The Global Market for Wood Flooring is Projected to Reach 16 Billion Square Feet by 2024
Growing Demand for Hard Wearing, Natural-Looking
Floors that are Sustainable and Eco-Friendly Drive the Wood Flooring Market, According
to a New Report by Global
Industry Analysts, Inc.
GIA launches comprehensive
analysis of industry segments, trends, growth drivers, market share, size, and
demand forecasts on the global Wood Flooring market. The global market for Wood Flooring is projected to reach
16 billion square feet by 2024,
driven by growing demand for hard wearing and natural-looking floors that are
simultaneously sustainable and eco-friendly, and rise in new construction and
renovation activity globally.
Manufacturers along with
developer, architects, contractors and house-owners jointly work to develop a
unique wooden floor that combines beauty, sustainability and durability. Wood
flooring market is witnessing encouraging gains globally, buoyed largely by
growing customer interest in wood as flooring material of choice. Myriad
attributes of wood that are driving widespread adoption by homeowners and
commercial establishments include its aesthetic appeal, environmental profile,
and restorability and durability features. Also, wood is more sustainable
flooring choice and have economic benefits for construction as it can be
recycled, reclaimed or repurposed into various usable products. Wooden floors
are available in various shapes such as planks, strips and parquet. The
principal raw materials used in manufacturing wood flooring include oak, birch,
ash, walnut, maple, beech and birch. Oak, particularly red oak is currently the
most widely used raw material for wood flooring due to its widespread
availability, low cost, durability and appearance.
Future growth in the
market will be driven by increasing home-improvement spending, new housing construction,
growing consumer purchasing power, rapid pace of urbanization and emerging
trend towards green buildings. Growth spurt in commercial real-estate sector
coupled with rising expenditure on home upgrades/renovation is revitalizing the
global housing industry and in turn invigorating the demand for wood flooring
products. Prefinished wood and manufactured products are rapidly surging in popularity, thanks to
the various benefits of installing prefinished materials in building projects.
Ongoing technological advancements are enabling companies to offer
cost-efficient, superior, as well as easy to use wood flooring solutions. Apart
from this, advent of advanced wood flooring technology is also assisting
homeowners in transforming their old and outdated living spaces driving demand
for wood floorings with subtle imperfections and characters. Other important
factors fueling demand include the positive outlook for the global construction
industry, and growing number of residential apartments in developing countries
to accommodate the rising middle class population.
As stated by the new
market research report on Wood Flooring,
Europe represents the largest market worldwide. Asia-Pacific ranks as the
fastest growing market with a projected CAGR of 5.7% over the analysis period. Strengthening
residential construction activity, focus on infrastructure improvement
projects, burgeoning
economies with huge population such as China and India, growing need for
improved accommodation, growing urbanization, improving disposable income
levels, expanding middle class and their
changing attitude towards flooring decors represent primary growth drivers in
the region.
Key players in the market
include A&W (Shanghai) Woods Co. Ltd., ARK Floors Inc., Armstrong Flooring
Inc., Barlinek SA, Beaulieu International Group, Boa-Franc Inc., Boral Limited,
British Hardwoods, Dalian JiaYang Wood Products Co. Ltd., F Junckers Industrier
A/S, Kährs Group, Kronospan, Mannington Mills Inc., Mohawk Industries Inc.,
Pergo, Magnum, Mullican Flooring LP, Nature Home Holding Company Limited, Power
Dekor Group Co. Ltd., Shaw Industries Group Inc., Anderson Hardwood Floors
Inc., Somerset Hardwood Flooring, Tarkett S. A., and Weyerhaeuser Company,
among others.
The research report titled
“Wood Flooring: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides
a comprehensive review of market
trends, issues, drivers, mergers, acquisitions and other strategic industry
activities. The report provides market estimates and projections for all major
geographic markets such as the US, Canada, Japan, Europe (France, Germany,
Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China, India, and
Rest of Asia-Pacific), Middle East & Africa, and Latin America (Brazil,
Mexico, and Rest of Latin America). Product segments analyzed for the US market
include Solid Wood and Engineered Wood.
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