Wooden Floor Market Research Report- Global Forecast 2030

Wooden Floor Market Information Report, By Type (Solid Hardwood Floor, Engineered Floor, Bamboo Floor, Laminate Floor and Others), By End User (Residential and Non-residential) and By Region - Forecast to 2030

ID: MRFR/CO/5355-HCR | November 2022 | Region: Global | 188 Pages         

Wooden Floor Market

Wooden Floor Market is projected to be worth USD 41,682.2 Million by 2030, registering a CAGR of 3.6% during the forecast period (2020 - 2027).

Segmentation

By Type Solid Hardwood Floor Engineered Floor Bamboo Floor Laminate Floor Others
By End User Residential Non-residential

Key Players

  • Armstrong Floor
  • Inc. (England)
  • Beaulieu International Group (Canada)
  • Berkshire Hathaway Company (U.S.)
  • Boral Limited (Australia)
  • Brumark (U.S.)
  • Khrs Holding AB (Sweden)
  • Mannington Mills
  • Inc. (U.S.)
  • Mohawk Industries
  • Inc. (U.S.)
  • Nature Home Holding Company Limited (Hong Kong)
  • Tarkett S.A. (France)
  • Greenlam Industries Limited (India).
  • BOEN (U.K.)
  • Lord Parquet (China)
  • First Asia Industrial Co.
  • Ltd. (China)

Drivers

  • Most people around the world want to use wooden products that don’t need much maintenance
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Market overview


The wooden flooring market growth rate is projected to be 5.5% until 2027. The wooden flooring market value was USD 43.2 billion in 2020. It should be USD 55.8 billion by 2026.


Wooden flooring consists of various types and species of wooden boards. When these are laid down on buildings and other types of infrastructure they make them (buildings and infrastructure) last longer. They also beautify these architectural pieces. The pieces last longer. Wooden flooring also makes it easier for people to walk on the surfaces of these buildings and infrastructure.


COVID-19 analysis


COVID-19 is a virus with a unique structure. Therefore, it has a unique nature that has puzzled medical researchers and health professionals alike. The fact that it has left many hospitalized and a few dead makes it a dangerous virus. This is further compounded by the fact that it can lead to serious and long-term health issues.


Nations imposed quarantines and lockdowns last year to try to contain COVID-19’s spread. This didn’t really work. However, many industries around the world were hit hard. The companies in the wooden flooring market were no exception. Many are still reeling from the negative results that temporary closures or production scalebacks caused.


This is especially true for companies that engage in construction or building/repairing infrastructure.


Competitive landscape


The global wooden flooring market is extremely competitive. The wooden flooring market itself tends to be fragmented. Companies are finding that they must resort to a combination of the following:



  • Heavy investments in research and development to develop and market new and innovative products. It helps them create a sustainable competitive advantage

  • Merging with and acquiring other successful companies. They increase their knowledge base and resources

  • Partnering with other successful companies. It does the same thing that mergers and acquisitions do.


Armstrong Flooring Inc is a major British player in the global wooden flooring market. It became an industry leader by investing in research and development. The new products that it was consequently able to develop and market allowed it to create a sustainable competitive advantage.


List of companies



  • Armstrong Floor, Inc. (England),

  • Beaulieu International Group (Canada),

  • Berkshire Hathaway Company (U.S.),

  • Boral Limited (Australia), Brumark (U.S.),

  • Khrs Holding AB (Sweden),

  • Mannington Mills, Inc. (U.S.),

  • Mohawk Industries, Inc. (U.S.),

  • Nature Home Holding Company Limited (Hong Kong),

  • Tarkett S.A. (France),

  • Greenlam Industries Limited (India).,

  • BOEN (U.K.),

  • Lord Parquet (China),

  • First Asia Industrial Co., Ltd. (China)


Market dynamics


Drivers


Most people around the world want to use wooden products that don’t need much maintenance. This helps lower the overall costs of maintaining their buildings. Well, wooden flooring is a perfect candidate since it’s a low-maintenance material. This is one factor that has been driving the wooden flooring market growth.


Many people and businesses around the world are starting remodeling, refurbishing, and reconstruction projects on their buildings. Many developed nations (especially the United States of America) are embarking on complex and lavish infrastructure repair and development projects. These require large quantities of wooden flooring boards.


Opportunities


Many companies in the wooden flooring market are encouraged by the high demand for the products. They are also enticed by the market’s lucrative nature. However, they realize that wooden flooring will remain a popular building material only if it’s of the best quality and has many innovative and new applications and uses in construction and other areas. Therefore, they are investing heavily in research and development. The objective is to continue to market a new generation of superior products with diverse and useful applications.


Restraints


Composite decking is becoming popular. It’s also cost-effective. More and more construction companies and developers are choosing to use it. This is a huge restraint in growth in the wooden flooring market.


Challenges


Perhaps the greatest challenge that companies in the wooden flooring market face lie in developing and marketing a new generation of superior products that are in an acceptable and affordable price range for construction developers and contractors worldwide.


Cumulative growth analysis


The wooden flooring market growth rate is projected to be 5.5% until 2027. The wooden flooring market value was USD 43.2 billion in 2020. It should be USD 55.8 billion by 2026.


Technology analysis


Brumark is a major American player in the global wooden flooring industry. It became successful by investing heavily in research and development. Thus, it was able to develop and market a new generation of products that had innovative uses and applications that the competition could not match. It was able to create a sustainable competitive advantage in this way.


Segment overview


By type


This segment can be further divided into:



  • Hardwood floor

  • Engineered floor

  • Bamboo floor

  • Laminate floor

  • Others


The hardwood flooring sub-segment enjoys the largest wooden floor market share. This is pressure-treated wood. Pressure-treated wood is strong and lasts for several decades. It’s harder. That’s why it can be subjected to a high weight load and damage from the elements and not rot or chip/crack.


Many construction companies that build residential units use hardwood flooring. For example, the base and floorboards in the dining rooms and living rooms in most people’s houses are made from hardwood flooring. The same is true for bedrooms and other rooms in peoples’ houses.


By application


This segment can be further divided into:



  • Floor

  • Walling

  • Railing

  • Others


Many people have been asking for the flooring in their residential and commercial units to be made out of wooden flooring because it lasts longer and looks nicer.


By end-user


This segment can be further divided into:



  • Residential

  • Non-residential


The residential sub-segment has the greatest wooden flooring market share. It will also have the highest year-on-year growth rate for the time period that this report covers. What’s been driving growth in this sub-segment is changing lifestyles and the fact that more people around the world are becoming much wealthier.


More people, especially in developed nations, are wanting to renovate and remodel their homes to make them function better and look nicer. These home improvements have another effect - they increase the beauty and market value of these homes.


The non-residential sub-segment will fuel wooden flooring market growth. The building of many more hotels, offices, retail outfits, and educational centers are mainly fueling this growth.


Regional analysis


The global wooden flooring market is divided into the following regions:



  • The North American region

  • The European Union

  • The Asia-Pacific region

  • The Rest of the World


The North American region enjoys the highest regional wooden flooring market share. The European Union and the Asia-Pacific region came in second and third place respectively. What’s driving growth in the North American region is the rising demand for flooring products that require as little maintenance as possible. This is part of what makes them cost-effective. It also lowers the overall price of these buildings.


The United States of America is the largest consumer and user of wooden flooring in the North American region. The demand for economical, practical, and beautiful flooring in the commercial and residential building sectors has been spurring growth in this nation.


The demand for green buildings and more investment in the commercial sector is also contributing to increased demand for wooden flooring.


The European Union has a respectable and growing demand for wooden flooring. This is mainly because there are more building repair and reconstruction projects in this region. The same applies to infrastructure across the European Union.


The Asia-Pacific region will have the greatest regional wooden flooring market growth rate for the time period that this report covers. What’s driving this growth is the fact that many Asian nations have gone on a building spree in terms of residential and commercial buildings, and infrastructure projects. These nations include (but are not limited to) China, India, Japan, and Singapore.


More people across the Asia-Pacific region are growing increasingly aware of the fact that wooden flooring is more practical, economical, durable, and aesthetic than other types of flooring are. This factor is expected to generate strong market growth for the time period that this report covers.


Growth throughout the rest of the world is expected to be strong. It will be mainly driven by a strong and rising demand for wooden floors. The Middle East, especially, is projected to see high growth in the regional wooden flooring market. Changing lifestyles and lots of new construction projects along with renovation and remodeling projects are the key contributor.


Recent developments



  • Trex and Azec Co recently entered into a strategic partnership. The resulting company developed smarter materials that are environmentally friendly and cost-effective.


Report overview


The wooden flooring market growth rate is projected to be 5.5% until 2027. The wooden flooring market value was USD 43.2 billion in 2020. It should be USD 55.8 billion by 2026.


The North American region has the largest wooden flooring market share. The Asia-Pacific region has the greatest wooden flooring market growth rate.



Report Scope:

Report Attribute/Metric Details
  Market Size   2030: Significant Value
  CAGR    5.5 % CAGR (2022 to 2030)
  Base Year   2021
  Forecast Period   2022-2030
  Historical Data   2019 & 2020
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Type and End User
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   Armstrong Floor, Inc. (England), Beaulieu International Group (Canada), Berkshire Hathaway Company (U.S.), Boral Limited (Australia), Brumark (U.S.), Khrs Holding AB (Sweden), Mannington Mills, Inc. (U.S.), Mohawk Industries, Inc. (U.S.), Nature Home Holding Company Limited (Hong Kong), Tarkett S.A. (France), Greenlam Industries Limited (India)., BOEN (U.K.), Lord Parquet (China), First Asia Industrial Co., Ltd. (China)
  Key Market Opportunities   Growing residential and non-residential construction activities
  Key Market Drivers   Increasing demand for low maintenance building products


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Frequently Asked Questions (FAQ) :

North America would dominate the wooden floor market.

Asia Paific would be the fastest-growing wooden floor market.

Residential segment would dominate wooden floor market.

Solid hardwood floor would dominate wooden floor market.

Wooden floor market would achieve 5.5% CAGR during the forecast period.