iCrowdNewswire Dec 4, 2020 5:00 AM ET
Digital printing is an essentialpart of the graphics market. Digital wallpaper technologies provide more choices of substrates to the designers and developersowing to the usage of noncontact printing. This further removes the distortion of images, which usually occurs in the analogue process. Rising demand for digital printingleads to more significant development and adoption of digitally printed wallpaper technology.
The digitally printed wallpaper marketwas valued at US$ 3,253.3million in 2019 and it is projected to reach US$ 17,676.0million by 2027; it is expected to grow at a CAGR of 24.2%from2020 to 2027.
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The global digitally printed wallpaper market is segmented into five major regions: North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and South America (SAM). In 2019, APAC held the largest market share. However, MEA is anticipated to be the fastest-growing region during 2020–2027. Rapid urbanization in APAC leads to substantial investment by local and foreign players in the construction sector, particularly in residential projects. Further, digitally printed wallpapers are majorly used by interior designers and developers in remodeling and renovation projects. Furthermore, surging demand for new houses and risingliving standards are likely to boost demand for digitally printed wallpapers in the near future.
Impact of COVID-19 Pandemic on Digitally Printed WallpaperMarket
According to the latest report from World Health Organization (WHO), the US, Spain, Italy, France, Germany, the UK, Russia, Turkey, Brazil, Iran, India, and China are a fewof the worst affected countries due to COVID-19 outbreak. The outbreak was first reportedin Wuhan, China, inDecember 2019. The crisis is adversely affecting variousindustries across the world.The global economy is taking the worst hit,and it is likely to continue in 2021 also. The sharp decline in international trade is hindering the growth of the global economy. The production shutdowns, supply chainrestrictions, procurement management, labor scarcity, and border lockdowns to combat and contain the outbreak arerestraining the construction sector. Production slowdown in the construction industry is directly restrictingthe adoption of various ad-hoc products and solutions such as digitally printed wallpaper. Moreover,the construction companies and endusers arereducing their spending on adopting several technology-based products to deal with the current scenario, which is hindering the growth of the digitally printed wallpapers market.
The players operating in the digitally printed wallpaper market focus on strategies such as mergers, acquisitions, and market initiativesto maintain their positions in the market. A few developmentsby key players are listed below:
- In 2020,A.S. CRÉATION TAPETEN AG announced its new wallpaper collection named “new life”, which offers striking designs, clear colors, and a mixture of graphic and floral patterns.
- In 2020, Muraspec launched two brand new sophisticated designs Herringbone and Accord. The company claims that these are unique textured products made from specialty inks to enhance the luxurious look.
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