Press Release Description
Increasing Investments in Tourism to Amplify the Saudi Arabia Wall Coverings Market
The Saudi Arabia Wall Coverings Market is projected to grow at a CAGR of 5.2% during the forecast period of 2024-29, cites MarkNtel Advisors in the recent research report. The increase in residential and non-residential construction in the country as a result of rising population and urbanization is boosting market growth. Furthermore, the wallcoverings provide several benefits such as moisture and stain resistance, increased texture, and protected wall surface, which are projected to drive market expansion. Additionally, technical breakthroughs in digital and conventional printing techniques with distinct textures and materials are also boosting market growth.
The wall coverings market in Saudi Arabia has grown significantly as a result of growing tourism and improvements in the hospitality industry. A change in the interiors and wall design in hospitality buildings has occurred to add a touch of luxury, elegance for tourists. Moreover, incorporation of wallcoverings showcases the local culture, heritage, or natural beauty of the destination ultimately augmenting the growth of Saudi Arabia Wall Coverings Market.
Moreover, Saudi Arabia has been rapidly urbanizing, with a growing population and increased urban development projects. As more residential and commercial buildings are built, the need for interior decor products such as wall coverings is growing rapidly. New homes and businesses often seek modern and aesthetically pleasing designs, driving the market growth. The emergence of unique and customized wall coverings such as custom wallpapers, innovative graphical designs, theme printing, and textural wallpapers is boosting market growth. Wallcoverings with easy-to-apply and remove qualities are also expanding the market owing to the rising DIY trends among individuals.
Paper Segment to Hold a Major Share of the Saudi Arabia Wall Coverings Market
Based on the type of wallpaper, the market is bifurcated into Paper, Textile, Vinyl, and Non-Woven. Among them, Paper segment accounted for the majority of the market share in the past period owing to numerous advantages such as cost-effectiveness over other materials like vinyl or fabric. Furthermore, paper-based wallpapers come in a wide range of styles, patterns, and colors, catering to a wide range of interests and preferences. Paper-based wallpapers may easily meet Saudi Arabian consumers' aesthetic preferences for beautiful and traditional designs influenced by Islamic and Middle Eastern motifs.
Paper-based wallpapers are widely accessible in Saudi Arabian retail channels such as home improvement stores, specialty wallpaper shops, and internet platforms. Thus, the easy availability, cost-effectiveness, and ease of application are expected to drive the growth of this segment in the forthcoming years.
Residential Segment to Account for a Prominent Market Share
Based on application, the market is bifurcated into, Residential, Commercial, Hospitality, Government and transport, and others. Of them all, residential segment would hold a major share of the market in the forecast period. The rising establishment of residential buildings create the demand for interior décor particularly wallcoverings due to their aesthetically pleasant characteristics.
The growing middle class population in the country is ready to spend on home décor in order to get aesthetically pleasing interiors. The individuals are eager to improve their houses, which includes installing wallcoverings to create attractive and personalized interiors. Furthermore, the Saudi government has been encouraging the real estate sector as part of the Vision 2030 initiative, as well as other projects, to strengthen the country's residential sector. For Instance,
- In 2023, the government of Saudi Arabia announced projects worth over USD 17.3 billion in the housing sector. The government is also planning to launch quality projects with various partnerships.
Thus, the rising urbanization and growth of the housing sector in Saudi Arabia are expected to boost residential segment in Saudi Arabia Wall Coverings Market during 2024-29.
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, Saudi Kenz, Benjamin Moore & Co., Muraspec, SkiptonWall, BSH Walls and Floors, OSBORNE & LITTLE, The Sherwin-Williams, The Romo Group, LEN-TEX CORPORATION, and Others are looking forward to strengthening their market position.
Key Questions Answered in the Research Report
- What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
- What are the trends influencing the current scenario of the market?
- What key factors would propel and impede the industry across the country?
- How has the industry been evolving in terms of geography & solution adoption?
- How has the competition been shaping across the country?
- How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-29?
- Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?
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