The wall art market is expected to reach $72.61 billion in

Pune, India, April 18, 2022 (GLOBE NEWSWIRE) — Global wall art market size reaches 46.33 billion USD in 2020. The market value could increase by 48.50 billion USD in 2021 for 72.61 billion USD in 2028 to 5.9% CAGR during the forecast period. The market is gaining momentum thanks to the growing number of artisans and painters around the world. Growing residential and commercial expansion will create new opportunities for market growth, says Fortune Business Insight™ in its report entitled “Wall Art Market, 2021-2028”.

Wall arts have gained enormous popularity for decorative and aesthetic purposes in households and museums. Also known as wall design, wall art or wall decor, they enhance the beauty of interior and exterior walls and convey informative and inspiring messages. Market players launch various art events to showcase their works to art lovers. Highlighting a recent example, in March 2021, Saatchi Art, an online artwork marketplace, held a new virtual reality (VR) fair to showcase its artwork to people around the world.

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Impact of COVID-19

Home Decor Proliferation Trend Amid Pandemic to Strengthen Market Prospects

Amid the strict lockdowns introduced to control the spread of COVID-19, a large majority of individuals are embracing interior design. As a result, the demand for wall art has increased significantly in many regions. For example, Artfinder, one of the world’s leading manufacturers of art products, reported a staggering 146% increase in sales in June 2020. Since COVID-19, an increasing number of people are using online platforms to enjoy the latest fashionable works of art. .

While the aforementioned factors have increased the growth of the wall art market during the pandemic, the cancellation or postponement of various art auctions and artwork events have slightly impacted the dynamics of the market.

Fortune Business Insights™ lists all companies in the wall art market currently working to reduce the impact of the Covid-19 pandemic on the market:

  • Saatchi Art (California, USA)
  • Artfinder (London, UK)
  • Mint LLC. (California, USA)
  • Artspace LLC (New York, USA)
  • Artsy (New York, USA)
  • com (New York, USA)
  • Zatista LLC (Yardley, USA)
  • The Tellenge store (Bengaluru, India)
  • Artisera (Bengaluru, India)
  • Seven Wall Art Corporation (California, USA)

Drivers and Constraints

Increase in number of artists and growing trend of home decor to increase growth

The demand for wall art is steadily increasing across the world, fueled by the increase in the number of artisans and painters. The US Bureau of Labor Statistics reports that employment of artists in the country has reached US$12,600 in the country and will increase by 9.5% through 2030. Increased residential and commercial development is also creating opportunities lucrative for wall art businesses. Indeed, a large number of homeowners are embracing the creation of wall art to enhance the aesthetics of their homes. These factors, along with the increasing number of museum visits in many countries, will support the growth of the wall art market during the period 2021-2028.

However, the market demand could be affected by the availability of other forms of decoration such as murals, wallpapers, lightings and others.

Market segments

Based on type, the market is bifurcated into modern, abstract, fine, and others.

In terms of materials, the market is segmented into paper, canvas and others.

By sales channel, the market is divided into auction houses and merchants.

Geographically, the market is split across North America, South America, Europe, Asia-Pacific, Middle East and Africa.

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Report cover

The report offers:

  • Major growth drivers, restraints, opportunities and potential challenges for the market.
  • A comprehensive overview of global and regional developments.
  • List of major industry players.
  • Key strategies adopted by market players.
  • Latest industry developments include product launches, partnerships, mergers and acquisitions.

Regional outlook

North America will proliferate thanks to a growing number of artists

North America is expected to dominate the wall art market share over the forecast period. The regional market stood at USD 20.55 billion in 2020. The region is experiencing high demand for home decor products made by artisans including drawings, paintings, sculptures, etc. Artistic events, such as the Toronto Outdoor Art Fair (TOAF) to be held in July 2021, will strengthen regional perspectives.

Europe will experience rapid growth driven by the increasing number of visitors to art museums in France and the United Kingdom. At the same time, in the Asia-Pacific region, new opportunities will emerge from the expanding residential and commercial sectors.

Detailed Table of Contents:

  • Introduction
    • Search scope
    • Market segmentation
    • Research Methodology
    • Definitions and assumptions
  • Summary
  • Market dynamics
    • Market factors
    • Market constraints
    • Market opportunities
    • Emerging trends
  • key ideas
    • Overview of parent/related markets
    • Industry SWOT Analysis
    • Supply chain and regulatory analysis
    • Recent Industry Developments – Policies, Partnerships, New Product Launches and Mergers & Acquisitions
    • Qualitative analysis (in relation to COVID-19)
    • 5.1 Impact of COVID-19
    • 5.2 Supply chain challenges
    • 5.3 Potential opportunities due to COVID-19
  • Global Wall Art Market Analysis, Outlook and Forecast, 2017-2028
    • Main results/summary
    • Market size estimates and forecasts
      • By type (value)
      • By material (value)
      • By sales channel (value)
      • By region (value)
        • North America
        • Europe
        • Asia Pacific
        • South America
        • Middle East and Africa

Development of key industry

November 2021: Prolab has launched a new wall art business in Australia which offers a range of canvas and acrylic based art prints.

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Take a look at related research information:

Arts and Crafts Tools Market Size, Industry Share & Analysis, By Product Type (Drawing & Painting Tools, Cutting Tools, Paper Crafts & Decorative Items, Others), By Channel Distribution (Convenience Stores, Hypermarkets & Supermarkets, Online Stores, Specialty Stores), By End User (Households, Educational Institutions, Offices, Others) and Regional Forecast 2022-2029

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