Flourishing Construction Sector and Increase in Purchasing Power Parity to Invite Profitable Growth for Wood Flooring Market Between 2019 and 2027: TMR

ALBANY, N.Y, Nov. 24, 2020 /PRNewswire/ -- The wood flooring market is estimated to record promising growth over the tenure of 2019-2027 on the back of the booming construction sector and increasing disposable income. Trendy flooring options have become the root of all renovation activities. Wood flooring is one of the most preferred choices for changing the look and feel of a particular house while renovating it.

Despite the stiff competition from alternatives like vinyl, laminates, and tiles, wood flooring has managed to attract a large consumer base through its varied benefits. Hence, all these factors invite extensive growth prospects for the wood flooring market.

The researchers at Transparency Market Research (TMR), after conducting a thorough and detailed analysis of all the aspects related to growth conclude that the global wood flooring market will expand at a CAGR of ~6 percent during the assessment period of 2019-2027. The global wood flooring market was valued at ~US$ 73.4 bn in 2018.

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Magnifying middle-class population across the globe coupled with rising disposable income may bring tremendous growth opportunities for the wood flooring market. The willingness of the consumers to spend heftily on premium products is further adding extra stars of growth to the wood flooring market.

Wood Flooring Market: Transparency Market Diagnosis

The TMR analysts attribute the growth of the wood flooring market to factors such as consumer preference for beauty, aesthetics, durability, and others. The analysts also opine that the introduction of versatile options to consumers will prove to be a boon for the players to increase their revenue.

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In geographical terms, the analysts predict that Asia Pacific may open new doors of growth opportunities for the wood flooring market during the assessment period. Developing countries such as India and China are the keys to unlock the treasure of growth according to the analysts.

Wood Flooring Market: Key Revelations

• In terms of product, the solid wood segment accounted for a significant share of the global wood flooring market in 2018
• The residential segment is slated to contribute heftily to the growth of the wood flooring market
• Europe held a prominent share of the wood flooring market in terms of geography in 201
• Asia Pacific also acquired a lucrative share of the global wood flooring market in 2018
• In terms of demand, Japan accounted for a vital share in Asia Pacific in 2018

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Wood Flooring Market: Growth Propellers

The potential to increase per capita consumption in developed countries like India brings immense growth opportunities for the global wood flooring market to increase its growth rate.

• The growing influence of eco-friendly construction activities is inviting considerable demand for wood flooring
• Wood flooring is low on maintenance and high on quality, thus attracting a large consumer base
• The uniqueness of wood flooring is also a good growth-generating factor

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Wood Flooring Market: Growth Restraints

Some factors may restrain the wood flooring market to a certain extent. Environmental regulations regarding deforestation is a vital growth-dampening factor for the wood flooring market. Furthermore, the costs involved in wood flooring production are greater than other flooring types. This aspect may also dent the growth prospects of the wood flooring market.

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Global Wood Flooring Market: Segmentation

By Product

• Solid Wood
• Laminated Wood
• Engineered Wood

By Application

• Residential
• Commercial

By Region

• Asia Pacific
• North America
• Europe
• Latin America
• Middle East and Africa

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Sports Flooring Market - In terms of value, the global sports flooring market is anticipated to expand at a CAGR of ~6% from 2020 to 2030. The demand for indoor sports activities has been increasing in North America and Europe due to extreme weather conditions. Governments and private sports clubs in these regions are investing significantly in indoor sports complexes. The growth in public awareness about the link between physical activity and health is also projected to drive the demand for indoor sports activities. There has been a significant rise in participation in indoor sports activities in North America and Europe over the past few years. This can be ascribed to increase in household income and growth in expenditure on recreational activities. The rise in awareness about fitness and personal care is encouraging people to spend on gym memberships; and yoga, Zumba, and dance activities. This trend is likely to continue in the near future.

Flooring Market - The flooring market is equipped with wide range of product portfolio, which is making it, the most important for building material markets. The global flooring market is projected to grow at a CAGR of nearly 6.5% between 2019 and 2027. The substantial growth of the construction industry and the increasing trend of home renovation activities are likely to boost the market in the next few years. The commercial renovation sector has been expanding at a steady pace and is projected to expand slightly in the next few years, as more number of buildings would age and require renovation, maintenance, repair, and remodeling. However, increase in concerns about the environmental impact of flooring products among consumers is one of the key factors expected to hamper the flooring market during the forecast period.

Soft Covering Flooring Market - Rising incomes of people worldwide along with increasing construction of residential and commercial complexes has provided a fillip to the demand for soft covering flooring market. Aspiring home owners are not just buying new ones but also spending liberally on their décor. Same goes for office upgrades to impart a more sophisticated look to them. Apart from that, emergence of premium products in the market is also boosting demand and sales. At present, the carpet tiles that are seeing soaring sales are majorly boosting the market. In addition, thrust on research and development to create better products and improving manufacturing technologies are benefitting the market as well. Savvy players are tapping into the latest trend of eco-friendly materials in floor-covering. However, the product segment of carpet is facing stiff competition from the much sought after hard surface floors in commercial and residential applications. Another challenge for the market is the proper disposal of rugs, carpets, and broadlooms, which generate a lot of waste. This is already earning the ire of environmentalists and regulatory bodies, and will likely deal a blow to the market.

Resilient Flooring Market - The growing construction industry is likely to bolster the growth of the resilient flooring market due to its high demand in the construction industry. A significant rise in the commercial and residential construction activities is also expected to drive the demand for resilient flooring over the next couple of years. The global market is also expected to be benefitted by the rising demand in Europe and Asia Pacific. The growing demand for inclusive flooring for installing in commercial complexes is further expected to the fuel the growth of the resilient flooring market in the near future. This trend is expected to gain traction in the next couple of years. The employment of cork flooring is also gaining prominence owing to its easy installation feature. Owing to the growing environmental concerns across the globe, the deployment of linoleum flooring is intensifying as it is naturally sourced. Hence, resilient flooring has the capacity to imitate textures of wood and stone along with other advantages.

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