NEW YORK, July 27, 2021 /PRNewswire/ -- The global hardwood flooring market size is expected to reach USD 61.78 Billion in 2028 and register a revenue CAGR of 4.3% over the forecast period, according to the latest report by Reports and Data. Steady global hardwood flooring market revenue can be attributed to increasing demand for eco-friendly products in the construction sector. Hardwood offers several benefits and requires considerably less energy to produce than cement, steel, concrete, or glass and this is another key factor driving market revenue growth. Also, untreated hardwood is entirely biodegradable and completely renewable. Wide ranging benefits of wood and abundant availability has led to increasing demand for hardwood flooring in low-rise construction, especially for residential, retail, and hospitality sectors. Wooden flooring can be easily sanded, shaped, replaced, repaired, painted, or stained, as well as cleaned and maintained following deployment.
Additionally, hardwood flooring, unlike carpets, do not trap dust, pet dander, particulate matter, pollen, or various other common substances that can cause allergic reactions. Hardwood floors are preferred for enhancing acoustics in a room as the material decreases hollow vibrations/sounds that frequently occur. It is for this reason; hardwood flooring is generally used in music recording and dance studios.
However, availability of substitutes such as laminate flooring may present the option of choice and thereby hinder revenue growth of market to a certain extent over the forecast period. Increasing popularity of laminate can be attributed to high water resistance and the material is highly preferred in places with high moisture levels. Laminate floors do not need any particular cleaning solutions and are easy to maintain. Also, laminate does not stain as hardwood does and is an ideal choice in areas where chances of staining are high. Furthermore, many solvent-based products that are highly flammable are used in the installation and finishing of hardwood flooring. This could pose risk of fire and explosion, and also can cause adverse effects on workers deploying the flooring. These are some factors expected to restrain market growth to some extent going ahead.
Maple hardwood is among the hardest types of wood and is more durable than oak (both red oak and white oak) and thus finds wide application in public spaces, including bowling alleys and gymnasiums floors.
Demand for solid hardwood flooring is due to its high durability and installation ease. Solid wood flooring is available in narrower plank sizes as compared to engineered wood and shows very tight in-between board seams. Solid hardwood flooring is used for its exceptional aesthetics and offers a choice from an extensive range of wood species that are resistant to scratches and dents.
Market in Asia Pacific is expected to register fastest revenue CAGR over the forecast period, attributed to improving standards of living and rising disposable income. Additionally, increasing government initiatives to boost tourism and a steadily growing hospitality industry is projected to spur growth of the hardwood flooring market in Asia Pacific.
In December 2020, Somerset Hardwood Flooring announced entering into a distribution partnership with William M. Bird and Co. for distribution of its products in Southern US.
For the purpose of this report, Reports and Data has segmented the hardwood flooring market based on wood type, product type, plank width, flooring style, application, end use, and region:
Wood Type Outlook (Revenue, USD Million; 2018-2028)
Oak Hardwood Flooring
Red Oak Hardwood Flooring
White Oak Hardwood Flooring
Hickory Hardwood Flooring
Maple hardwood Flooring
Cherry Hardwood Flooring
Acacia Hardwood Flooring
Cork Hardwood Flooring
Bamboo Hardwood Flooring
Product Type Outlook (Revenue, USD Million; 2018-2028)
Solid Hardwood Flooring
Engineered Hardwood Flooring
Design Outlook (Revenue, USD Million; 2018-2028)
Narrow Plank Hardwood Flooring
Medium Width Plank Hardwood Flooring
Wide Plank Hardwood Flooring
Finishing Outlook (Revenue, USD Million; 2018-2028)
Prefinished Hardwood Flooring
Unfinished Hardwood Flooring
Application Outlook (Revenue, USD Million; 2018-2028)
End Use Outlook (Revenue, USD Million; 2018-2028)
Regional Outlook (Revenue, USD Million; 2018-2028)
Rest of Europe
Rest of APAC
Rest of LATAM
Middle East & Africa
Rest of MEA
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