The Canvas board market is set to witness steady growth during 2021-2031, with a CAGR of around 2-3%. The vast usability and reliable nature of canvas as a fabric make it a premium product, thus, driving the demand for canvas board. Canvas fabric is quite heavy in nature, waterproof, durable, and has a smooth surface that allows user to extend their capabilities and achieve the desired result. Such factors are likely to grow the sales of canvas boards.
What is Driving Demand for Canvas Board Market?
Evolving end-user demand for lightweight, easy-to-transport painting material continues to drive demand for canvas board. Moreover, the canvas itself contains various dynamic properties that find numerous applications in many industries including canvas board, thus, continues to be a lucrative avenue for canvas board manufacturers.
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Additionally, the introduction of extra-curriculum activities in educational institutes globally is likely to boost the demand for products in the painting category thus, growing the demand for canvas boards. Further, the hardwearing quality and water-resistant capabilities attract customers thus, expanding its applications.
The COVID-19 pandemic had severely affected the global economy by shutting the
Industrial sector. This resulted in a substantial slowdown in manufacturing processes due to strict regulations ruled out by the local government. Moreover, the changing lifestyles of individuals also changed the preferences thus, growing sales of necessary items.
Therefore, the canvas board market is projected to take considerable uptime in order to recover from the pandemic and reach survival stages.
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Customers Shifting towards DIY Trend likely to Boost Canvas Board Sales
Artists and painters shifting from canvas to glass, metal, and cardboard a major drawback in the industry are shutting the demand for canvas board.
Canvas as a fabric is durable and has diverse qualities thus, has multiple applications such as in painting, bags, shoes, furniture, shelters, and many others. Moreover, the growing construction industry is likely in favor to use canvas as a product that can be deployed at doors, windows, patio, and in gardens to provide shade.
Additionally, in recent times with the availability of various online platforms that have allowed customers to learn anything has driven the trend of DIY. This has been a forever issue for the manufacturers of various products, as customers tend to learn, and apply their ideas for designing various products as they find them cheap, and do not rely on others.
Above mentioned factors are likely to grow the demand for canvas board in both residential and commercial sectors thus, growing the sales. However, with the evolving industries and the addition of new innovative products, artists and painters are gradually shifting from canvas to glass, metal, and cardboard, which is a major drawback in the canvas board industry, therefore, busting the demand.
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U.S. and Canada Canvas Board Market Outlook
Consumer spending on infrastructure and interior designing in residential areas has increased during recent times in the U.S. and Canada. The high adoption rate of the internet of things and various promotions through advertising and digital platforms are further, encouraging market growth.
Additionally, the culture of the region encourages individuals to indulge themselves by participating or maintaining a hobby as a part of an extra-curriculum activity, which is likely to create a new opportunity for canvas board at a large scale, therefore, growing the sales of the canvas board industry.
Europe Demand Outlook for Canvas Board
Europe is a major player in the worldwide painting business, with the presence of various famous artists and painters in Germany, France, and the UK. Moreover, the growing construction industry in residential areas has attracted customers by providing them with various designer and unique shelters, door designs, window panels that are covered using canvas fabric, thus growing the market of canvas board in Europe.
Additionally, the growth in demand from the marine industry for the production of sails and boat covers using canvas fabric manufactured in Europe reduces the cost price of canvas thus, contributing towards the market growth.
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