Wood Flooring Market Research Report: Information by Product (Solid Wood (Red Oak, White Oak, Maple, and Others) and Engineered Wood), by Application (Residential, Commercial, and Industrial), and by Region (North America, Europe, APAC, and RoW) – Global Forecast To 2024
Global Wood Flooring Market Market Synopsis:
The global wood flooring market is anticipated to witness significant growth in the next few years, owing to the consumer preference for green buildings coupled with growing construction of residential buildings, across the globe. Advancements in raw materials coupled with printing technology have further improved the demand for wood flooring market in the past few years. Manufacturers that specialize in producing wood flooring produsts offer a wide range of colors and designs that further enhances the aesthetics of interiors. The increasing research and development by major manufacturers in terms of innovative designs and efficient services is projected to drive the global wood flooring market. Furthermore, the growing trend of repair and maintainence and new construction have also fuel the demand for wood flooring. Wood-based floors are durable and are also easy to install and are highly preferred by customers in the overall flooring industry. However, the fluctuating cost of raw materials may hinder the growth of the global wood flooring market.
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Some of the key players operating in the global wood flooring market are –The Armstrong Flooring, Inc. (US), Mannington Mills, Inc. (US), Mohawk Industries (US), Pergo (US), Shaw Industries Group, Inc. (US), Q.E.P. Co., Inc., Wickes Ltd (US), Home Legend, LLC, Somerset Hardwood Flooring, and Provenza Floors, Inc.
Global Wood Flooring Market: Regional Analysis
Geographically, the global wood flooring market is segmented into North America, Europe, Asia-Pacific, and rest of the world (RoW). In 2018, Asia-Pacific 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 the public and private sectors in emerging economies, such as China and India, are also anticipated to create lucrative opportunities in the wood flooring market in the region. North America accounted for the second largest market, which 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. In 2018, Europe accounted for a market share of approximately 23% in the overall wood flooring market, 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 wood flooring market in the region.
Global Wood Flooring Market: Segmentation
The global wood flooring market has been segmented based on product, application, and region. On the basis of product, the global market is divided into– solid wood and engineered wood. On the basis of application, the global market is segmented into– residential, commercial, and industrial.
On the basis of product, 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. However, the engineered wood segment is anticipated to witness maximum growth rates due to its favourable features such as dimensional stability and cost-effectiveness that makes the product most preferable amongst the manufactutrers.
On the basis of application, the market is segmented into residential, commercial, and industrial segments. The residential application segment accounted for the largest market share in 2018, which will retain its position by 2024. This is attributed to the growing population in emerging economies, such as China, India, and Brazil, which in turn drives the demand for residential buildings. Hence, the residential application segment is anticipated to exhibit a sustainable growth rate over the forecast period.
The global wood flooring market is highly competitive with many players, across the globe. These major players have adopted various strategies to expand their global presence and increase their foothold in the global wood flooring market. Some of their key strategies include expansions, investments, acquisitions, and securing contracts.
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