The global hardwood flooring market reached a value of more than $40 billion in 2018. The recent recovery of the construction industry represents one of the key factors facilitating the growth of the global hardwood flooring market. Increasing infrastructure and residential projects, particularly in emerging markets, are augmenting the demand for hardwood flooring.
Hardwood flooring manufacturers are consistently coming up with innovative product varieties so as to widen their consumer-base. Some of the other factors which are bolstering the global hardwood flooring market include rising population, rapid urbanization, changing lifestyles, elevating disposable incomes and increasing demand for quality housing.
Stringent government laws in order to protect the environment is hampering the growth of the global hardwood flooring market. This can be accredited to the hindrances associated with acquiring raw materials which are used for manufacturing hardwood flooring. The high price point of these products along with the availability of numerous substitutes are also anticipated to negatively impact the market.
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