The global wood flooring market size was USD 33,279.5 million in 2019 and is projected to reach USD 41,682.2 million by 2027, exhibiting a stable CAGR of 3.6% during the forecast period. Asia Pacific dominated the wood flooring market with a market share of 58.79% in 2019.
The consumer demand for aesthetic design in the construction sector is going through constant evolution. This is enabling the architects and interior designers to seek materials and products that can match the customer’s requirements. One such area where the customers’ demand for aesthetics, looks, and comfort are in synchronization is the flooring. A flooring product should have some evident properties such as good impact and scratch resistance, inertness towards moisture & chemicals, and high durability. These factors, along with the demand for aesthetics, enable wood flooring materials to be an excellent option for the building artists to create an impression in their design.
This information is published by Fortune Business Insights, in its report, titled, “Wood Flooring Market, 2020-2027.”
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List of Key Players Mentioned in the Report:
Mohawk Industries, Inc. (U.S.)
Armstrong Flooring, Inc. (U.S.)
Shaw Industries Group, Inc. (U.S.)
LL Flooring (U.S.)
Junckers Industrier A/S (Denmark)
British Hardwoods (U.K.)
Connor Sports (U.S.)
Tarkett S.A. (France)
Boral (Australia)
Daiken Corporation (Japan)
Kährs Holding AB (Sweden)
Barlinek S.A. (Poland)
Segmentation:
Residential Segment to Dominate Market
The market is bifurcated into two segments based on the area of wooden floors application, residential and commercial.
Wood flooring can provide a natural feeling to the interiors of the house. It further possesses properties such as good impact & scratch resistance and can sustain small amounts of spillage occurring in common households.
Geographically, the global market is termed into Americas, Europe, Asia Pacific, and the rest of the world.
Report Coverage:
In order to determine immediate investment advantages, the report includes a comprehensive analysis of the wood flooring industry, together with current trends and future expectations. The report also includes a thorough examination of any potential possibilities, dangers, rivalries, or driving forces. A complete, step-by-step study of the region is provided. To make it easier for investors and company owners to comprehend the concerns, the COVID-19 impacts have been incorporated to the report. The research identifies the leading market participants and details their growth-promoting strategies.
Drivers and Restraints:
Growing Demand for Consumer-friendly Building Designs to Aid Growth
The rapid growth of the world's population has led to a significant demand for housing facilities to house the growing population. To make their lives easier, consumers pay close attention to the building's interior and design either creating a home from scratch or choosing one that has already been completed. The flooring is one such item that has prolonged interaction with the human body. As a result, choosing an appropriate flooring option is essential when planning a building's interior.
Regional Insights:
Asia Pacific to Lead Backed by High Demand for Flooring
The size of the wood flooring market in Asia Pacific, which made up the largest portion of the global market in 2019, was USD 19,665.1 million in 2019. China historically uses wood to create buildings, which explains why it has the highest demand in the region for these flooring goods.
Because of the region's cool, dry environment, which is ideal for using engineered wood flooring in building construction, Europe has become a crucial market for businesses engaged in the hardwood flooring industry.
The market in the Americas area, particularly in nations like the United States and Canada, is anticipated to develop as a result of the desire for appealing designs in the flooring of offices and retail establishments.
Information Source: https://www.fortunebusinessinsights.com/wood-flooring-market-104011
Competitive Landscape:
Important Business-related Announcements by Key Players to Influence Market Dynamics
Important market players frequently announce significant business decisions, which have a favourable or negative impact on the market. Players buy businesses, introduce new products, enter into collaboration agreements, agree to terms with governmental bodies, and so forth.
Key Industry Development:
June 2021: The opening of new stores in West Virginia, Beckley, and Hattiesburg was announced by LL Flooring. The new stores will have design studios with video capabilities, allowing clients to choose the best floor by imagining how it will look by uploading a photo of any area and choosing from hundreds of floor ideas. In addition, the corporation now has 416 locations nationally as a result of this development.