The Growth of the Global Curtains Market Softened by 2020

The global curtains market was estimated at $15.3B in 2019 (IndexBox estimates), remaining constant against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers’ margins, which will be included in the final consumer price).

In 2019, the curtain and interior blind market increased to 2.2M tonnes, which remained relatively unchanged against the year before. Overall, there was an upward trend of curtain and interior blind consumption – the average annual growth rate stood at +1.0% per year from 2007-2019. After 2015, the growth of consumption accelerated amid lower prices for blind and shades and strong construction growth worldwide, particularly in the U.S. and Europe. In 2019, however, the market growth lost its previous strong momentum, hampered by a slowdown in the global economy and rising both political and trade tensions in the world.

China (338K tonnes) constituted the country with the largest volume of curtains consumption, accounting for 16% of total volume. Moreover, curtains consumption in China exceeded the figures recorded by the second-largest consumer, India (140K tonnes), twofold. The third position in this ranking was occupied by the U.S. (137K tonnes), with a 6.3% share.

From 2007 to 2019, the average annual growth rate of volume in China totaled +1.8%. In the other countries, the average annual rates were as follows: India (+1.6% per year) and the U.S. (-0.1% per year).

In value terms, China ($2.1B), the U.S. ($1.4B) and the UK ($1.3B) were the countries with the highest levels of market value in 2019, with a combined 31% share of the global market. These countries were followed by Japan, Pakistan, Bangladesh, Indonesia, India, Nigeria, Brazil, Ethiopia and Mexico, which together accounted for a further 20%.

The countries with the highest levels of curtains per capita consumption in 2019 were the UK (967 kg per 1000 persons), Japan (560 kg per 1000 persons) and the U.S. (416 kg per 1000 persons).

From 2007 to 2019, the most notable rate of growth in terms of curtains per capita consumption, amongst the key consuming countries, was attained by Brazil, while curtains per capita consumption for the other global leaders experienced more modest paces of growth.

The Severe Effect of the COVID Pandemic Puts a Drag on the Market Growth

Fundamentally, curtain and interior blind consumption is to follow the growth of global construction and consumer incomes, which both more broadly depend on general economic development.

Until 2020, the global economy has been developing steadily for five years, although at a slower pace than in the previous decade. In early 2020, however, the global economy entered a period of the crisis caused by the outbreak of the COVID-19 pandemic. According to World Bank forecasts, despite the gradual relaxing of restrictive measures and unprecedented government support in countries that faced the pandemic in early 2020, the annual decline of global GDP could amount to -5.2%, which is the deepest global recession being seen over the past eight decades.

The construction sector is to suffer heavily from the pandemic as falling incomes make mortgage loans less affordable. On the other hand, many countries are taking unprecedented measures of state support for the economy and household income, which is to support the recovery of construction. In addition, prolonged isolation can cause people to change something in their home interiors, which can increase consumer interest in curtains.

Taking into account the above, it is expected that in 2020 the global consumption of curtains will stagnate at about the level of 2019. In the medium term, as the global economy recovers from the effects of the pandemic, the market is expected to grow gradually. Overall, market performance is forecast to pursue a slightly upward trend over the next decade, expanding with an anticipated CAGR of +0.3% for the period from 2019 to 2030, which is projected to bring the market volume to 2.2M tonnes by the end of 2030.

The U.S. Remains the Largest Market for Imported Curtain and Interior Blinds

In 2019, supplies from abroad of curtains and interior blinds decreased by -7.9% to 517K tonnes for the first time since 2012, thus ending a six-year rising trend. The total import volume increased at an average annual rate of +1.6% over the period from 2007 to 2019; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2010 when imports increased by 15% against the previous year. Over the period under review, global imports attained the peak figure at 562K tonnes in 2018, and then declined in the following year.

In value terms, curtains imports contracted to $4.6B (IndexBox estimates) in 2019. The total import value increased at an average annual rate of +1.8% from 2007 to 2019; however, the trend pattern remained relatively stable, with only minor fluctuations being recorded in certain years. The growth pace was the most rapid in 2010 with an increase of 13% against the previous year. Over the period under review, global imports reached the peak figure at $4.7B in 2018, and then declined in the following year.

In 2019, the U.S. (131K tonnes) was the key importer of curtains and interior blinds, making up 25% of total imports. It was distantly followed by Germany (45K tonnes), the UK (34K tonnes), Japan (28K tonnes) and France (25K tonnes), together generating a 25% share of total imports. The following importers – Belgium (14K tonnes), Canada (12K tonnes), Spain (10K tonnes), Russia (10K tonnes), the Philippines (9.6K tonnes), Italy (9.5K tonnes) and Sweden (9.4K tonnes) – together made up 15% of total imports.

The U.S. experienced a relatively flat trend pattern with regard to volume of imports of curtains and interior blinds. At the same time, the Philippines (+33.1%), Russia (+8.4%), Germany (+4.8%), Spain (+3.3%), Belgium (+2.6%), Canada (+1.8%), France (+1.5%) and Japan (+1.1%) displayed positive paces of growth. Moreover, the Philippines emerged as the fastest-growing importer imported in the world, with a CAGR of +33.1% from 2007-2019. Sweden experienced a relatively flat trend pattern. By contrast, the UK (-1.5%) and Italy (-1.6%) illustrated a downward trend over the same period.

In value terms, the U.S. ($1.4B) constitutes the largest market for imported curtains and interior blinds worldwide, comprising 30% of global imports. The second position in the ranking was occupied by Germany ($485M), with a 11% share of global imports. It was followed by the UK, with a 5.6% share.

Source: IndexBox AI Platform