The North America Wood Flooring Market- Growth, COVID-19 impact and Forecast (2021-2025)
The North America Wood Flooring market is segmented by Product type (Engineered Wood and Solid Wood); Wood type (Red Oak, White Oak, Maple Wood and Others); Application (Residential and Commercial); End-users (New Construction and Replacement) Region (U.S, Canada, Mexico).
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 North America wood flooring market is expected to grow to $5,360.20 million by 2025.
Growth momentum is expected to accelerate during the forecast period with 1.81% CAGR.
Rising demand for aesthetically pleasing, durable alternatives to traditional flooring materials is projected to fuel the market growth.
U.S is dominating the market due to increased demand from the construction sector, developed manufacturing industry, and government initiatives favoring the development of social infrastructure
Key Trends
Rising demand for aesthetically pleasing, durable alternatives to traditional flooring materials is projected to fuel the market growth
Increasing the construction of hotels, office buildings, and retail stores is expected drive the demand.
The increasing number of renovation and refurbishment projects in the U.S., Canada, and Mexico is anticipated to boost the demand for materials, thereby propelling the industry growth.
Key Market Players
Some of the key players in the market are Mohawk Industries, Shaw Industries Group, Mannington Mills, Bruce Evans Flooring, DuChateau, Flooring Innovations.
The regional market for wood flooring is competitive, owing to the presence of a large number of significant players in the market. The market players offering products with high level of customization, leading to their increasing application in commercial and residential settings. Also, they are focusing on expanding their product portfolio with enhanced properties.
Growth Drivers and Challenges
Increasing demand for aesthetically superior and durable floor covering solutions, and consumer trends in floor design are driving the demand.
The significant and continual growth of high-end residential housing structures is shaping the growth positively.
The lack of a skilled workforce in the country is anticipated to restrain the demand
Fluctuating prices of raw materials coupled with stringent regulations and the increasing cost of wooden floorings act as restraints for the industry growth