The world market for Wood Flooring is projected to reach 16.2 billion square feet by 2024, driven by the steady global recovery in construction projects over the last couple of years in most countries worldwide; growing concerns over the environment and the ensuing preference for wood as a green building material given its lower carbon footprint and renewable characteristics when harvested through sustainable forest management practices. Benefits of wood flooring that makes it a special favorite among homeowners include easy maintenance and durability; enhances indoor air quality (IAQ) by repelling dust, animal dander, pollen, mould and mildew; flaunts a versatile classy elegance that complements almost any interior design theme; improves acoustics in a home by reducing hollow sounds and vibrations; comes available in a wide choice of wood species in myriad colors; as a poor conductor of heat it absorbs less heat and allows more circulation of heat resulting in reduced energy bills; and helps enhance the rental value and sale price of homes.
Other major factors driving growth include stringent government regulations calling for mandatory renovation of aging buildings; growing demand for hard wearing and natural-looking floors; development of easy to install wood flooring designs such as standard angle locking technology, glueless-click lock installation, snap and lock installation; growing popularity of factory finished hardwood flooring for its lower risk of stains and discolorations associated with onsite finishing and longer durability; rising commercial value of solid wood parquet flooring for its anti-allergy flooring characteristics; and widening product choices in terms of colors, textures, patterns, strength, and wood floors manufactured from a variety of rare and exclusive wood species.
Europe represents the largest market worldwide. Asia-Pacific ranks as the fastest growing market with a projected CAGR of 5.9% over the analysis period, led by rapid urbanization and resulting housing and real estate development; preference for tropical wood flooring in rich, beautiful and luxurious designs; launch of affordable engineered wood flooring solutions; and expanding middle class and their changing attitude towards flooring decors. The region is famous for tropical wood growing in rainforests and moist broadleaf forests such as Mahogany, Teak, Ebony, Rosewood, Narra, and Chloroxylon also known as the East Indian Satinwood Lumber.
Competitors identified in this market include, among others:
A&W (Shanghai) Woods Co., Ltd.
ARK Floors Inc.
Beaulieu International Group
British Hardwoods Flooring
Dalian JiaYang Wood Products Co., Ltd.
Engineered Floors LLC
Mannington Mills, Inc.
Mohawk Industries, Inc.
Mullican Flooring, LP
Nature Home Holding Company Limited
Power Dekor Group Co., Ltd.
Shaw Industries Group, Inc.
Somerset Hardwood Flooring
Tarkett S. A.
Key Topics Covered:
I. INTRODUCTION, METHODOLOGY & REPORT SCOPE
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
Wood Flooring Market Continues to Gain from Unrivaled Aesthetic Appeal of Wood
Global Flooring Market by Type (2018): Percentage Breakdown of Volume Sales by Type
Primary Advantages of Wood Flooring
Growth Drivers for the Wood Flooring Market: On a Scale of 1 - 10 (10 - High Impact; 1 - Low Impact)
Growth Dampeners for Wood Flooring Market: On a Scale of 1 - 10 (10 - High Impact; 1 - Low Impact)
Mega Trends Benefiting Market Demand Summarized
Major Demand Drivers for Wood Flooring (2018 & 2030): Urban Population, Middle Class, Aging Population, and Single Person Households
Global Households Breakdown by Type of Family: Percentage Growth (%) over the Period 2018-2028
Global Market Outlook
Solid Wood to Occupy Prominent Market Share
Developing Countries to Drive Future Growth
Global Economic Scenario and Impact on Flooring Market
Global Economic Outlook: Real GDP Growth Rates in % by Country/Region for the Years 2018 through 2021
Recovery in Construction Activity: An Important Growth Driver
Projected Increase in Construction Investments Favors Wood Flooring Market: World Construction Industry (in US$ Trillion) for the Years 2017, 2019 & 2022
Construction Industry Worldwide: Percentage CAGR of Construction Output by Region for the Period 2013-2017 and 2018-2023
Growth in the Global Construction Market by Sector: 2015-2022
Recent Market Activity
Impact of Covid-19 and a Looming Global Recession
Global Competitor Market Shares
Wood Flooring Competitor Market Share Scenario Worldwide (in %): 2019
Market Participants Focus on Added Value to Gain Share
Aggressive Marketing: A Critical Factor for Sustenance of Hardwood Flooring
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