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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