Wall Art Market is expected to reach $34.77 billion by 2031, with a compound annual growth rate of 5.6% | Asia Pacific is expected to register the fastest compound annual growth rate of 7.1%

Allied Market Research recently published a report titled “mural art market By type (modern, abstract, other), by price point (premium, diamond), by sales channel (auction houses, specialty stores, e-commerce, other): Global Opportunity Analysis and Industry Forecast, 2021-2031.According to the report, the global mural industry was valued at US$20.40 billion in 2021 and is set to reach US$34.77 billion by 2031, with a CAGR of 5.6% from 2022 to 2031. The report provides a detailed analysis of market change Trends, top sectors, key investment pockets, value chains, regional landscapes and competitive scenarios.

Drivers, limitations and opportunities

Rising disposable income, increasing world population, and booming real estate sector are driving the growth of the global mural painting market. The massive increase in the number of families due to urbanization will reinforce the growth trends of the global market. The growing demand for modern and abstract wall art across the commercial and residential sectors is expected to create new growth opportunities for the global market. However, fluctuations in raw material costs can curb the expansion of the global market.

Covid-19 scenario:

  • The COVID-19 pandemic has negatively affected the growth of the global mural arts market due to supply chain disruption, lack of raw material availability and restrictions on the transportation of goods.
  • Delays at national borders have created obstacles to the export and supply of murals worldwide during the COVID-19 pandemic.

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The naked chip to dominate the global market in terms of revenue by 2031

Based on genre, the abstract segment contributed the highest market share in 2021, accounting for nearly half of the global mural art market share. Reportedly, this segment is expected to contribute significantly to the overall market share by 2031. The growth can be attributed to the attraction of young people towards abstract arts and paintings. However, the modern segment is expected to register the fastest compound annual growth rate of around 6.0% from 2022 to 2031. The growth of the segment can be attributed to the high number of customers who prefer modern panels with contemporary aesthetic value.

The mass segment captures the major market share from 2022 to 2031

On a price point basis, the block segment contributed to the highest market share in 2021, accounting for about three-fifths of the global mural arts market share. It is stated that this segment is expected to contribute significantly to the overall market share in 2031. Segmental growth during the projected schedule can be attributed to the increased preference for collective art products from consumers belonging to the middle-income group, however, from The premium segment is expected to register the highest compound annual growth rate of 6.1% during the forecast period. The growth of the sector during the forecast period can be attributed to increased customer spending on premium wall art due to higher disposable income and improved lifestyles.

Specialized warehousing division to dominate the global market by 2031

In terms of sales channel, the specialty department store segment contributed to the highest market share in 2021, accounting for nearly half of the global mural arts market share. This segment is expected to contribute significantly to the total market share in 2031. This segment on the projected schedule is due to the rise in the sale of wall art products in specialty stores and a growing trend of customers towards physical examination of products before purchase. However, e-commerce is expected to register the fastest compound annual growth rate of approximately 6.2% from 2022 to 2031. The reason for the sectoral rise could be the prominent use of smartphones and mobile devices along with changing shopping habits of millennials. The report also includes other segments such as auction houses and others.

North America retains control of the global market from 2022 to 2031

By region, North America contributed significantly to the overall market share in 2021 and is expected to continue its dominance during the forecast period. The region accounted for nearly two-fifths of the global wall art market in 2021. The growth of the market in the region during the forecast time period can be attributed to the massive consumer demand for handcrafted home decor items including sculptures, drawings and paintings in the United States. The Asia Pacific region will register the fastest compound annual growth rate of 7.1% from 2022 to 2031. The growth of the regional market during the forecast period can be attributed to the high spending of the people of the region to keep their homes attractive. Moreover, consumers in the Indian subcontinent are buying fully furnished homes and need wall decoration products to decorate their homes. This has increased the demand for wall art in the subcontinent, which has led to the growth of the wall art market in the Asia Pacific region. The report also analyzes other sectors including LAMEA and Europe.

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The main players in the market

  • Etsy, Inc.
  • community 6
  • Saachi art.com
  • 1000 Museums, .com
  • paint
  • Artfinder Company
  • Red Bubble
  • school building
  • Urban Outfitters, Inc.
  • Gun Paper Company
  • One Kings Lin
  • large wall decor
  • Wayfair.com
  • Z Gallery Company
  • Art.com

The report analyzes these major players in the global Wall Painting market. These players have implemented key business strategies such as strategic expansion, new product launches, alliances, and joint ventures to enhance market penetration and strengthen their position in the industry. The report helps the target audience in determining the market performance, the performance of each segment, the development of the product portfolio in the market, and the contributions that each player makes to expand the market.

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Pawan Kumar, CEO of Allied Market Research, is leading the organization towards providing high quality data and insights. We are in professional institutional relationships with many companies and this helps us extract market data that helps us create accurate research spreadsheets and assures the utmost accuracy in our market forecasts. All data presented in the reports published by us are extracted through preliminary interviews with senior officials of the leading companies in the respective field. Our methodology for acquiring secondary data includes in-depth online and offline research and discussions with industry knowledgeable professionals and analysts.

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