April 18, 2022 09:10 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, April 18, 2022 (GLOBE NEWSWIRE) -- The global wall art market size hit USD 46.33 billion in 2020. The market value could increase from USD 48.50 billion in 2021 to USD 72.61 billion in 2028 at a CAGR of 5.9% during the forecast duration. The market is gaining traction from the rising number of artisans and painters across the world. Growing residential and commercial expansion will create new opportunities for the market growth, states Fortune Business Insights™ in its report titled “Wall Art Market, 2021-2028”.
Wall arts have gained tremendous popularity for decorative and aesthetic purposes in households and museums. Also known as wall design, wall artwork, or wall décor, they enhance the beauty of interior as well as exterior walls and convey informative and inspirational messages. Market players are launching various art events to showcase their artworks to art enthusiasts. Highlighting a recent instance, in March 2021, Saatchi Art, an online artwork marketplace, held a new Virtual Reality (VR) fair to showcase its artworks to people globally.
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Proliferating Interior Home Décor Trend amid Pandemic to Strengthen Market Outlook
Amid strict lockdowns introduced to control the spread of COVID-19, a vast majority of individuals are embracing interior home décor. As a result, wall art demand has gone up significantly in many regions. For instance, Artfinder, one of the leading art products makers in the world, reported a staggering 146% surge in sales in June 2020. Since COVID-19, an increased number of people have been leveraging online platforms to avail the latest, trendy artworks.
While the aforementioned factors have augmented wall art market growth during the pandemic, cancellation or postponement of various art auctions and artwork events have impacted the market dynamics slightly.
Fortune Business Insights™ lists out all the wall art market companies that are presently striving to reduce the impact of Covid-19 pandemic on the market:
Rising Number of Artists & Growing Home Décor Trend to Augment Growth
Wall artwork demand is rising steadily across the world, fueled by the increase in the number of artisans and painters. The U.S. Bureau of Labor Statistics reports that the employment of artists in the country reached USD 12,600 in the country and will grow at 9.5% through 2030. Increasing residential and commercial development is also create lucrative opportunities for wall art companies. This is because a large number of homeowners are adopting creating wall artworks to improve the aesthetic feel of their homes. These factors, along with the rising number of museum visits across many countries, will support wall art market growth during 2021-2028.
However, the market demand could be affected by the availability of alternative forms of décor such as murals, wallpapers, lightings, and others.
Based on type, the market is segregated into modern, abstract, fine, and others.
In terms of material, the market is segmented into paper, canvas, and others.
By sales channel, the market is bifurcated into auction houses and dealers.
Geographically, the market is broken down into North America, South America, Europe, Asia Pacific, and the Middle East & Africa.
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North America to Proliferate Backed by Rising Number of Artists
North America is expected to dominate wall art market share over the forecast period. The regional market stood at USD 20.55 billion in 2020. The region is witnessing heavy demand for artisan-made home décor products including drawings, paintings, sculptures, and more. Art events, such as the Toronto Outdoor Art Fair (TOAF) held in July 2021, will bolster the regional outlook.
Europe will experience rapid growth led by the rising number of art museum visitors in France and the U.K. Meanwhile, in the Asia Pacific region, new opportunities will emerge from the expanding residential and commercial sectors.
November 2021: Prolab launched a new wall art business in Australia that features a range of canvas and acrylic material-based art prints.
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