Over the years, the construction industry has undergone a lot of technological advancements, which has resulted in the development of various types of flooring, in which wood flooring is the one. Thus, with this development, the global market wood flooring got acknowledged. As per the Market Research Future’s scrutiny, the global wood flooring market has proficiently witnessed a remarkable growth at substantial CAGR during the forecast period. Therefore, with such a hype in the market, the market will expand tremendously during the forecast period.
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Top Market Drivers & Challenges
The experts reveal that the global wood flooring market looks promising in the present and will keep snowballing during the forecast period. The foremost factor being causative for the growth of the market is the constant surge in demand for wood flooring across the world due to its emerging benefits. Consumers today are increasingly preferring to go towards green buildings that have high inclusion of wooden flooring. In fact, the growing construction of residential buildings across the globe has pushed the demand for wood flooring. All these factors have been impressively influential to the market’s growth and will help in expanding it in the coming years.
At the same time, the advancements in raw materials along with printing technology have also substantially enhanced the demand for wood flooring market in the past few years. Today, the manufacturers are becoming active in specializing in producing wood flooring products and offering a wide range of colors and designs for enhancing the aesthetics of interiors. Another side, the factor of rising research and development by major manufacturers worldwide, in terms of innovative designs and efficient services, is highly estimated to influence the global wooden flooring market for the forecast period.
To add-on in this, the factor of the growing trend of repair as well as maintenance along with new construction techniques has also fueled the demand for wood flooring major in emerging regions. The beneficiaries that come with wood-based floors such as durability, easy to install, and highly preferable has made the market to gain valuation in the overall flooring industry. All these factors also have eventually learned much traction that got added to the sparling valuation that the market will be winning in the forecast period.
On the flip side, the factor of fluctuating costs of raw materials is the main reason to hinder the growth of the global wood floor market during its growth period.
Segmentation of Market: Wood Flooring
To understand more deeply about the global wood flooring market, it has been segmented by the elements of product and application.
In terms of product: Solid wood and engineered wood are the segments. Among these, the solid wood segment appeared as the largest segment due to its moderate price factor. With this, the engineered wood segment is likely to witness maximum growth rates for its desirable features, like dimensional stability and cost-effectiveness, that make the product of utmost desirable amongst the manufacturers.
In terms of application: Residential, commercial, and industrial are the segments. The residential application segment is considered to occupy the largest market share in 2018, and now it will rise to a high level. The progress of this segment is mainly attributed to the developing population in emerging countries such as India, China, and Brazil, which in turn augments the demand for residential buildings. In the last, the residential application segment is likely to unveil a supportable growth rate over the projection period.
Top Regional Drivers
Region-wise, the global wood flooring market has been studied for the key regions of Europe, Asia-Pacific, North America, and the rest of the world (RoW).
As per the study, in 2018, the Asia-Pacific region occupied the largest market share that was around 50%. At present, the market is the fastest-growing market, which will eventually retain its leadership in the forecast period. The snowballing investments in infrastructural construction projects in public and private sectors in developing countries, such as China and India, are thus anticipated to create rewarding opportunities in the wood flooring market in the region.
The North America region occupied the second-largest market, which will exhibit sustainable growth in the foreseeable years. The region is also confidently influenced by the occurrence of significant market players, mainly in the US.
Whereas, in 2018, the region of Europe also occupied a market share of approximately 23% in the overall wood flooring industry, which, at present, is ready to conquer a robust position till 2023. The flourishing construction industry in the commercial, residential, and industrial sectors are likely to subsidize the demand in the hardwood flooring market.
Key Market Players
Mannington Mills, Inc. (US), The Armstrong Flooring, Inc. (US), Pergo (US), Shaw Industries Group, Inc. (US), Mohawk Industries (US), Home Legend, LLC, Somerset Hardwood Flooring, and Provenza Floors, Inc. and Q.E.P. Co., Inc., Wickes Ltd (US), are some of the rising key players operating actively in the global wood flooring industry.
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