Wood Flooring Market is Estimated to Grow at a CAGR of 5.9% from 2022 to 2031

Wood Flooring Market Outlook 2031

The global wood flooring market was valued at US$ 47.5 Bn in 2021
It is estimated to grow at a CAGR of 5.9% from 2022 to 2031
The global wood flooring market is expected to reach US$ 89.3 Bn by the end of 2031

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Global Wood Flooring Market Introduction
Wood is a timber product that is used for flooring. It is included under the hard flooring category. Solid wood and engineered wood flooring are major types of wood flooring. Wood flooring is generally expensive; however, it is environmentally sustainable, as wood is a renewable resource. Wood floors can last for more than a century and do not go out of style. Floorboards can be sanded and recoated multiple times, making it possible to refurbish old floors and make them appear new again.

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Rise in Demand for Wood Flooring in Construction Sector
Flooring occupies the largest area of interiors, and it is also the element that interacts with the occupants the most. Wood floorings are used in many interior designs to create various esthetic styles through different colors and substances. Wood floorings can enhance the warmth of the space, enrich visual layers, and let our feet feel the warm wood texture.

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Wood flooring is less prone to sustain damage and is simpler to maintain. Both cleaning and repair expenses are likely to reduce over time. Additionally, hardwood flooring can last for many generations due to their extreme durability; therefore, it is an affordable option for flooring.

In terms of volume, the global construction sector is expected to reach US$ 15.5 Trn by 2030. China, the U.S., and India accounted for 57% share of the global sector in 2021. The construction sector in the U.S. is estimated to grow rapidly as compared to that in China in the next 15 years. Growth in construction is projected to be prominent in the southern states of the U.S.

Growing Trend of Innovative Wood Flooring
The global wood flooring market has been rapidly evolving, due to changes in consumer preference and launch of new products. Ongoing trends of wood flooring market indicate that customers are increasingly opting for inexpensive, highly efficient, and eco-friendly flooring products. Demand for hardwood or engineered wood has been rising rapidly as compared to the demand for luxury vinyl tiles. This is because these materials offer additional benefits such ease of cleaning, superior acoustics, a premium appearance, strength, durability, and a healthy level of indoor air quality.

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Hardwood floors are available in several colors, styles, stains, and species. Furthermore, one can choose between pre-finished and unfinished hardwood floors. These floors offer a healthy choice for interior environments. Hardwood floors have no fibers, grout lines, or embossing that can trap dust, pollen, particles, animal dander, or allergens, which occurs in the case of carpets. Consequently, the market for wood flooring offers enormous prospects for innovation as well as branding and rebranding of new and improved flooring products.

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Increased Preference for Solid Wood Flooring
The product segment in the wood flooring is bifurcated into three main segments; Solid wood, laminated wood and engineered wood. Solid hardwood flooring is made of planks milled from a single piece of timber. Solid hardwood floors were originally used for structural purposes, being installed perpendicular to the wooden support beams of a building, known as joists or bearers. Increased use of concrete as a subfloor in some parts of the world has boosted the popularity of engineered wood flooring. However, solid wood floors are still common and highly popular.

Engineered wood flooring consists of three or four layers of wood, glued together at right angles to create a plank of around 14 mm thick. It has a real-wood veneer of around 4 mm thick on the top. This flooring can be sanded back and treated to restore the original finish. The key difference between engineered wood flooring and laminate wood flooring is that the laminate flooring does not contain actual wood.

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Regional Outlook of Global Wood Flooring Market
In terms of value and volume, in 2021, Europe held a major share of more than 30 % of the global market. Demand for wood flooring is projected to remain high in the region during the forecast period. The housing industry has important macroeconomic and macro prudential implications for the economy in Europe. Consequently, expansion of the residential sector is expected to drive the wood flooring market in Europe.

The market in Asia Pacific is anticipated to expand at a rapid pace during the forecast period. It accounted for a considerable share of the market in 2021. Growing construction undertakings in BRIC (Brazil, Russia, India, and China) countries due to an increase in population, disposable income, and urbanization is likely to drive the wood flooring market.

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