The UK wall decoration market is estimated to hold a significant share in Europe, growing at a CAGR of 2.2% between 2022 and 2028.
• Thailand is expected to become a very attractive market in South Asia, posting sales at over 3% CAGR over the next ten years.
• Based on basic materials, the fabrics and textiles segment is expected to grow steadily, accounting for 25% of total sales through 2028.
• Among product types, the wall sticker segment is expected to hold a large share, growing at 2.4% CAGR between 2022 and 2028.
• The growing propensity to adopt wood-based furniture and decor, due to its luxurious appeal and high-end appearance, is increasing sales in the wood segment.
• Rising demand for natural materials and easy to clean and maintain wall decorations made from handcrafted materials such as fabrics and textiles is driving the growth of the fabrics and textiles segment.
• The implementation of strict regulations on the use of plastic and the low aesthetic appeal of plastic products are restraining the growth of the plastic segment.
• The high cost, poor durability and fragile nature of glass wall decorations are factors that hinder sales in the glass segment.
According to the IMF, the major players in the global wall decoration market are expected to account for almost 15% to 20% of the global revenue share in 2021.
The major players aim to adopt strategies such as developing new products based on new and innovative designs to strengthen their portfolio. In addition, these players also rely on collaborations, partnerships, mergers and acquisitions to increase their customer base. For example,
• In 2021, Paragon Décor Inc., a US-based wholesale wall décor supplier, announced the launch of new products to expand its portfolio. The company also strives to continue to create innovative designs and continue to introduce seasonal product lines.
• In 2018, Kohl’s Illinois Inc., an American department store chain, announced a strategic partnership with the Scott brothers to launch Scott Living at Kohl’s, an exclusive home lifestyle collection. This will help the company strengthen its portfolio and promote the brand.
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Some of the key players operating in the market profiled by FMI are:
• Paragon Decor Inc.
• PTM images
• Artissimo designs
• Green front cabinets
• Surya Inc.
• Neiman Marcus
• Kohl’s Illinois Inc.
• Body and barrel
• Scandiamoss Inc.
• Studio McGee LLC
• Interior decoration Stratton
• Northern Oaks Decor Co
• Bubola & Naibo srl
• Ashleley Furniture Industries
• Inter Ikea Systems B.V.
More Valuable Insights into the Wall Decor Market
The latest IMF report delivers a detailed analysis of the Global Wall Decoration Market, delivering vital insights into the key factors driving the market during the assessment period. The study also revealed growth projections in the wall decoration market with detailed segmentation:
By product type:
• Wall decals
• Carpentry work
• Works with mirror
• Metal work
By base material:
• Fabrics and textiles
By end use:
o Lounge & Spa
o Offices & Showrooms
o Educational institutes
o Spiritual Institutes
By sales channel:
• Hypermarkets/ Supermarkets
• Specialty stores
• Multi-brand stores
• Online retailers
• Others (club shops, gift shops)
• North America
• Latin America
• South Asia
• East Asia
• Middle East and Africa
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Key questions covered in the report
• The report provides an overview of the demand outlook for the wall decoration market for the forecast period 2022-2028
• The market study also highlights the predicted sales growth for the wall decoration market between 2022 and 2028
• A survey of the Wall Decor Market identifies key growth drivers, restraints, and other forces impacting the prevailing trends and evaluation of current market size and forecast and technological advancements within Of the industry
• Wall Decor market share analysis, covering key companies in the industry and coverage of strategies such as mergers and acquisitions, joint ventures, collaborations or partnerships, and others
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