Global Wood Flooring Market to Reach $123 Billion by 2027
Albany, N.Y. -- The global wood flooring market is anticipated to make steady progress during the forecast period, from 2019 to 2027. The global wood flooring market is faced with stiff competition from other options like tile, vinyl, and laminates. Wood flooring offers durability, safety, and hygiene and comes with immense load resistance, which creates high consumer demand.
The global wood flooring market is commanded by the presence of some medium- and large-scale players such as Tarkett Group, Kährs Holding AB (publ), Mohawk Industries, Inc., Armstrong Flooring, Inc., and Shaw Industries Group, Inc.
Tarkett S.A. accounted for a leading share of the global wood flooring market in 2018. This company offers more than 50 varieties of wood flooring products to its customers. With the presence of several manufacturing sites and offices all over the globe; the organization offers a broad portfolio of products related to flooring.
Transparency Market Research predicts that the market is likely to exhibit a growth rate of 6.0% CAGR during the assessment period, from 2019 to 2027. Riding high on the back of various growth factors, the market is estimated to reach a valuation of $123 billion through 2027.
From the geographical standpoint, Europe accounted for a considerable share of the global wood flooring market in 2018, in terms of both volume and value. The Europe wood flooring market is likely to continue its dominance during the forecast period. The housing industry has significant macro-prudential and macroeconomic implications for the European economy. The expanding residential sector in Europe due to increasing population and mass migration are likely to drive the Europe wood flooring market during the forecast period.
During the forecast period, the global wood flooring market is likely to derive momentum from factors such as renovation, construction of new houses, and retrofitting activities for office, commercial, and residential buildings. Increased emphasis on use of environment-friendly and green products like wood is furthering the growth of the global wood flooring market.
The residential segment exerts dominance in the market and that trend it is expected to continue in the years to come. The aesthetic appeal of a house is enhanced through the use of wood flooring. A rich and sophisticated look is added to the interiors of home when wood flooring is used. Non-electromagnetic, organic characters of wooden floors attract less dust. As such, wooden floor is extensively used in residential homes to ensure safety of children and infants.
Increasing disposable income of the people, particularly among the middle-class population across the globe, has helped people spend more on the home décor. With increasing disposable income people can now afford to spend more on premium products such as wood flooring for home renovation and beautification. On the other hand, the market has been adversely affected with fluctuating prices of the raw materials and restrictions imposed on cutting of wood.
More information on the market is available in "Wood Flooring Market (Product - Solid Wood, Engineered Wood, and Laminated Wood; Application – Residential and Commercial) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2019 – 2027."
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