According to a new report, titled, Wooden Floor Marketby Product (Engineered Wood and Solid Wood) and Application (Residential and Non-Residential): 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 CAGR of 5.9% from 2017 to 2025. 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 would 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.
Residential projects could seea 50% increase in the use of wooden floorings
The report segments the Wooden Flooring Industry into residential and non-residential applications, while former being the largest. Based on revenue, the non-residential application segment contributed the nearly 40% to the global market. The residential segment expected to maintain its lion's share throughout the forecast period by registering 50% revenue surge over the forecast period.
Dominant Europe, accelerated Asia-Pacific
The report studies the global wooden floor market in four geographic regions namely, North America, Europe, Asia-Pacific, and Latin America, Middle East and Africa (LAMEA). The European region contributes nearly half of the total market share today; however, it will lose a partial share to Asia-Pacific region owing to fastest growth in the region. The revenue of the Asia-Pacific region would expand by nearly 70% during 2017-2025.
The major market players operating in the global wooden floor industry include Armstrong, Berkshire Hathaway, Beaulieu International Group, Brumark Corporation, Boral Limited, Mannington Mills, Kährs Holding AB, Nature Home Holding Company Limited, Mohawk Industries, and Tarkett. They have adopted various strategies including collaborations, mergers & acquisitions, partnerships, and joint ventures to build sustainable business and gain a strong position in the global industry.
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