Industry Insights
Wood & laminate flooring is available in a wide range of colors & designs, thereby enhancing the aesthetics of interiors in which they are installed. The advent of 21st century has witnessed a radical phase change from specialty goods to imposed home centric goods thereby triggering an upsurge in the wood & laminate flooring market. Ease of installation and relatively lesser skilled labor required for installation as compared to other alternative flooring materials are factors that have favorably impacted the wood & laminate market growth. Wood & laminate floorings are also durable, & easy to lay and fix together and are thereby preferred by the customers willing to install the floor themselves.
Wood & laminate flooring is designed with natural wood as its component, thereby offering a high degree of versatility. The flooring is also highly stain resistant and needs very little routine maintenance. Increasing concern over environmental impact has considerably affected the wood & laminate flooring market. Increase in commercial & consumer preferences coupled with rising investments in infrastructure are the factors expected to favorably impact the wood & laminate flooring market growth.
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Product Insights
The varied types of wood flooring include engineered flooring, deck flooring and solid wood flooring. Engineered hardwood flooring is genuine wood flooring which is less vulnerable to extension and shrinks with humidity and temperatures. Deck flooring belongs to an elite segment of flooring on account of its sophisticated and enhanced features of reliability, abrasion resistance, and dimensional accuracy. White oak and red oak floorings have retained their secure legacy over decades due to their dynamic applicability and extreme durability. The solid wood flooring segment offers varied beautiful designs and varieties including maple, cork, bamboo, and walnuts. Laminate floorings have garnered importance owing to high usage in Leadership in Energy & Environmental Design (LEED) residential and commercial applications. On account of their capability to sustain high traffic, laminate flooring have been increasingly used in commercial applications.
Application Insights
Key wood & laminate flooring application areas include residential, commercial, and industrial. ‘Green Image’ artifacts are anticipated to derive the demand in wood and laminated flooring market. Drastic environmental conditions at some regions necessitate installation of wooden flooring as they remain candid to dynamic environments. Enrichments of proficiency such as texturing and embossed registration are posing regulars, a cost-efficient approach of accomplishing the looks of hardwood, ceramics and tiles. The replacement segment and residential remodeling is anticipated to account for significant market share over the forecast period as older or worn-out carpeting is being replaced with hard surface flooring, such as wood or laminates, to create more aesthetically pleasing interiors. High demand for ancillary supplies such as ceramic tiles, vinyl, and carpet which act as replacements to wood may pose a challenge to market growth.
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Regional Insights
In terms of revenue, Asia Pacific is expected to hold a considerable share over the forecast period owing to the infrastructure development and urbanization. Growing construction undertakings in the BRIC (Brazil, Russia, India, China) countries is foreseen to open the dynamic prospects in the market over the next seven years. As societal standard of living gets enriched, wood & laminate flooring is expected to occupy an increased share of the global flooring industry. Technological advancements and development of varied anti-slip & bacteria resistant flooring solutions being used in the healthcare sector have favorably impacted wood & laminate flooring market growth, particularly in the U.S. Wood & laminate flooring emits a considerable amount of formaldehyde; however these emissions have been reduced by a substantial degree due to mandatory and national voluntary formaldehyde emission standards such as the American National Standards Institute (ANSI) and formaldehyde emission standards in California (the CARB standards).