Wood Flooring Market Growth, Trends, Size, Share, Forecast to 2027

[Ajit B]

Wood Flooring Industry:

Wooden flooring solutions range from customized to readymadefloors made for homes of all sizes. Easy installation and low amount of workhours are attracting home owners towards the particular solution. Portfolios ofnew designs as well as emphasis on sustainability have culminated in prominentflooring manufacturers upgrading their offerings. The global wood flooringmarket report by Market Research Future (MRFR) provides an investigativeanalysis of various trends in interior finishes coupled with rise of sustainabilityin house construction. It offers astute projections for the period of 2019 to2024 (forecast period) and covers the COVID-19 pandemic in the report.

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Market Scope

The global woodflooring market growth can expand at 4.6% CAGR over the forecastperiod. Rising development of green building and infrastructural projectspertaining to the residential sector can drive market demand. Advancements inprinting technology and ready availability of raw materials can drive theproduction of wood floorings. Expansion of office spaces and rapid urbanizationcan bode well for the global wood flooring market.

Rise of do-it-yourself (DIY) projects which use wood flooring canbenefit the industry. The COVID-19 pandemic has brought demand to a standstill,but home remodeling projects can ensure the uptick of wooden flooring. The needfor long wide planks with natural finishes can be opportune for players. Homecenters and large malls were accountable for the maximum sales of woodfloorings combined with television and online social media channels playing astrong role in stimulating sales.

Segmentation

On the basis of product, the global wood flooring market isdivided into solid wood and engineered wood. The solid wood segment emerged asthe largest segment and is anticipated to retain its position by 2024, which isattributed to its moderate price. Market players are providing an omnichannelexperience to customers for ensuring the sale of home and office furnitureproducts. However, the engineered wood segment is anticipated to witnessmaximum growth rates due to its favorable features of dimensional stability andcost-effectiveness.

On the basis of application, the global woodflooring market trend is segmented into residential, commercial, andindustrial. The residential application segment accounted for the largestmarket share in 2018 and will retain its position by 2024. This is attributedto the growing population in emerging economies of Brazil, China, and Indiawhich in turn drives the demand for residential buildings. It is anticipated toexhibit a sustainable growth rate over the forecast period.

Regional Analysis

Geographically, the global wooden flooring market is segmentedinto North America, Europe, Asia Pacific (APAC), and Rest-of-the-World(RoW).

In 2018, APAC held the largest market share of around 50% and isalso the fastest growing market, which is expected to retain its dominance overthe forecast period. The increasing investments in infrastructural constructionprojects in public and private sectors in emerging economies of China and Indiaare also anticipated to create lucrative opportunities in the woodflooring market in the region. Export offinished products to developed economies can lead to huge investments fromfurniture manufacturers from the U.S. and Canada.

North America accounted for the second largest market and isanticipated to exhibit sustainable growth over the forecast period. The regionis also positively influenced by presence of major market players, mainlysituated in the US. Rise of remodeling and renovation projects can drive thedemand for wood floorings.

In 2018, Europe accounted for a market share of approximately 23%in the overall wood flooring industry, which is expected to hold its positiontill 2023. The booming construction industry in the residential, commercial,and industrial sector is expected to contribute to the demand in the hardwoodflooring market in the region.

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Competitive Outlook

Mohawk Industries, Somerset Hardwood Flooring, Q.E.P. Co., Inc.,The Armstrong Flooring, Inc., Wickes Ltd, Mannington Mills, Inc., Home Legend,LLC, Shaw Industries Group, Inc., Pergo, and Provenza Floors, Inc. are notableplayers of the global wood flooring market.

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