Press release
Wood Flooring Market Touched USD 4,700 million in 2020 and will grow at 1.5% CAGR during 2021-2028 | Size, Share & Global Forecast Analysis
Wood Flooring Market
The Wood Flooring Market was valued around USD 4,700 Million in 2020 and is expected to grow at a CAGR of 1.5% over the forecast period.
For Additional Insights, Click to Access Complete Report - https://www.gmiresearch.com/report/wood-flooring-market/
The factors driving the growth of Wood Flooring Market includes rise in consumers spending on renovation and remodeling activities, rapid growth in the hospitality & real estate, growing demand for environment friendly wood flooring solutions and increasing preference for tropical wood flooring. According to the report published by Statista, the home improvement sales in the United States 538 billion in 2021 and is expected to reach USD 620 billion by the end of 2025, which will accelerate the Wood Flooring Market size in the approaching years. Moreover, growing adoption of advanced technologies by manufacturers, rise in the launch of innovative products, Government initiatives to boost the Tourism industry and increase in the number of shopping malls and family entertainment centers, are some of the additional factors supplementing the Global Wood Flooring Market. In addition, the increasing investments by leading players on research and development, rising disposable incomes, rapid urbanization, and improvement in the living standards, are further contributing towards the market growth.
However, growth of the Wood Flooring Market is hindered attributed to regulations imposed by Governments on trading timber.
The prominent players operating in the market are Johnson Hardwood, LM Flooring, Mullican Flooring, From the Forest, Somerset Hardwood Flooring, Harris Wood Floor, Mowhak Industries, Shaw Industries Group, Kahrs Industries and AHF Products, among others.
Based on Product, the Engineered Wood segment is predicted to grow at a significant CAGR during the forecast period
Engineered wooden flooring offer superior acoustics, enhanced strength, and indoor air quality, are some of the features responsible for the segment's growth.
Based on Application, the Commercial segment is projected to grow at a robust CAGR over the forecast period
Growing demand for wooden flooring solutions at cafes, restaurants, and offices, is the major factor responsible for the segment's growth.
Based on Region, the North American region is anticipated to expand at a remarkable CAGR during the forecast period
Rise in the number of residential buildings and apartments, increase in consumers spending on the renovation activities, growing population growth rates and high per capita income, are some of the important factors augmenting the market growth in North American region.
Key Development
In December 2020, Somerset Hardwood Flooring entered into an agreement with distributor William M. Bird & Co. to represent the branded line of Somerset Hardwood Flooring in the southern region of United States.
In November 2018, Mullican Flooring collaborated with Building Plastics Inc. to strengthen its position in different market regions.
Market Segmentation
Segmentation by Product
Solid Wood
Engineered Wood
Others
Segmentation by Application
Residential
Commercial
Segmentation by Region
Asia Pacific
China
Japan
India
Rest of APAC
North America
United States of America
Canada
Europe
United Kingdom
Germany
France
Spain
Rest of Europe
RoW
Brazil
South Africa
Saudi Arabia
UAE
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
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