The global digitally printed wallpaper market is anticipated to grow at an unprecedented rate owing to the changing consumer lifestyle and higher demand for home décor products. Rapid urbanization and growing new housing projects are significant factors driving the market growth. Additionally, increasing focus on better aesthetics and surging demand for interior designing provides an impetus to the market growth. The current trend towards customization of digitally printed wallpapers bolsters the market growth. Environmental concerns have resulted in several advancements of materials, further driving the demand for eco-friendly wallpapers with durability and greater looks.
Debouching Trends in Home Décor to Drive the Market Growth
Shifting consumer preference towards aesthetics has surged the demand for furniture, wallpapers, laminates, and other personalized interior elements. Consumers prefer digitally printed wallpapers over traditional paints and coatings for their durability and availability of wide variety. In line with this, interior designers are extensively using digital wallpapers to add texture, style, and colors to the homes and other spaces, further driving the market growth.
Growing Construction Activities and Rising Residential Spending
The global economies have been witnessing a massive influx of population from rural areas to urban areas, further rising the infrastructure expenditures across the globe. In the U.S., residential spending reached around USD 1.31 trillion in 2017. This has led to umpteen residential projects to originate in several parts of economies. The below info-graph depicts the private residential construction spending in the U.S. for the period 2015–2020.
As per the above statistics, the residential construction spending in 2019 accounted for USD 5,09,091 million and is forecasted to reach USD 5,64,575 million in 2020. Thus, the escalating housing projects will have a positive impact on the demand for digital wallpapers during the forecast period.
Rising spending power is surging the demand for various consumer items such as cars and homes. Buying a home is one of the top priorities of most of the millennials worldwide. Gen Y population is inclined towards the personalization of homes and willing to pay a higher price for quality home products. Moreover, social media platforms such as Pinterest and Instagram have given exposure to the people regarding the latest trends, further driving the market growth.
Digital wallpapers allow the designers to customize the look and feel desired by the consumers. Most of the custom printed wallpapers have gained traction in restaurants, hospital lobbies, corporate, and home interiors. Technological advancements have enabled the designers and developers to generate digitally printed wallpapers from the internet for the millennials, providing an impetus to the market growth.
Increasing commercial spaces to fuel the market growth
Today, the use of digitally printed wallpapers in not restricted only to the residential sector but is also widely demanded from commercial spaces including- hospitals, malls, spas, corporate complex, gyms, exotic apparel showrooms, and various other places. The hectic lifestyle of consumers and the rising stress of people in urban areas, is ultimately driving the demand for personalized spa services. The spa industry is extensively adopting the use of digitally printed wallpapers as it helps in creating a soothing environment and improves the aesthetics of the place.
In the U.S., more than half a million people visit spas daily, with the number of spas reaching 21,700 in the year 2018. The strong performance of the spa industry is a key backdrop for assessing the upward trajectory of the digitally printed wallpapers market.
In addition, the graphics help in providing a marketing or a corporate message in offices and commercial environments. Against the backdrop of favorable government ecosystem, there is a surge in the number of start-ups and commercial activities worldwide. The digitally printed wallpapers help the companies promote the brand and create an ideal work environment. Office design and colorful spaces have been proven in increasing productivity and motivation required for the business to accomplish the set goals. Sometimes, they are even used for attaining greater work efficiency and to distinguish between different departments or work areas in a corporate building or office, further driving the market growth.
Digitally Printed Wallpaper Market: Segmentation
Inkjet Technology Segment to Hold One-Fourth of the Market Share
Inkjet process of developing digitally printed wallpaper has added huge value in the global market. The key players are focusing on providing a personalized experience to the customers, further driving the use of the inkjet process. Several companies are capitalizing on the rising opportunities by adopting inkjet technology for individualized prints while focusing on consumer experience. In 2012, the inkjet technology segment accounted for over 20% of the market share and forecasted to hold around 35% of the market share by 2019. The emergence of drop-on-demand (DOD) inkjet technology allows the printer to produce ink drops as needed to construct the design. Currently, DOD is the dominant digital technology for printing wallpapers and is also utilized in large printers.
Commercial Sector: Largest Consumer of Digital Wallpapers
The commercial sector segment holds the highest market share on account of rising adoption of digital wallpapers by the commercial sector. Growing restaurants and hotels worldwide are driving the demand for digitally printed wallpapers. Several fast-food chain vendors, such as McDonald's, are appealing customers by using vibrant graphics and attractive colors to redesign their stores. Digitally printed wallpapers are widely used in the hospitality sector for creating an appealing environment for the customers. Rising international travelers across the globe have resulted in the development of several hospitality projects, further driving the market growth.
Rising Customer Demand for Customized Home Decors Drives Europe’s Market Growth
Europe dominates the digitally printed wallpaper market during the forecast period. The European décor industry is growing at a swift pace and is projected to reach USD 120 billion by 2024. In Europe, the online home furnishings sales market is growing rapidly, amounting to USD 50 billion in 2019. Rising customer demand for customized home decors and presence of leading players such as IKEA and other digital wallpaper printers accelerates the market growth.
Surging Home Remodeling and Renovation Projects Drives Asia-Pacific’s Market Growth
Asia-Pacific is projected to exhibit lucrative growth in the digitally printed wallpaper market on account of increasing standard of living and rising disposable income. Surging home remodeling and renovation projects provide an impetus to the regional market growth. In addition, the increasing housing projects and rising demand for interior decoration at affordable prices drives the market growth. The below-mentioned info-graph depicts the estimated market potential for the regions during the forecast period 2020 –2029.
Digitally Printed Wallpaper Market: Segmentation
By Printing Technology
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