Global 3D Wall Panels Market - Forecast(2023 - 2028)

Global 3D Wall Panels Market Overview

The global 3D wall panels market size is forecast to reach US$5.2 billion by 2027 after growing at a CAGR of 4.4% during 2022-2027. 3D wall panels have become an integral element in the decoration regimen owing to their ability to enhance the ecstatic looks of the dull walls. These panels find their use in both residential and commercial applications. 3D panel finds its extensive use in residential projects where it is utilized in living room walls, bedroom ceilings, bathroom walls, etc. The demand for residential projects is increasing worldwide with increasing population and rapid urbanization and this is expected to drive the market’s growth during the forecast period. For instance, as per the report by India Brand Equity Foundation, FDI received by India in the construction development sector that includes housing projects recorded at USD 26.14 billion between April 2000 and June 2021. Furthermore, the construction sector globally is exhibiting tremendous with increasing construction activities and this is anticipated to influence the market’s growth during the forecast period. For instance, as per the August 2021 stat by Eurostat, the building construction sector in the Euro Area and European Union had a growth rate of 3.1% and 3.8% respectively in June 2021. The market involves raw materials such as polyvinyl chloride and polystyrene and their price fluctuation might affect the market’s growth during the forecast period.

COVID-19 Impact

The 3D wall panels market globally was severely hit due to the COVID-19 pandemic. The market came across challenges such as disruption in the supply chain and temporary shutdown of factories which hampered the market’s growth during the pandemic. Moreover, the stagnant growth in the construction sector further impacted the growth of the market. As per the February 2022 data by the British Parliament, construction work in the housebuilding segment got disrupted in 2020 due to the pandemic. The market picked up a decent pace towards the end of 2020. Going forward, the global 3D wall panels market is projected to have robust demand due to the expansion of the construction sector globally.

Report Coverage

The report: “Global 3D Wall Panels Market Report - Forecast (2022-2027)”, by IndustryARC, covers an in-depth analysis of the following segments of the Global 3D Wall Panels Industry. 

Key Takeaways:

• Plastic 3D wall panels are leading the market. This type of 3D panel can be made into any structure and shape, which makes it the go-to option in the market.
• The residential application is influencing the market’s growth. As per the European Construction Industry Federation 2021 statistical report, investment into new homes in the European region more than doubled in real terms in 2020.
• The Asia-Pacific region is expected to witness the highest demand for 3D wall panels owing to the expanding construction sector in the region. For instance, as per the report by India Brand Equity Foundation, the construction sector in India will become the world’s third-largest by 2022.

Figure: Asia Pacific Global 3D Wall Panels Market Revenue, 2021-2027 (US$ Billion)

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Global 3D Wall Panels Market Segment Analysis - By Product Type

The plastic 3D wall panels segment dominated the global 3D wall panels market in 2021 and is growing at a CAGR of 4.9% during the forecast period. This form of wall panels allows to come up with a variety of forms. Moreover, plastic panels are lightweight, flexible, durable, and can be varnished or painted to enhance the overall charm. Owing to such a robust portfolio, market players are focused on expanding their plastic 3D wall panel segment. For instance, in November 2020, Texas based 3d wall panel manufacturer Frasch launched its new 3D wall panels made up of polyethylene terephthalate recycled plastic. Such development of plastic 3D wall panels is expected to increase its demand in the market during the forecast period.

Global 3D Wall Panels Market Segment Analysis - By End Use

The residential segment dominated the global 3D wall panels market in 2021 and is growing at a CAGR of 5.4% during the forecast period. A wide variety of 3D wall panels are made up of gypsum, glass, and plastics such as polyethylene terephthalate, polyvinyl chloride, and polystyrene. These 3D wall panels are used on both the interior and exterior surfaces of residential buildings, providing an architectural feel at a relatively low cost. The residential projects are on the rise with the increase in global population and rapid urbanization and this is driving the market’s growth. For instance, as per the July 2020 stats by Engage Communicate Facilitate (ECF), in 2019, the number of build-to-rent units completed or in development surged seven-fold to over 140000 in the UK. Similarly, as per the 2021 report by India Brand Equity Foundation, demand for residential properties has surged in India owing to the increased urbanization in the country. Such massive growth in the residential segment is increasing the use of 3D wall panels, thereby driving the growth of the market, and this growth is expected to continue boosting the market’s growth during the forecast period as well.

Global 3D Wall Panels Market Segment Analysis - By Geography

The Asia-Pacific region held the largest share in the global 3D wall panels market in 2021, up to 34%. The high demand for 3D wall panels is attributed to the expanding construction sector in the region. A wide spectrum of 3D wall panels ranging from gypsum 3D panels, glass 3D panels, plastic 3D panels, among others, find their massive uses in the region’s both residential and commercial construction projects, providing an ultimate decorating solution. The construction sector in the region is expanding with increasing construction activity and this is expected to stimulate the demand for 3D wall panels during the forecast period. For instance, as per the Q4 2020 Global Construction Monitor report by the Royal Institution of Chartered Surveyors (RICS), the construction market in Asia-Pacific gained positive momentum (+8). Similarly, according to the stats by InvestIndia, output in the Indian construction market is anticipated the grow on average of 7.1% every year by 2025. Such massive growth in the region’s construction sector is expected to catapult the demand for 3D wall panels during the forecast period.

Global 3D Wall Panels Market Drivers

Increasing demand for residential properties is driving the market’s growth

3D wall panels are extensively used in residential properties where they are utilized in study rooms, dining room walls, bedroom ceilings, and bathrooms to enhance the decoration quotient of the place. The demand for residential properties is increasing globally with rapid urbanization, increasing the use of 3D wall panels and this is influencing the market’s growth. For instance, according to the 2019 Statistical Report by European Construction Industry Federation, the overall investment in Italy’s construction sector registered a 2.3% increase in real terms with maximum contribution coming from the private residential building segment. Similarly, according to the data by Federal Reserve Economic, total spending in the US residential construction stood at US$ 657,608 in September 2020 compared to US$ 642,031 in August 2020. Such a huge demand for residential properties is amplifying the higher requirement of 3D wall panels which is driving the market’s growth.

Expanding construction sector globally is influencing the market’s growth

A wide variety of 3D wall panels such as glass-based, gypsum-based, and plastic materials like polyvinyl chloride and polystyrene are used in large quantities in both residential and commercial segments in the construction sector for improving the aesthetic appeal. The construction sector globally is expanding rapidly with new project announcements and increasing construction activities and this is influencing the market’s growth. For instance, as per the 2021 data by India Brand Equity Foundation, the construction development sectors in India received an FDI between April 2000 and March 2021 amounting to USD 25.93. Similarly, as per the European Construction Industry Federation 2021 statistical report, non-residential, new housebuilding, and renovation projects are projected to witness an investment growth rate of 2.6%, 4.8%, and 5.7% respectively. Such massive expansion in the construction sector is increasing the high uses of 3D wall panels, influencing the growth of the market.

Global 3D Wall Panels Market Challenges

The fluctuation in raw material price might hamper the market’s growth

The market involves raw materials such as polyvinyl chloride and polystyrene which are petroleum-derived. The prices of these materials are fluctuating due to the fluctuation in the price of petroleum and this might hinder the growth of the market during the forecast period. As per the report by ourworldindata.org, the crude oil price in 2017 was recorded at US$ 54.19 per barrel which jumped to US$ 64.21 per barrel in 2019. The oil price dropped again to US$ 41.84 per barrel in 2020. This fluctuation in oil prices created volatility in the petroleum price, ultimately fluctuating the price of raw materials. Such fluctuation in the prices of raw materials might affect the growth of the global 3D wall panels market during the forecast period.

Global 3D Wall Panels Industry Outlook

Investment in R&D activities, acquisitions, product and technology launches are key strategies adopted by players in the Global 3D Wall Panels Market. Global 3D Wall Panels top 10 companies include:

1.  LEBEN
2. Wall Art Pvt Ltd.
3. Ecoste
4. Ekena Millwork
5. Frasch
6. MSI Surfaces
7. BeautyWalls
8. 3D Wall Panels
9. RONA
10. CSI Wall Panels

Recent Developments

• In March 2022, Sri Lanka-based 3D wall panel company Wall Art Pvt. Ltd opened its new shop in Kandy to cater to the growing demand for 3D wall panels.
• In May 2019, Ventura India launched its new range of 3D wall paneling, Mabel, made up of copolymers.

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