Introduction
Wooden floor is in high demand owing to its environment-friendly nature, durability, and reliability. Besides, ease of maintenance and aesthetic appeal of the product are adding fuel to the growth of the wooden floor market across the globe.
Wooden floor is durable and easy to fix, and hence, preferred by a large base of customers, globally. Wooden floor is designed with natural wood as its component, which offers a high degree of versatility.
Factors, such as new construction, renovation, and retrofitting activities for buildings as well as infrastructure influence the market growth, and are expected to drive the market during the forecast period
Despite the current pandemic situation, the wood flooring providers are recovering their operations in full capacities from 2021 beginning. Along with this, the recovering construction activities across the globe are expected to mitigate to numerous potential negative impacts caused during COVID-19 and maximize their opportunities in future.
Table of Contents
Market Overview
The Global wood flooring market is expected to grow to $34.20 billion by 2025.
Growth momentum is expected to accelerate during the forecast period with 3.84% CAGR.
Rising demand for aesthetically pleasing, durable alternatives to traditional flooring materials is projected to fuel the market growth.
APAC is dominating the market owing to infrastructure development and rapid urbanization.
Key Trends
Increasing the construction of luxury hotels, resorts is expected drive the demand.
The increasing number of renovation and refurbishment projects across the globe is anticipated to boost the demand for materials, thereby propelling the industry growth.
Technological advancements in wood flooring is expected to increase the market demand
Key Market Players
Some of the key players in the market are Mohawk Industries, Shaw Industries Group, Armstrong Flooring, Barlinek, Brumark Corporation, Flooring Innovations.
The market players offering products with high level of customization, leading to their increasing application in commercial and residential settings. Also, they are Branding and promoting their product portfolio with enhanced properties is creating an entry barrier for the new entrants.
Growth Drivers and Challenges
Increasing investment in construction activities in residential and hospitality sectors is the key driver of this market.
Increasing demand for aesthetically superior and durable floor covering solutions, and consumer trends in floor design are driving the demand.
Wide range of benefits offered by wooden flooring is also shaping the market growth positively.
Fluctuating prices of raw materials coupled increasing cost of wooden floorings act as restraints for the industry growth
Government regulations and laws concerning deforestation are also posing challenges to the market.