The US Wall Covering And Wall Decor Market as of late Published Market look into study with in excess of 100 industry enlightening work area and Figures spread through Pages and straightforward itemized TOC on “US Wall Covering And Wall Decor Market”.
The report gives data and the propelling business arrangement data in the segment to the trade. The report gives a thought related with the progression of this market advancement of key players of this industry. An assessment of this US Wall Covering And Wall Decor market depends upon points, which are of composed into advertise investigation, is fused into the reports.
The US wall covering and wall decor market was valued at USD 13.36 billion in 2019, and it is expected to reach USD 16.05 billion by 2025, registering a CAGR of 4.1%, during the period of 2020-2025.
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 2020, 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.
– Additionally, interior designer firms expect that 8.2% of annular growth of revenues are expected, slightly lower than the 2019 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.
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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 2020. 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 2019 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 2019, 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 2020, 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.
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 2020, 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 2019, 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 2019, the US shipments of ceramic tile amounted to some 895 million square feet.
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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 2020 – 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 3×6 and 3×12 rectangles, 6 squares, 6 triangles, as well as 4 circles and 2 demilunes.