Market Insights
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.
Segment Analysis
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.
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 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.
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. The following are the key features of the report:
- Market structure: Overview, industry life cycle analysis, supply chain analysis.
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
- Market trend and forecast analysis.
- Market segment trend and forecast.
- Competitive landscape and dynamics: Market share, Product Portfolio, New Product Launches, etc.
- Attractive market segments and associated growth opportunities.
- Emerging trends.
- Strategic growth opportunities for the existing and new players.
- Key success factors.
The wood flooring market is segmented into the following categories:
Wood Flooring Market, by Product Type
- Solid Wood
- (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- (Type Analysis: Red Oak, White Oak, Maple, and Others)
- Engineered Wood (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
Wood Flooring Market, by Application Type
- Residential (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- Commercial (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- Industrial (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
Wood Flooring Market, by Region
- North America (Country Analysis: The USA, Canada, and Mexico)
- Europe (Country Analysis: Germany, France, The UK, Russia, Italy, and Rest of Europe)
- Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
- Rest of the World (Country Analysis: Brazil, Argentina, and Others)
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
