Market Trends of Europe Wall Coverings Industry
This section covers the major market trends shaping the Europe Wall Coverings Market according to our research experts:
Non-commercial is Expected to Register a Significant Growth
- Consumer trends relating to wallcoverings in Europe are constantly shifting. Wallpaper remained the preferred choice of covering in the last decade, while panels are finding increasing demand in the residential segment.
- Increased consumer awareness is resulting in consumers demanding for specific wall coverings to suit their preference. This is creating a demand for high-end and customized wallcovering solutions in the residential sector in Europe.
- Besides, increasing demand for premium real-estate is one of the important trends, impacting the market. Real-estate companies are focusing on value addition, by providing sophisticated designs and luxury interiors to lure consumers.
- The demand in residential wallcoverings is mainly driven due to the growth in household customization, as nuclear families are growing in the region. Moreover, owing to an increase in residential construction, coupled with the growth of the spending power of people in the region, the market has been handed a boost.
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The United Kingdom is Expected to Hold Major Share
- There were 27.2 million households in the United Kingdom, in 2017. The number of households increased by 6%, since 2007, similar to the growth in the UK population, during this period.
- Being the sixth-largest construction sector in the world, the UK construction industry is a major contributor to the domestic economy. It is a highly prioritized industry, with a pledge from the government to build 1,000,000 homes by 2020, and another 500,000 in the subsequent two years.
- The country has also witnessed a trend in off-site construction, particularly in urban areas. The Steel Construction Institute has been able to identify reduced construction time from 76-54 weeks, mainly achievable by using prefabricated and preglazed wall panels, permitting a faster weather-tight building envelope, thereby, allowing other trades to work inside the building.
- According to Hiscox, the number of homeowners, choosing to improve their homes, rather than move, has risen fivefold, since 2013. Also, it is estimated that 53% of owners have carried out some sort of renovation project over the past 10 years.
- Such factors are expected to boost the market studied in this country over the forecast period.
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