Market Insights Consumer DIY & Hardware Store

Paint, Wallpaper & Supplies - South Korea

South Korea

In South Korea, the revenue generated in the Paint, Wallpaper & Supplies market in 2024 amounts to €1.88bn.
It is projected to experience an annual growth rate of 3.29% (CAGR 2024-2028).
Comparatively, in the United States generates the highest revenue in this market segment, with €47,830m in 2024.
When considering the population, per person revenues of €36.69 are generated in South Korea in 2024.
South Korea's paint market is experiencing a surge in demand for eco-friendly and low VOC (volatile organic compounds) products.

Key regions: Japan, Indonesia, Turkey, Germany, Worldwide

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Analyst Opinion

in South Korea, the DIY & Hardware Store market for Paint, Wallpaper & Supplies is experiencing negligible growth. This can be attributed to factors such as the relatively small size of the market and saturation of existing players.

Customer preferences: In South Korea, the Paint, Wallpaper & Supplies Market within the DIY & Hardware Store Market has seen a rise in demand for eco-friendly and sustainable products. This can be attributed to the growing awareness of environmental issues and a desire for healthier living. Additionally, there has been a shift towards online shopping for home improvement products, as consumers seek convenience and safety during the pandemic. This trend is further fueled by the rising popularity of home renovations and DIY projects among South Koreans.

Trends in the market: In South Korea, the DIY & Hardware Store Market is experiencing a surge in online sales of paint, wallpaper, and supplies. This trend is driven by the increasing popularity of e-commerce and the convenience it offers for consumers. As a result, more industry players are investing in online platforms and delivery services to cater to the growing demand. This shift towards online purchasing is expected to continue, with experts predicting a steady increase in online sales for the Paint, Wallpaper & Supplies Market. This presents opportunities for industry stakeholders to expand their online presence and offer a wider range of products to capture a larger market share. However, traditional brick and mortar stores may suffer, as consumers increasingly turn to e-commerce for their DIY needs.

Local special circumstances: ' In South Korea, the Paint, Wallpaper & Supplies Market within the DIY & Hardware Store Market is heavily influenced by the country's strong emphasis on design and aesthetics. This is due to South Korea's rich cultural heritage and modern society, where home improvement and decoration are highly valued. Additionally, the country's strict building regulations and high quality standards for construction materials drive the demand for premium paint and wallpaper products. Furthermore, the increasing trend towards eco-friendly and sustainable home renovation projects in South Korea has also led to a rise in demand for environmentally-friendly paint and wallpaper options.

Underlying macroeconomic factors: The Paint, Wallpaper & Supplies Market within the DIY & Hardware Store Market in South Korea is heavily impacted by macroeconomic factors. The country's strong economic growth, stable political climate, and favorable business environment have contributed to the overall expansion of the market. Furthermore, the increasing demand for home renovation and improvement projects, coupled with the rise in disposable income, has boosted the demand for paint, wallpaper, and other supplies. Additionally, the government's support for the construction sector through various policies and investments has created a conducive environment for market growth.

Methodology

Data coverage:

Data encompasses B2C enterprises. Figures are segmented by product type and consist of the following: Paint, Wallpaper & Supplies, Tools & Machines, Hardware and Building Materials, Lawn & Garden, Heating & Cooling, Bathroom Hardware, and Floor Covering.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use national statistical offices, international institutions, in-house market research, and resources from the Statista platform. Next we use relevant key market indicators and data from country-specific associations such as product value, import value, and export value to determine domestic supply. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing. The main drivers are turnover indices, GDP per capita, and consumer spending per capita.

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.