Market prospects post-2020 remain positive, although forecasting at this time is difficult as consumer and business confidence levels influence product demand
According to the latest report from AMA Research, the paint, wallcoverings and woodcare market is predicted to decline by 11% due to the COVID-19 pandemic.
Following good growth in 2014, market conditions have since been more challenging. The market for paint, wallcoverings and woodcare is part of the wider décor products market that includes floor & wall coverings and household textiles.
Demand is dependent on both the domestic and non-domestic sectors, although the former accounts for the largest share of the market, and levels of housebuilding and home improvements are key to market development.
Key market drivers of demand are the housing market, consumer confidence, levels of DIY & home improvements, interior design trends, non-residential construction activity and outdoor products requiring painting and/or treating.
The paint sector accounted for 62% share of the market in 2019. Within this sector there has been a continued shift towards more water-based paints, away from solvent based paints, a trend that is likely to continue due to increasingly restrictive volatile organic compounds regulations and higher levels of awareness.
Imports remain a feature of the market, with the EU accounting for the majority share of imports, although the UK is a net exporter of paints.
The wallcovering market has continued to benefit from decorating trends. While the popularity of feature walls appears to have waned more recently, wallpapering remains popular. Demand for value added wallpapers that are washable and scrubbable assist market growth and designer products continue to be popular, adding value to sector size.
The woodcare product sector also accounts for almost a fifth of the overall market. Sales of woodcare products are strongly cyclical and are reliant on the weather as well as overall climate conditions.
Its basic function to protect and preserve wood products benefits the sector as homeowners need to protect external structures in contrast to discretionary spend on interior design and demand for paint. The UK market is dominated by a small number of major organisations.
Overall, market prospects post-2020 remain positive, although forecasting at this time is difficult as consumer and business confidence levels influence product demand and it is currently unclear how the spread of the COVID-19 virus in the UK and globally will impact both the UK and global economies.
Assuming that COVID-19 does not reoccur next year, post-2020 prospects currently remain positive, with overall market development expected to improve across the review period, following a more subdued and challenging market in the short term.
The information was taken from the Paint, Wallcoverings & Woodcare Market Report – UK 2020-2024 by AMA Research, which is available to purchase at www.amaresearch.co.uk
