Wall Decor Market size is set to reach USD 40 billion by 2028, according to a new research report by Global Market Insights Inc.
Urbanization has resulted in growing consumer demand for the wall decor products. The increase in construction activities will have a positive impact on the wall decor industry growth. There is also an increasing awareness among the population about the utilization of waste materials in wall decoration in appealing and good design forms; hence, there is a growing demand for decor products made of either broken or intact waste materials.
The wall decor industry has low penetration in an underdeveloped nation. The exposure of people for decor products is low in such countries. People are not reluctant to spend their income in this market as many consumers are price-sensitive and may not invest in decor items. Also, there is a fluctuation in the cost of products due to disruption in the supply of raw materials, and this may hamper the market growth.
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Browse key industry insights spread across 200 pages with 149 market data tables & 23 figures & charts from the report, “Wall Decor Market Size, By Product (Shelves, Wall Paper/Stickers, Clocks, Hangings, Frameworks, Mirror Works), By Distribution Channel (Wholesalers/Distributors, Hypermarkets/Supermarkets, Specialty Stores, Online Retailers), By End-Use (Residential & Commercial), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2022-2028”, in detail along with the table of contents:
Increasing demand for wallpaper due to their pleasant aesthetics
The wallpaper/sticker segment held around 26% of the market share in 2021 and is poised to observe 5.4% CAGR through 2028. The wallpapers are highly preferred in commercial and residential spaces as they can hide rough and non-pleasant walls in offices as well as in houses. The wallpapers or stickers are also ideal while renovating commercial and residential buildings. The wallpaper is available in various designs, colors, textures, materials, and digital prints, further accelerating the wall decor market.
Online retail of wall decor will fuel the industry statistics
Online retail segment generated more than USD 5.5 billion revenue in 2021 and is anticipated to witness about 5.5% gains till 2028. With the increase in digital marketing, there is an increase in demand for wall decor products. Consumers have the advantage to explore more options in terms of color, quality, and size of the product. Online retail helps consumers to save time and estimate the budget of decor items remotely. Online retailers are coming up with augmented reality applications to give the customers a virtual look at how the product will look at their place.
Increasing the use of wall decor products in residential houses
The demand for wall decor in residential use is predicted to reach over USD 23 billion by 2028 propelled by growing residential construction in developing countries, such as India, Malaysia, Indonesia, etc. The growing trend to buy a ready-to-use and furnished home is also a major factor that is contributing to the wall decor market demand.