Global Wooden Floor Market is anticipated to reach $141.09 billion by 2025 by Top Key Players Armstrong, Beaulieu International Group, Berkshire Hathaway, Boral Limited, Brumark Corporation, Khrs Holding AB, Mannington Mills, Mohawk Industries, Nature Hom
Allied Market Research recently published a report, titled, “Wooden Floor Market: Global Opportunity Analysis and Industry Forecast, 2018-2025”. The report states that the global wooden floor market accounted $90.64 billion in 2017 and is expected to attain $141.09 billion by 2025, registering a CAGR of 5.9% during the forecast period, 2018-2025. In terms of volume, the market is projected to grow at a CAGR of 4.7% during the same forecast period. Accounting more than two-thirds of the market share in 2017, the engineered wood segment is expected to witness significant growth during the forecast period.
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A wooden floor in a kind of hard surface flooring that lasts for decades. It is significantly hygienic than other floors as it can be easily cleaned. The surge of construction projects in different regions of the world has resulted in an increased demand for wooden floors. It not only makes the room look spacious and modern but also enhances its beauty – adding important value that drives the market growth. However, market growth is impeded by the high manufacturing cost of wooden floors.
Based on the application, the residential segment is expected to account for the largest share in the global market during the forecast period, due to increase in investments in North American, Asia-Pacific, and African countries. Based on the product segment, engineered wood is expected to grow at a significant CAGR during the forecast period, owing to its various benefits, such as high resale value, and high perceived & monetary value.
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The key players profiled in this report include Armstrong, Beaulieu International Group, Berkshire Hathaway, Boral Limited, Brumark Corporation, Khrs Holding AB, Mannington Mills, Mohawk Industries, Nature Home Holding Company Limited, and Tarkett. They have adopted various strategies such as mergers & acquisitions, collaborations, partnerships, and others to gain a strong position in the industry.
Key Findings of the Wooden Floor Market:
• Based on application, the residential segment dominated the market in terms of revenue in 2017, and is projected to grow at a CAGR of 5.6% during the forecast period.
• Europe generated the highest revenue in 2017, and Asia-Pacific is anticipated to grow at the highest CAGR of 7.0%.
• The engineered wood segment generated the highest revenue in 2017, and is estimated to grow at the rate of 6.3%.
• In Asia-Pacific, China accounted for the largest market share in 2017.
The demand for wooden floor is on the rise across the globe. The outdoor entertainment area, such as patio, porches, and backyards has gained popularity in the past few years, owing to its semi-natural ambience and functional utility for small gatherings. As a result, millennials are increasingly opting for dedicated outdoor entertainment areas in their residences. It drives the demand for wooden floor in residential buildings, such as row houses, bungalows, townhouses, condos. In addition, the growth in number of DIY (do-it-yourself) solutions have also fueled the number of home renovations and retrofitting flooring projects among individuals. Thus, driving the market growth of the wooden floor market during the forecast period.
The market players have adopted key developmental strategies, such as product launch to fuel the growth of the wooden floor market. They have introduced advanced designs to boost the demand for wooden floors. For instance, in March 2016, Armstrong Flooring expanded its portfolio of hardwood flooring for commercial spaces. It includes variety of species, shades, and design themes that can be used to complement or contrast a wide range of flooring.
Based on product, the global wooden floor industry is categorized into engineered wood and solid wood. The engineered wood flooring segment is projected to remain dominant throughout the analysis period, owing to their low cost of production, durability, flexible design, and easy installation. Further, the large scope of application for wood flooring in commercial spaces, such as offices, buildings, malls, airports, educational buildings, large public spaces, and others, have positively impacted the wooden floor market.
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