The global wall coverings market is forecast to grow at a compound annual growth rate (CAGR) of 2.69% from $24 billion in 2011 to $29 billion by 2017, driven primarily by the resurgence in the residential construction sector. Growth in the marketplace is also expected to stem from the escalating demand for remodelling and refurbished homes.
The global wall coverings market, which includes diverse products such as wallpapers, wall tiles, interior paints, unframed mirrors, and wall panels, is expected to exhibit robust growth in the years to come. With new product developments and market turnaround, the demand for wallpapers and decorative tiles is projected to expand.
Europe and Asia-Pacific represent the largest regions within the wall coverings market, together accounting for approximately 60% share of the global market. The US, however, represents the single largest market and is estimated to reach $4.2 billion in 2017.
Growth within the wall coverings market is expected to come predominantly from Asia-Pacific, with the region forecast to exhibit a CAGR of 4.15% during the period to 2017.
China is one of the major producers of building materials and ranks first in the production of ceramic tiles on a global level, with Shanghai as one of the largest commercial centres for the production of building materials. Latin America displays a positive note with booming markets, such as Brazil and Chile, boding bright prospects for architectural coatings.
Interior paints continue to represent the largest segment by type, accounting for an approximate 59% share of the global wall coverings market. It has also been predicted that with changing consumer preferences, wallpaper can be expected to stage a comeback after years of lagging activity and profits.
For more information on the wall coverings market, see the latest research: Wall Coverings Market Research
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