The US wall covering and wall decor market was valued at USD 13.36 billion in 2022, and it is expected to reach USD 16.05 billion by 2031, registering a CAGR of 4.1%, during the period of 2022-2031. The two common areas of applications of wall coverings and wall decor are residential and commercial facilities. Many qualities of wallpaper, including color, texture, and design, drastically change the appearance of rooms. Moreover, a growing interest in textured wall coverings, like grass cloth wallpaper, as well as other textures, such as natural woods, boucle, boiled wool, canvas, mohair, and sisal fabrications, has witnessed increased preferences.
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– Furthermore, multiple manufacturers have been active in launching newer, sustainable interior wall systems that address the commonly faced problems, due to water penetration. For instance, as of January 2022, Fibo Group introduced its 100% waterproof wall panel system for the kitchen and bathroom, across commercial and residential applications. This waterproof wall paneling system represents durable, low maintenance alternative to kitchen backsplashes, shower enclosures, and wet room wall coverings that have been conventionally used.
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– Additionally, interior designer firms expect that 8.2% of annular growth of revenues are expected, slightly lower than the 2022 figure, that is 9.4%. However, on the contrary, with respect to material costs changes, 56% of speciality decorating businesses expect a negative impact of material costs in their businesses. This is due to a typical construction material that include from aggregate, cement, and asphalt products to piping and structural steel, from exterior glass and metal products to the entire sphere of interior finishes, including flooring, wall coverings, and furnishings equipment.
– Furthermore, with rise of Print on Demand as an e-commerce tool and supply chain disruptor, the country sees a considerable demand getting shift toward custom design print flexibility. Many players have entered this arena by offering custom design wall prints. For instance, as of May 2022, Widdlytinks announced the launch of made in USA wall decor pieces, such as stick figures and family name designs.
– However, the demand for wallpapers is being challenged by the difficulty in installing or replacing a wallpaper, coupled with changing consumer preferences toward low-cost décor ideas.
– Due to the recent outbreak of COVID-19, the United States is severely affected, as it is among the top countries with the highest number of positive cases as well as deaths in the country. Such factors impacted the construction sector in the country, various projects in the country were either delayed for groundbreaking or the construction work due to lockdown and lack of workforce. The new home construction is expected to see a sluggish growth till the end of 2022 and may exceed till mid of 2021, due to declining consumer spending capability and loss of business, new investments in home buying decision are expected to be postponed.
Key Market Trends
Rebounding Residential Construction Activity to Drive the Market Growth
– The National Association of Realtors predicts that demand for new homes is strong across majority areas of the country with 745 thousand units of building permits for new single-family residential construction projected in May 2022. Moreover, the rising GDP per capita from USD 62,868.92 in 2018 is expected to rise and account USD 71760.35 by 2022, according to IMF projections. This indicates the rising standard of living amongst the residents of the country.
– The homebuilding market witnessed a surge in December 2022 as activity increased across due to factors like low mortgage rates, Federal Reserve cutting down interest rates, among others. An estimated 1.290 million housing units started in 2022, a significant rise in comparison to 2018.
– Further, rising housing renovations are creating demand for interior decoration, along with an increase in disposable income levels. As of March 2022, the famed Waldorf Astoria in New York is undergoing restoration under developer Dajia Insurance Group. Waldorf Astoria is expected to include 375 condominium residences and the 375-room Waldorf Astoria New York hotel with the completion due in 2022. These newer renovations have been witnessed preferring specialist Coated Non-Woven Paper, Fire Resistant Substrates, and Textured Print Bases.
– Recent influences on such residential developments depict using wallpaper over interior paint. Digitally printed wallpapers add onto aesthetic appeal becomes economical as compared to interior paint, overtime, despite the high current initial investment.
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Tiles to Hold Significant Market Share
– The tiles considered under the scope include ceramic, porcelain, marble, and other types of tiles. These wall covering tiles are offered in different sizes, which are fixed on walls using adhesives. Crossville Inc. is one of the prominent manufacturers of porcelain tile, and it provides a variety of glass and natural stone tile for interior and exterior floors, walls and countertops. In February 2022, Crossville launched the Cursive porcelain wall tile collection. This new product line is notable for its range of various shapes and vibrant color offerings.
– Ceramic wall tiles are rapidly replacing the traditional wall covering materials, such as paints and wallpapers, on account of their durability, stain and scratch resistance and low maintenance properties. Furthermore, the growing adoption of ceramic wall tiles as a low-cost alternative to the marble and other natural stone slabs further creates scope for the market.
– According to the Tile Council of North America (TCNA), in 2022, 2.94 billion square feet of ceramic tile were consumed in the United States. The residential new homes market is closely linked to ceramic tile sales. In 2022, the US shipments of ceramic tile amounted to some 895 million square feet.
– Designer tiles are gaining momentum in the commercial industry, with businesses exploring new designs to improve on infrastructure appeal. marble tile brings a sense of elegance and timelessness to any space. Even after the higher initial cost of wall tiles, factors, such as attractiveness, longevity, and durability, have made tiles one of the most sought-after wall covering products.
The US wall covering and wall decor market is fragmented. Players in the market are adopting strategic collaboration, offering new products to cater to the demands of changing customer preferences, and strengthening their market share. Some of the key developments in the market are:
– February 2022 – Crossville Inc. launched the Cursive porcelain wall tile collection. This unique product line is notable for its range of eclectic shapes and vibrant color offerings. Tiles are available in 3”x6” and 3”x12” rectangles, 6” squares, 6” triangles, as well as 4” circles and 2” demilunes.
– January 2022 – Benjamin Moore & Co. launched a new proprietary color portfolio app in collaboration with DataColor, a color management solutions provider. The app is integrated with a branded ColorReader device from the latter, thereby simplifying and enhancing the color selection process. Augmented reality (AR)-based virtual fan decks, photos, and video visualizers, and renderings are provided along with the app that virtually applies color to surfaces.
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