US Wallcovering Market by Size, Latest Industry Trends, Market Share by Application and Regional Forecast 2022-2031

The US Wallcovering market is expected to register a CAGR of 8.7% during the forecast period. Gains in the US Wallcovering Market be driven by a recovery in construction activity, especially in the residential sector of the region. Demand for wall coverings has also benefitted from the turnaround in the prospects for wallpaper, which has suffered from negative consumer perceptions and stiff competition from paint and coatings.

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The region’s increasing disposable income and rapid rise in urbanization have resulted in the increasing usage of wall coverings, along with other modern products, such as window frames with very low heat transmission, electrical cables and conduits, easily cleaned flooring, and light-reflecting roofing. Marketing environmental factors such as interest rates, new housing, and commercial construction statistics, homeowner remodeling, and repair spending have also been driving the market.

– Residential constructions account for a meaningful market share in the wallcovering market and are anticipated to behold a notable growth rate. The employment possibilities and population growth are key drivers of the increasing demand for new housing as continued population growth across the United States have led to increased demand for all dwellings, including apartments.

– Wall panel products will be the fastest-growing wall coverings type through 2022. Sales of wall panel products will profit from the constant recovery in residential construction activity, coupled with growth prospects in nonresidential construction markets. Laminate panels, specifically sheet panels, will continue to dominate demand, but more attractive growth prospects will emerge for many products at opposite ends of the value spectrum.

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– Paint is considered a better alternative, as compared to wall coverings in specific uses. Furthermore, removing existing wallpaper can be a tiresome task that needs the right tools to be efficient. Stripping wallpaper can be achieved with chemicals or stripping tools, but care must be taken, or the wall can be damage.

– As the effects of COVID-19 are perceived around the world, real estate firms in the United States are being affected in different ways, mostly dependent on region and asset class. In the near-term, real estate administrators in the country are worried about preserving value and liquidity, keeping residents and visitors safe, including enhanced cleaning measures, and complying with administrative agency requirements.

– According to a new study from the National Association of Home Builders, the US housing industry stands poised to lead the economic rebound once social distancing and other COVID-19 mitigation efforts show success in containing the coronavirus pandemic. As the housing sector has customers for the wallcovering market, the COVID-19 pandemic might impact the market being studied in the long run.

Key Market Trends

Rebounding Residential Construction Activity in the USA is Boosting the Market

– The residential construction segment is expected to account for a significant market share in the wallcovering market and is expected to witness a notable growth rate in the United States. As the employment opportunities are growing based on population growth are key drivers that tend to increase demand for new housing, dwellings, and apartments.

– According to Thomson Reuters, the US homebuilding rebounded in October 2022, and permits for future home construction surged to a more than 12-year high, pointing to force in the housing market amid cheaper mortgage rates. Housing started advancing 8.5% on a year-on-year basis in October, and building permits climbed 5.0% to a rate of 1.461 million units in October, the highest level since May 2007.

– Housing completions in the United States vaulted 10.3% to 1.256 million units in September. Realtors predicted that housing starts and completion rates required to be in a range of 1.5 million to 1.6 million units per month to meet the inventory gap. The stock of housing under construction grew by 0.1% to 1.161 million units, the greatest since January (Reuters, 2022).

– The housing market, the most susceptible sector to interest rates in the United States, has perked up in recent months, getting up to the US Federal Reserve’s relaxed monetary policy stance, which has pushed down mortgage rates from last year’s multi-year highs. Residential investment rebounded in the third quarter of 2022, after contracting for six straight quarters, the longest such stretch since the 2007-2009 recession.

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Incremental Innovation in Wallpaper Products Drives Market Growth

– Wallpaper products are forecasted to be one of the fastest-growing wall coverings section through 2022. Sales of wallpaper products have been in deterioration for more than a decade, showing changes in customer choices away from wallpaper in support of paint and coatings. Though, the growth of products, such as custom wallpaper, wallpaper borders, and textured wallpaper, is supposed to breathe new life into a previously discouraged product category.

– The wallpaper segment of the market is seeing a constant innovation, such as the replacement of Osnaburg with non-woven backing and lightweight. Besides, the incorporation of other characteristics, like breathable fabrics that eliminates the limitations of molds, is considerably promoting the growth of the wall-coverings market in both commercial and residential sectors.

– Also, advances in wallpaper technology, which make these products more comfortable to apply and remove, will increase sales possibilities. Besides, the more favorable options for building construction in both residential and non-residential markets through 2022 will profit demand for wallpaper.

– Moreover, the features, such as wallpapers and washable paints, substantially adds to the usability. Hence, these determinants are expected to give a significant boost to the global wall-coverings market in the United States. Companies are also increasingly concentrating on developing environment-friendly products, which not only provide sustainable development but tend to enhance the consumer perception of merchants.

Competitive Landscape

The US Wallcovering market is moderately 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 different countries. These companies are leveraging 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 Wall Covering technologies to strengthen their product capabilities.

– Nov 2022 – Johns Manville (JM) announced that it had signed an agreement to acquire ITW Insulation Systems, a business owned by Illinois Tool Works Inc. that is well known in the industrial industry for its premium, low-temperature polyisocyanurate foam insulation, and metal jacketing solutions.

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