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2025-2034 Wood Flooring Market Outlook: Key Drivers, Emerging Challenges, and Strategic Insights
Wood Flooring
What Will the Wood Flooring Industry Market Size Be by 2025?
In the recent past, the wood flooring market has significantly expanded in size. It is projected to increase from a value of $53.14 billion in 2024 to reach $55.94 billion by 2025, exhibiting a compound annual growth rate (CAGR) of 5.3%.
What's the Long-Term Growth Forecast for the Wood Flooring Market Size Through 2029?
Expectations are high for significant expansion in the wood flooring market in the coming years. The market is anticipated to surge to a worth of $71.57 billion in 2029, reflecting a compound annual growth rate (CAGR) of 6.4%. The predicted escalation during this period can be linked to a number of factors such as the growing preference for customized solutions, adherence to green building regulations and certifications, concerns about health and wellness, the impact of e-commerce and online retail, economic influences, and trends within the construction industry. Notable patterns expected to prevail over the projection period include a fondness for wide planks and distinct textures, the drive for customization and personalization, a rising demand for reclaimed and vintage wood flooring, a surge in preference for engineered wood flooring, the significance of green labels, and increasing consumer awareness.
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What Are the Key Growth Drivers Fueling the Wood Flooring Market Expansion?
The upward trend of disposable income is anticipated to boost the growth of the wood flooring market. Defined as the cash available to an individual or household for saving or spending after deducting income taxes and obligatory deductions from total earnings, disposable income is on the rise. Factors such as increasing salaries, declining unemployment rates, and economic expansion collectively fortify people's ability to spend post-tax. High disposable income triggers the demand for wood flooring as consumers are more inclined to spend on quality home refurbishments and enhancements, placing importance on aesthetics and durability in their habitats. The Bureau of Economic Analysis, an American governmental agency, disclosed in a report in June 2022, that personal income surged by $113.4 billion, or 0.5 percent, on a monthly scale in May 2022. Disposable personal income (DPI) saw an increase by $96.5 billion (0.5%). Hence, escalating disposable income is facilitating the growth of the wood flooring market.
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What Are the Key Trends Driving Wood Flooring Market Growth?
One of the most significant trends gaining momentum in the wood flooring market today is the rise of technological innovations. To stand their ground in this competitive market, leading companies are unveiling products that leverage cutting-edge technologies. For instance, Bjelin d.o.o., a floor covering company based in Sweden, announced its hardened wood 3.0 floor range in April 2023, which boasts enhanced colors, layouts, and technologies. Moreover, these novel floors have incorporated the groundbreaking 5G Dry technology, a creation of Bjelin's sibling entity, Välinge Innovation, that endows the flooring with a water-resistant feature, thereby offering an easy, swift, and durable installation that is coupled with a waterproof joint. The new range also encompasses the proprietary Woodura technology, a revolutionary technique to produce authentic wooden floors that are eco-friendly. Through this technology, it is possible to construct floors that are thrice as robust as traditional wooden floors using the same amount of timber, thereby reaping a ten-fold higher yield.
How Is the Wood Flooring Market Segmented?
The wood flooring market covered in this report is segmented -
1) By Product: Solid Wood, Laminated Wood, Engineered Wood
2) By Distribution Channels: Home Centers, Flagship Stores, Specialty Stores, Online, Other Distribution Channels
3) By End Use: Residential, Commercial
Subsegments:
1) By Solid Wood: Oak, Maple, Cherry, Walnut, Ash, Birch, Other Species
2) By Laminated Wood: High-Pressure Laminate (HPL), Direct Pressure Laminate (DPL), Wood Grain Laminate, Commercial Laminate
3) By Engineered Wood: Multi-Layer Engineered Wood, Single-Strip Engineered Wood, Parquet Engineered Wood, Prefinished Engineered Wood, Unfinished Engineered Wood
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Which Companies Are Leading the Charge in Wood Flooring Market Innovation?
Major companies operating in the wood flooring market are Mohawk Industries Inc., Beaulieu International Group, Shaw Industries Group Inc., Mannington Mills Inc., Tarkett S.A., British Hardwoods Flooring, Kährs Group, E.P. Co. Inc., Wickes Ltd., Home Legend LLC, Somerset Hardwood Flooring Inc., Provenza Floors Inc., Doma Flooring GmbH, East Teak Fine Hardwoods Inc., Frank A. Edmunds & Co. Inc., Greenlam Industries Ltd., AHF Products, UNILIN Group, CLASSEN Group, Pergo, Flooring Innovations, EGGER Group, HomerWood Laminate Flooring, Barlinek SA, Brumark Corporation, Goodfellow Inc., Bruce Evans Flooring LLC
Which Regions Are Leading the Global Wood Flooring Market in Revenue?
Asia-Pacific was the largest region in the wood flooring market in 2024. The regions covered in the wood flooring market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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