Wood Flooring Market Report
Wood Flooring Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2022-2027 See less
Wood Flooring Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2022-2027
Wood Flooring Market is Segmented by Product Type (Solid Wood [Red Oak, White Oak, Maple, and Others] and Engineered Wood), by Application Type (Residential, Commercial, and Industrial), and by Region (North America [The USA, Canada, and Mexico], Europe [Germany, France, The UK, Russia, Italy, and Rest of Europe], Asia-Pacific [China, Japan, India, South Korea, and Rest of Asia-Pacific], and Rest of the World [Brazil, Argentina, and Others]).
Wood Flooring Market is Segmented by Product Type (Solid Wood [Red Oak, White Oak, Maple, and Others] and Engineered Wood), by Application Type (Residential, Commercial, and Industrial), and by Region (...
Wood flooring is made of wood and is designed to be used as flooring to provide structural support or an aesthetic look. Different types of wood flooring are distinguished by their styles, colours, cuts, and species. The availability of various flooring products makes them a more attractive alternative to other floorboards such as ceramic tiles, carpets, and laminates.
The emergence of the pandemic had a significant impact on the wood flooring market. Several companies were unable to operate their import and export activities due to shortage of raw materials. The impact on the construction industry also reduced the market demand for wood flooring. However, customers preferred wood flooring for home renovations during the pandemic due to its natural visual appeal.
Growing environmental consciousness, increasing demand for the use of sustainable materials in construction and design, and product improvement by manufacturers are among the various factors driving the market growth. As it provides a durable flooring surface and is hygienic, the product is becoming more popular. Furthermore, growth in new residential and commercial construction, a large number of renovation activities, and ageing infrastructure would all contribute to the growth of the market during the forecast period. As a result of these factors, the wood flooring market is expected to grow at a promising CAGR of 6.0% during the forecast period.
Based on the product type, the market is bifurcated into solid wood and engineered wood. Solid wood is likely to remain the more popular product for wood flooring in the foreseen future owing to its high quality and affordability. It is extremely durable and can last for a long time if installed and maintained properly.
Based on the application type, the market is segmented as residential, commercial, and industrial. The residential segment is expected to remain the biggest demand generator for wood floorings during the forecast period. The dominance of the segment is due to the provision of natural feeling to home. Various properties of the product such as good impact, scratch resistance, and sustainability against small amount of spillage are also driving the increasing usage of the product in the segment. Furthermore, the development of radiant heat-compatible grades has increased the residential segment's adoption of lumber-based flooring products.
In terms of regions, Asia-Pacific is expected to remain the largest market for wood floorings over the forecast period on account of the traditional usage of the product in the key countries of the region including China. Rapid urbanization and increase in disposable income of consumers would support the demand for the product in region. Furthermore, incentive provided by government in various countries of the region including Japan, China, and Australia for utilization of local wood species as raw materials for flooring products has bolstered the growth of the region’s market.
The following are some of the key players in the wood flooring market:
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s wood flooring market realities and future market possibilities for the forecast period of 2022 to 2027. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
The wood flooring market is segmented into the following categories:
Wood Flooring Market, by Product Type
Wood Flooring Market, by Application Type
Wood Flooring Market, by Region
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Custom Research: Stratview research offers custom research services across the sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@Stratviewresearch.com
The wood flooring market is estimated to grow at a healthy CAGR of 6.0% over the next five years. Growing environmental consciousness, increasing demand for the use of sustainable materials in construction and design, and product improvement by manufacturers are among the various factors expected to drive the market growth in the coming years.
The Armstrong Flooring Inc., Mannington Mills Inc., Mohawk Industries, Pergo, Shaw Industries Group Inc., E.P. Co. Inc., Wickes Ltd, Home Legend LLC, Somerset Hardwood Flooring, and Provenza Floors Inc. are some of the key players in the market.
Asia-Pacific is estimated to be dominant in the wood flooring market in the coming years owing to the traditional usage of the product in the region.
Asia-Pacific is estimated to grow at the fastest rate in the coming five years owing to rapid urbanization and increase in disposable income of consumers in the region.
Residential application is likely to maintain its dominance in the market in the next five years on account of the provision of natural feeling to home by wood flooring.