50% Surge in Residential Usage to Boost Wooden Floor Market Growth
Portland, Ore. -- According to a recent report, titled “Wooden Floor Market by Product and Application: Global Opportunity Analysis and Industry Forecast, 2018-2025,” by Allied Market Research, the global wooden floor market is forecast to reach $141.09 billion by 2025 from $90.63 billion in 2017, registering a compound annual growth rate (CAGR) of 5.9% over the forecasted period. Upsurge in home renovation owing to increased disposable income and faster growth construction and non-construction activities, especially in developing countries, fuel the growth of the wooden flooring industry. However, fluctuating prices of raw materials coupled with stringent regulations and increasing cost of wooden floorings acts as restraints for the market growth.
The report discusses various products, which have been categorized into engineered and solid wood. The engineered wooden floor segment contributed to two-third share of total revenue in 2017. This segment will continue its dominance in the global market by 2025, registering a surge of nearly 60% in terms of revenue over the forecast period. The solid wood segment is projected to account for nearly one-third share of the total market revenue by 2025.
The report segments the Wooden Flooring Industry into residential and non-residential applications. Based on revenue, the non-residential application segment contributed nearly 40% to the global market. The residential segment is expected to maintain its lion's share throughout the forecast period, registering 50% revenue surge over the forecast period.
By geographic region, Europe contributes nearly half of the total market share today; however, it will lose a partial share to the Asia-Pacific region owing to its fast growth. The revenue of the Asia-Pacific region is expected to expand by nearly 70% during 2017-2025.
For more information, visit www.alliedmarketresearch.com.