Global Wood Flooring Market Overview
The global wood flooring market is anticipated to grow from USD 33,279.5 million in 2019 to USD 41,682.2 million by 2027, reflecting a compound annual growth rate (CAGR) of 3.6% from 2020 to 2027. This growth is largely driven by enhanced governmental support for the use of wood in construction and a growing preference for consumer-centric building designs. These factors are contributing to a rising global demand for sophisticated wood flooring solutions, as reported by Fortune Business Insights in their latest study.
Key Companies in the Global Wood Flooring Market
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 (UK)
Connor Sports (U.S.)
Tarkett S.A. (France)
Boral (Australia)
Daiken Corporation (Japan)
Kährs Holding AB (Sweden)
Barlinek S.A. (Poland)
Report Features
The market report delivers an in-depth analysis of the driving forces, constraints, opportunities, and challenges that are projected to shape the market from 2020 to 2027. It offers a thorough overview of regional market trends and includes insights from industry experts. The competitive landscape section details strategies such as product introductions, partnerships, mergers and acquisitions, and collaborations that companies are employing to secure their market positions.
Key Driving Factors
Governmental Promotion of Wooden Products: Environmental concerns over materials such as gravel, cement, steel, and plastic are prompting governments to advocate for sustainable, biodegradable wood products. This support is expected to drive global demand for advanced wood flooring solutions.
Aesthetic and Consumer-Friendly Designs: The rising popularity of aesthetically pleasing and user-friendly designs is also anticipated to bolster the growth of the global wood flooring market in the forthcoming years.
Market Segmentation
Residential Segment: The residential application segment is projected to command a significant share of the market, driven by the increasing demand for lumber-based wood flooring products in housing projects across the globe.
Information Source:
https://www.fortunebusinessinsights.com/wood-flooring-market-104011
Regional Insights
Asia-Pacific: Asia-Pacific, valued at USD 19,665.1 million in 2019, is expected to hold the largest market share due to favorable government policies promoting wood as a raw material in construction.
Europe: The European market is expected to grow significantly as companies focus on developing heat-compatible wood flooring products between 2020 and 2027.
Competitive Landscape
Partnerships and Expansions: The wood flooring market is fragmented, with major companies focusing on partnerships to expand their product portfolios and gain a competitive edge. Strategies such as collaborations, new product introductions, and mergers and acquisitions are expected to contribute to market growth in the coming years.
Blog Related Insights: https://www.globenewswire.com/news-release/2023/03/08/2622845/0/en/Latest-News-Wood-Flooring-Market-to-Surpass-USD-41-682-2-Million-by-2027-Fortune-Business-Insights.html