Market Trends of Asia-Pacific Wall Covering Industry
This section covers the major market trends shaping the APAC Wall Covering Market according to our research experts:
Residential Sector is Expected to Register a Significant Growth
- The ascending demand for premium real estate is one of the major trends impacting the market studied. Real estate firms are focusing on value addition by further offering sophisticated designs and luxurious interiors to lure consumers.
- The demand for residential wall coverings is majorly driven by household customization. Moreover, with increasing residential constructions and growth of spending power of population, in regions like China, the market studied is expected to register enhanced growth. Additionally, the decrease in the average household size, owing to a rapidly increasing number of individuals living alone, is further driving the demand for real estate, thereby influencing the overall demand for wall coverings.
- Moreover, the advancements in the design of wall covers have led to the launch of eco-friendly interior products for residences. The 3D wall tiles and panels have become prominent in the market in recent times.
- Also, COVID-19 had peaked in China but is still spreading elsewhere in the APAC region. It was anticipated that activity in APAC real estate capital markets would rebound from late Q2 or early H2 2020. However, the global spread of COVID-19 implies this rebound will be pushed back three to six months, thus entailing uncertainty in the wall covering market for the APAC region.
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China to Execute Significant Growth
- Growth opportunities through 2020 will be sparked by a recovery in both non-residential and residential building markets and strengthening prospects in renovation and repair markets.
- Adoption of wall covering products in the region is buoyed by the increasing construction sector in countries like China along with the greatest gains in residential markets. For instance, China Communication and Construction also signed a USD 700 million deal for the construction of a terminal at the Port of Sao Luis, while a USD 300 million loan deal was reached between the Exim Bank of China and Banco do Brasil.
- Imports of wall covering products have been steadily declining for a decade, reflecting the weakening market environment for wallpaper. However, changing consumer preferences and improving economies are expected to offer opportunities for growth in the region.
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