Global Wood Flooring Market Size to Rise Owing to Spate of Infrastructural Projects
Wooden flooring solutions range from
customized to readymade floors made for homes of all sizes. Easy installation
and low amount of work hours are attracting home owners towards the particular
solution. Portfolios of new designs as well as emphasis on sustainability have
culminated in prominent flooring manufacturers upgrading their offerings. The
global Wood Flooring Market Growth report by Market Research Future (MRFR)
provides an investigative analysis of various trends in interior finishes
coupled with rise of sustainability in house construction. It offers astute
projections for the period of 2019 to 2024 (forecast period) and covers the
COVID-19 pandemic in the report.
Market Scope
The global Wood Flooring Market Size can
expand at 4.6% CAGR over the forecast period. Rising development of green
building and infrastructural projects pertaining to the residential sector can
drive market demand. Advancements in printing technology and ready availability
of raw materials can drive the production of wood floorings. Expansion of
office spaces and rapid urbanization can bode well for the global Wood Flooring
Market Size.
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Rise of do-it-yourself (DIY) projects
which use wood flooring can benefit the industry. The COVID-19 pandemic has
brought demand to a standstill, but home remodeling projects can ensure the
uptick of wooden flooring. The need for long wide planks with natural finishes
can be opportune for players. Home centers and large malls were accountable for
the maximum sales of wood floorings combined with television and online social
media channels playing a strong role in stimulating sales.
Segmentation
On the basis of product, the global
market is divided into solid wood and engineered wood. The solid wood segment
emerged as the largest segment and is anticipated to retain its position by
2024, which is attributed to its moderate price. Market players are providing
an omnichannel experience to customers for ensuring the sale of home and office
furniture products. However, the engineered wood segment is anticipated to
witness maximum growth rates due to its favorable features of dimensional stability
and cost-effectiveness.
On the basis of application, the global
market is segmented into residential, commercial, and industrial. The
residential application segment accounted for the largest market share in 2018
and will retain its position by 2024. This is attributed to the growing population
in emerging economies of Brazil, China, and India which in turn drives the
demand for residential buildings. It is anticipated to exhibit a sustainable
growth rate over the forecast period.
Regional Analysis
Geographically, the global wooden flooring market size is segmented into North America,
Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
In 2018, APAC held the largest market
share of around 50% and is also the fastest growing market, which is expected
to retain its dominance over the forecast period. The increasing investments in
infrastructural construction projects in public and private sectors in emerging
economies of China and India are also anticipated to create lucrative
opportunities in the Wood Flooring Market Growth in the region. Export of finished products to developed
economies can lead to huge investments from furniture manufacturers from the
U.S. and Canada.
North America accounted for the
second largest market and is anticipated to exhibit sustainable growth over the
forecast period. The region is also positively influenced by presence of major
market players, mainly situated in the US. Rise of remodeling and renovation
projects can drive the demand for wood floorings.
In 2018, Europe accounted for a
market share of approximately 23% in the overall wood flooring industry, which
is expected to hold its position till 2023. The booming construction industry
in the residential, commercial, and industrial sector is expected to contribute
to the demand in the hardWood Flooring Market Size in the region.
Competitive Outlook
Mohawk Industries, Somerset Hardwood
Flooring, Q.E.P. Co., Inc., The Armstrong Flooring, Inc., Wickes Ltd,
Mannington Mills, Inc., Home Legend, LLC, Shaw Industries Group, Inc., Pergo,
and Provenza Floors, Inc. are notable players of the global Wood Flooring
Market Size.
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Key Questions Addressed by the Report
- What was the historic market size?
- Which segmentation (Product/
Capacity) is driving market?
- What will be the growth rate?
- How are the key players in this
market?
- What are the strategies adopted by
key players?
TABLE OF
CONTENTS
1 EXECUTIVE
SUMMARY
2 SCOPE OF
THE REPORT
2.1 MARKET DEFINITION
2.2 SCOPE OF THE STUDY
2.2.1 DEFINITION
2.2.2 RESEARCH OBJECTIVE
2.2.3 ASSUMPTIONS
2.2.4 LIMITATIONS
2.3 RESEARCH PROCESS
2.3.1 PRIMARY RESEARCH
2.3.2 SECONDARY RESEARCH
2.4 MARKET SIZE ESTIMATION
2.5 FORECAST MODEL
3 MARKET
LANDSCAPE
3.1.1 THREAT OF NEW ENTRANTS
3.1.2 BARGAINING POWER OF BUYERS
3.1.3 THREAT OF SUBSTITUTES
3.1.4 SEGMENT RIVALRY
3.1.5 BARGAINING POWER OF BUYERS
3.2 VALUE CHAIN/SUPPLY CHAIN
ANALYSIS
4 MARKET
DYNAMICS
4.1 INTRODUCTION
4.2 MARKET DRIVERS
4.3 MARKET RESTRAINTS
4.4 MARKET OPPORTUNITIES
4.5 MARKET TRENDS
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