Press release
Residential Wood Flooring Market Latest Advancements, Developments and Scope
Residential Wood Flooring Market
The North America residential wood flooring market was valued at ~US$ 4 Bn in 2018 and is anticipated to expand at a CAGR of ~5% during the forecast period. Among products, the engineered wood segment held a dominant share of the North America residential wood flooring market in 2018. This can be primarily ascribed to the lower cost of engineered wood than other wood flooring products, along with its capability of design customization with minimal complexities. The U.S. is anticipated to offer immense opportunities to the North America residential wood flooring market during the forecast period.
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Key Drivers and Restraints of North America Residential Wood Flooring Market
Rising investments in the residential construction sector are projected to drive the demand for residential wood flooring in the North America region during the forecast period. The construction industry is a major contributor to the economy of the U.S. and Canada. Moreover, the construction industry in the region has been expanding at a significant pace over the last few years. This has boosted the demand for construction materials, such as wood flooring, in the region. Demand for residential construction has risen in both the U.S. and Canada in the recent years, primarily due to increasing immigration in the region and improving lifestyle and rising purchasing power of people in the region.
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In addition, the shift in focus and change in preferences toward innovative flooring products, such as wood flooring, are driving the residential wood flooring market in North America. Customers are preferring wood flooring for use in residential applications, due to its aesthetic appeal and high energy efficiency. Certain factors such as ease of cleanability, better acoustics, aesthetic look, strength, durability, and high quality of indoor air have resulted in driving the demand for wood flooring products at a pace higher than that for luxury vinyl tiles.
The availability of inexpensive substitutes is projected to hamper the residential wood flooring market in North America during the forecast period. The production cost of wood flooring is higher than that of several of its substitutes such as ceramic tiles, carpets and rugs, and cork flooring. Moreover, these flooring options offer aesthetic characteristic similar to those of wood flooring.
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Competition Landscape of North America Residential Wood Flooring Market
The North America residential wood flooring market is fragmented, with the presence of a large number of manufacturers in the region. Several major companies have adopted acquisition strategies in order to become vertically integrated, and in turn, gain higher market share in the North America residential wood flooring market. Key players operating in the North America residential wood flooring market are Mohawk Industries, Inc., Armstrong Flooring, Inc., Tarkett Group, Mannington Mills, Inc., Somerset Hardwood Flooring Inc., Brumark, Shaw Industries Group, Inc., Preverco Inc., Beaulieu International Group, Havwoods Ltd, Kahrs Holding AB, AHF Products, and Boen.
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