The Wood Flooring Market is segmented by Product Type (Solid Wood [Red Oak, White Oak, Maple, and Others] and Engineered Wood), Application Type (Residential, Commercial, and Industrial), and 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]).
The Wood Flooring Market is segmented by Product Type (Solid Wood [Red Oak, White Oak, Maple, and Others] and Engineered Wood), Application Type (Residential, Commercial, and Industrial), and 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, colors, 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.
Market Dynamics
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 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 aging infrastructure would all contribute to the growth of the market during the forecast period.
Wood Flooring Market Report Overview
Market Size in 2028
USD 66.52 billion
Market Size in 2022
USD 47.83 billion
Market Growth (2023-2028)
5.60% CAGR
Base Year of Study
2022
Trend Period
2017-2021
Forecast Period
2023-2028
Covid-19 Impact
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 a 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.
Segments Analysis
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.
The market is segmented into the following categories-
By Product Type
Solid Wood (Red Oak, White Oak, Maple, and Others)
Engineered Wood
By Application Type
Residential
Commercial
Industrial
By Region
North America
Europe
Asia-Pacific
Rest of the World
By Product Type
The market is bifurcated into solid wood and engineered wood. Solid wood is likely to remainthe more popular product for wood flooring in the foreseen futureowing to its high quality and affordability. It is extremely durable and can last for a long time if installed and maintained properly.
By Application Type
The market is segmented as residential, commercial, and industrial. Theresidential 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 the natural feeling of home. Various properties of the product such as good impact, scratch resistance, and sustainability against small amounts 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.
Regional Analysis
In terms of regions, Asia-Pacific is expected to remain the largest market for wood floorings over the forecast periodon account of the traditional usage of the product in the key countries of the region including China. Rapid urbanization and an increase in the disposable income of consumers would support the demand for the product in the region. Furthermore, incentives provided by governments in various countries of the region including Japan, China, and Australia for the utilization of local wood species as raw materials for flooring products have bolstered the growth of the region’s market.
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Key Players
The following are some of the key players in the wood flooring market:
The Armstrong Flooring, Inc.
Mannington Mills, Inc.
Mohawk Industries
Pergo
Shaw Industries Group, Inc.
Q.E.P. Co., Inc.
Wickes Ltd.
Home Legend, LLC
Somerset Hardwood Flooring
Provenza Floors, Inc.
Research Methodology
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 2023 to 2028. 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.
Report Features
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.
What Deliverables Will You Get in this Report?
Key questions this report answers
Relevant contents in the report
How big is the sales opportunity?
In-depth Analysis of the Wood Flooring Market
How lucrative is the future?
Market forecast and trend data and emerging trends
Which regions offer the best sales opportunities?
Global, regional, and country-level historical data and forecasts
Which are the most attractive market segments?
Market segment analysis and Forecast
Which are the top players and their market positioning?
Porter’s five forces analysis, PEST analysis, Life cycle analysis
What are the factors affecting the market?
Drivers & challenges
Will I get the information on my specific requirement?
10% free customization
Report Customization Options
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
Detailed profiling of additional market players (up to three players)
SWOT analysis of key players (up to three players)
Competitive Benchmarking
Benchmarking of key players on the following parameters: product portfolio, geographical reach, regional presence, and strategic alliances
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
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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 market growth in the coming years.
Asia-Pacific is estimated to grow at the fastest rate in the coming five years owing to rapid urbanization and an increase in the disposable income of consumers in the region.
The residential application type is likely to maintain its dominance in the market in the next five years on account of the provision of a natural feeling to the home by wood flooring.
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.
