Timeless Beauty of Wood and the Ability to Add Long-Term Value to Homes Drive Perennial Demand for Hardwood Flooring

The global market for Wood Flooring is projected to exceed 16 billion square feet by 2024, driven by growing demand for timeless, hard wearing, sustainable and eco-friendly solid wood flooring, and elegantly textured engineered hardwood flooring. Wood flooring continues to remain one of the most popular flooring choices owing to its everlasting beauty and the ability to add considerable value to homes. Wood provides customers with a unique and attractive option that holds a natural feel and can be sustainably managed. As consumers become increasingly environment-conscious, the inclination towards more sustainable wood that would also ensure longer life for the flooring is more evident. There is strong preference for solid wood that would last more than 100 years, and also towards woods that would hold up better. With the economy gradually improving and with the introduction of less expensive products, more homeowners are ready to pay, even a little more, for wood or finish that would last longer and eliminate the inconvenience of early refinish and the associated expense. Manufacturers along with developer, architects, contractors and house-owners jointly work to develop a unique wooden floor that combines beauty, sustainability and durability. 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. The megatrends which are expected to strongly influence future prospects for the wood flooring market include urbanization, demographic transformations, environmental protection and safety.

Healthy growth is projected for the market in the coming years driven by the evolution of mass-timber construction techniques that require advanced engineered wood products in wall, floor and ceiling panels supported by growing preference for 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 with enhanced humidity tolerance. 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 and exponential increase in urban 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 5.9% 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., Barlinek SA, Beaulieu International Group, Boa-Franc, Inc., Boral Limited, British Hardwoods Flooring, Dalian JiaYang Wood Products Co., Ltd., Engineered Floors LLC, F Junckers Industrier A/S, Kährs Group, Kronospan, Mannington Mills, Inc., Mohawk Industries, Inc., Pergo, Mullican Flooring, LP, Nature Home Holding Company Limited, Power Dekor Group Co., Ltd., Shaw Industries Group, Inc., Anderson Tuftex, Somerset Hardwood Flooring, Tarkett S. A., and Weyerhaeuser Company, among others.

The research report titled “Wood Flooring – Market Analysis, Trends, and Forecasts” 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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