Wood Flooring Market Research Report - Global industry Forecast To 2030

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 2030

ID: MRFR/CO/6385-HCR | February 2021 | Region: Global | 100 pages

Market overview


The wooden flooring market growth rate is projected to be 4.7% until 2026. The wooden flooring market value was USD 130450 million in 2019. It should be USD 185000 million in 2026.


Wooden flooring tends to be used to strengthen and beautify flooring in residential and commercial buildings. Wooden flooring is the result of drying and processing different species of natural wood.


COVID-19 analysis


COVID-19 is a new virus that has confounded health professionals and medical researchers. What they can’t figure out is why most people who get it recover with few issues but a small minority of the people who get it either die or face lifelong health issues.


Lockdowns and quarantines became buzzwords last year as government officials tried to control the spread of the virus. The effect that these had on businesses was disastrous and long-term. Many businesses were forced to either temporarily halt operations or dramatically scale them back.


The companies in the wooden flooring market were no exception. They were forced to halt their importing and exporting activities of various species and types of wooden flooring. This resulted in temporary shortages of raw material.


Competitive landscape


The global wooden flooring market is fairly competitive. It’s also very fragmented in nature. What accounts for this is the fact that the market has a high CAGR. It is also very lucrative. There are also a few barriers to entry for the wooden flooring market. These factors are enticing and encouraging many companies, especially larger ones with huge treasuries, to enter the market.


Companies are finding that they can remain competitive only if they invest heavily in research and development. They are able to develop and market those products that are technologically advanced and have more innovative uses and applications. These companies are able to develop a sustainable competitive advantage by marketing these new products in innovative ways.


These companies find that merging with and acquiring other companies helps them remain competitive. They are able to develop and market innovative products which interesting and technologically advanced applications. They are also finding innovative ways to market these products. Doing this allows them to enter new markets easily. They can also consolidate their positions in existing markets. Hence, they are able to develop the sustainable competitive advantage they need to remain profitable and financially viable.


These companies also find that entering into strategic partnerships also helps these companies remain economically viable. They find that they were able to create a sustainable competitive advantage. This allowed them to remain in business for many years.


Mohawk Industries is a major American player in the global wooden flooring industry. It became one of the most prominent players in the industry by investing heavily in research and development. It was able to develop and market new products with innovative applications and uses. This allowed it to create a sustainable competitive advantage.


List of companies



  • The Armstrong Flooring, Inc. (US),

  • Mannington Mills, Inc. (US),

  • Mohawk Industries (US),

  • Pergo (US),

  • Shaw Industries Group, Inc. (US),

  • E.P. Co., Inc.,

  • Wickes Ltd (US),

  • Home Legend, LLC,

  • Somerset Hardwood Flooring, and

  • Provenza Floors, Inc.


Market dynamics


Drivers


Many people around the world are becoming environmentally conscious. They want government officials to require construction contractors and developers to build green buildings. These require wooden flooring. It’s also been driving tremendous growth in the wooden flooring market.


Many companies in the global wooden flooring industry are investing heavily in research and development. The result is the development and marketing of wooden flooring of different sizes, colors, and types. These types of wooden flooring also have innovative new uses and applications. This has also been driving the wooden flooring market growth.


Many homeowners and commercial building owners are embarking on ambitious construction projects. It’s driving the wooden flooring market growth. So have renovation and rebuilding/remodeling projects.


Opportunities


Many companies in the wooden flooring industry are investing heavily in the market to develop various technologies that will allow them to develop and market superior products. These products will look prettier and last for many more decades than the previous generations of wooden flooring did.


Restraints


The price of raw materials can change a lot from day to day. This is a factor that’s restraining the wooden flooring market growth.


Challenges


The greatest challenge that companies in the wooden flooring market face is trying to develop better products at lower price points.


Cumulative growth analysis


The wooden flooring market growth rate is projected to be 4.7% until 2026. The wooden flooring market value was USD 130450 million in 2019. It should be USD 185000 million in 2026.


Technology analysis


Armstrong Flooring Inc is a major American player in the global wooden flooring market. It is an industry leader because it invested heavily in research and development. Thus, it was able to develop and market those products that gave it a sustainable competitive advantage.


Segment overview


By product


The product segment can be grouped into the following sub-segments:



  • Solid wood

  • Engineered wood


The solid wood sub-segment has the largest wooden flooring market share. This is expected to continue for the next three years. The reason is that it’s one of the highest-quality types of wooden flooring that’s affordable.


The engineered wood sub-segment is expected to have the highest wooden flooring market growth rate. It’s easy to install, lasts for years, can take a beating, and is affordable. It’s also low maintenance. Thus, building owners actually save money over the years. These are the reasons why the majority of manufacturers prefer to use it.


By application


The application segment can be grouped into the following sub-segments:



  • Residential

  • Commercial

  • Industrial


The residential sub-segment had the largest wooden flooring market share three years ago. It should have this position three years from now. What’s driving this tremendous growth is high population growth in the largest economies in the world that are registering high economic growth rates. These nations are China, Brazil, and India. As the people in these countries grow wealthier, they want to live in fancier homes. This requires the usage of more wooden flooring.


The residential sub-segment is expected to have the highest wooden flooring market growth rate for the time period that this report covers.


Regional analysis


The global wooden flooring market can be grouped into the following regions:



  • North America

  • The European Union

  • Asia-Pacific

  • The rest of the world


The Asia Pacific market has the largest wooden flooring market share at 50%. It also has the highest CAGR. The Asia-Pacific region is expected to be the leader in terms of regional market share and growth rate for the time period that this report covers.


What accounts for this is increased spending by various governments in the Asia-Pacific region. Also, many private enterprises are investing heavily in the regional wooden flooring market. The reason for this is that the governments in the Asia-Pacific region realize that having good infrastructure is the only way that they can continue strong economic growth rates. Therefore, they are investing heavily in infrastructure and they are encouraging private companies to do the same.


There’s a lot of money to be made in the wooden flooring market in this region. It’s because these nations are investing heavily in infrastructure which tends to be a big money generator.


The North American has the second largest wooden flooring market share. This region is expected to have a high growth rate as well. One huge reason for this is that there are many large wooden flooring manufacturers in this region.


The European Union had a huge chunk of the wooden flooring market in 2018. It was 23% back then. This should continue until 2023. What’s driving growth in this region is more construction of more residential and commercial buildings. The European Union is also seeing more growth in the construction of industrial buildings.


Recent developments



  • BASF recently closed its wooden flooring operations

  • Sika AG recently acquired Parx Limited. This allowed it to expand into new markets.


Report overview


The wooden flooring market growth rate is projected to be 4.7% until 2026. The wooden flooring market value was USD 130450 million in 2019. It should be USD 185000 million in 2026.


The Asia-Pacific market has the highest growth rate it also has the largest market share. What is accounting for this is increased economic growth and growing wealth in the various nations that make up the Asia-Pacific region. The middle classes are also exploding. This is creating tremendous demand for residential and commercial buildings in terms of new construction projects and renovations. All of this requires lots of wooden flooring.


The North American region enjoys a decent growth rate mainly because of the emphasis on the construction of green buildings and the fact that many large wooden flooring manufacturers call this region home.



Report Scope:
Report Attribute/Metric Details
  Market Size   2030: Significant Value
  CAGR   4.7% CAGR (2022-2030)
  Base Year   2021
  Forecast Period    2022 to 2030
  Historical Data   2019 & 2020
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Product, Application, Region
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   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.
  Key Market Opportunities

  • Advancements in raw materials coupled with printing technology
  • Increasing investments in infrastructural construction projects
  •   Key Market Drivers

  • Growing commercial sector and demand for lightweight floor coverings
  • Consumer preference for green buildings coupled with growing construction of residential buildings, across the globe
  • Growing trend of repair and maintainence and new construction
  • Increasing research and development by major manufacturers in terms of innovative designs and efficient services


  • Speak to Analyst Ask for Customization

    Frequently Asked Questions (FAQ) :


    Wood flooring market is projected to grow at a 4.7% CAGR between 2022-2030.

    The APAC region is predicted to have the largest share in the wood flooring market.

    The residential segment will lead the wood flooring market.

    Growing commercial sector and demand for lightweight floor coverings are the key factors driving the wood flooring market.

    Strict manufacturing regulations may limit the wood flooring market growth.