DUBLIN--(BUSINESS WIRE)--The "Wood Flooring - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Changing lifestyles, growing urban population in Asia-Pacific region, rise in spending on home renovation and enhancement, and increasing consumer demand for eco-friendly materials are some of the key growth drivers augmenting demand for wood flooring.
With refinancing, housing, and remodeling trends remaining strong, the prospects for wood sales are bright. The generally positive outlook and stable demand for wood flooring is also spurred by advances in material and technology, which include water-resistant products and digital printing. New construction and greater penetration into higher-end markets also boosts market prospects. Going forward, preference for green products is expected to kindle consumer interest and re-energize demand patterns.
Wider planks, long boards, lighter and natural wood colors, and matte sheen finishes are some of the emerging trends witnessed in the wood flooring space. The rising popularity of modern minimalist design is a prime factor spurring demand for white oak floors. Manufacturers are developing engineered products with rigid cores such as mineral and solid polymer to equip wood flooring with waterproof properties. The addition of coatings to the engineered products seals the edges.
Global Wood Flooring Market to Reach US$55.8 Billion by the Year 2026
Amid the COVID-19 crisis, the global market for Wood Flooring estimated at US$43.2 Billion in the year 2020, is projected to reach a revised size of US$55.8 Billion by 2026, growing at a CAGR of 4.3% over the analysis period. Engineered Wood, one of the segments analyzed in the report, is projected to grow at a 4.6% CAGR to reach US$37.3 Billion by the end of the analysis period.
After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Solid Wood segment is readjusted to a revised 3.6% CAGR for the next 7-year period. This segment currently accounts for a 37% share of the global Wood Flooring market.
The engineered wood segment dominates the market, owing to increasing number of manufacturers preferring this product due to its positive attributes that include cost efficiency and dimensional stability. Engineered wood offers a good substitute for hardwood and concrete; thereby driving increased demand for the segment. The solid wood segment is expected to gain from increasing commercial applications of solid wood in public places such as theaters, restaurants, spas and hotels.
The U.S. Market is Estimated at $6.5 Million in 2021, While China is Forecast to Reach $9.9 Million by 2026
The Wood Flooring market in the U.S. is estimated at US$6.5 Billion in the year 2021. The country currently accounts for a 14.55% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$9.9 Billion in the year 2026 trailing a CAGR of 6.7% through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.7% and 3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.6% CAGR while Rest of European market (as defined in the study) will reach US$10.5 Billion by the end of the analysis period.
The North American market for wood flooring is gaining from rising demand for bacteria-resistant and anti-slip flooring from the healthcare sector, especially in the US. The regional market is anticipated to also benefit from implementation of favorable standards by various states and organizations.
The Asia-Pacific market is propelled by rapid urbanization, rising investment in real-estate and housing development, changing attitude toward flooring decor, popularity of tropical wood flooring, and launch of cost-effective engineered wood flooring. Additionally, exporting finished products from Asia-Pacific to developed countries is likely to offer huge investments from Canada-based and the U.S-based furniture manufacturers.
Select Competitors (Total 274 Featured)
- AHF LLC
- Barlinek SA
- Beaulieu International Group
- Boral Limited
- Brumark Corporation
- Kahrs Group
- Mannington Mills, Inc.
- Mohawk Industries, Inc.
- PT Dharma Satya Nusantara Tbk
- Shaw Industries Group, Inc.
- SWISS KRONO Group
- Tarkett, Inc.
Key Topics Covered
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Impact of COVID-19 and a Looming Global Recession
- 2020: A Year of Disruption & Transformation
- As the Race between the Virus & Vaccines Intensifies, Where is the World Economy Headed in 2021?
- Impact of COVID-19 on Flooring Industry Supply Chain
- Impact of COVID-19 on the Wood Flooring Market
- Global Market Overview
- Wood Flooring Market Continues to Gain from Unrivaled Aesthetic Appeal of Wood
- Primary Advantages of Wood Flooring
- Mega Trends Benefiting Market Demand Summarized
- Product Type and Regional Market Analysis
- Engineered Wood Dominates the Market
- Solid Wood - Another Significant Market
- Europe and US Holds Significant Share of the Global Market
- Developing Countries to Drive Future Growth
- COVID-19-Led Economic Downturn Weighs on Construction Sector
- Infrastructure Spending to Bring COVID-19 Hit Economies Back on Track
- Market Outlook
- Home Projects to Drive Growth for Companies
- Likely Price Increases
- Innovations to Continue
- Digital-Driven Sales
- Focus on Design Improvements
- Market Participants Focus on Added Value to Gain Share
- Aggressive Marketing: A Critical Factor for Sustenance of Hardwood Flooring
- Recent Market Activity
- World Brands
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
- The 'Green' Image of Wood Flooring Lends Growth
- Go Green: The New Mantra for Plywood Flooring Manufacturers
- Increasing Adoption of Sustainable Floor Decorative Materials Spurs Demand
- Pre-Finish and Reclaimed Wood Gathers Momentum
- Wood Flooring Industry Adopts Digitalization
- Proliferation of Blogs and Design Shows: Key Factors Driving Consumer Interest in Hardwood Flooring
- Product Innovations Boost Growth
- Residential Replacements: The Primary Demand Driver
- Engineered Wood Finds Wider Preference
- Advantages of Engineered Hardwood
- Long-Term Value to Homes Supports Demand for Hardwood Flooring
- Advantages of Hardwood
- Hardwood Floorings Complementing Latest Interior Decor Trends
- Transitional Flooring: Flushed Hardwood and Tile in the Same Space
- Striking Trends Making Big Splash in Global Wood Flooring Market
- Cork Flooring
- Engineered Wood Floors
- Grown & Made in America Wood Flooring
- Reclaimed Wood Flooring
- Latest Wood Flooring Type Trends to Amplify Home Look
- White Oak Wood Flooring
- European White Oak Floors
- Colors Options Trending Big on Wood Flooring Market
- Blonde Wood Flooring
- Honey Wood Flooring
- Gray Wood Floors
- Greige Wood Floors
- Whitewashed Wood Floors
- High Variation Remains Hallmark of Latest Wood Flooring Texture Trends
- Distressed Wood Flooring
- Handscraped Floors
- Wirebrushed Wood Floors
- Finishing Trends Shining Bright in Wood Flooring Market
- Fumed-Finished Wood Floors
- Matte-Finished Wood Flooring
- Oiled Wood Floors
- Satin-Finished Wood Flooring
- Site-Finished Wood Flooring
- Wood Floor Layout & Pattern Trends
- Herringbone Wood Flooring
- Wide Plank Wood Floors
- Innovations in Manufacturing Technologies to Promote Growth in Wood Flooring
- Growing Demand for Innovative Locking Systems for Easy Installation of Floorings
- Mass-Timber Construction Technique Offers Potential
- Laminate Flooring: The Fast Emerging Substitute to Wood Flooring
- Macro Trends Influencing Demand Dynamics
- Exponential Increase in Global Urban Population
- Expanding Global Population
- Burgeoning Middle Class Population
- Rising Standards of Living
- Product Overview
- Wood Flooring
- Types of Wood Flooring
- Solid Wood Flooring
- Hardwood and Softwood Flooring
- Engineered Wood Flooring
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
- Total Companies Profiled: 274
For more information about this report visit https://www.researchandmarkets.com/r/rx6am3