ALBANY, New York, Aug. 28, 2019 /PRNewswire/ -- The global wood flooring market is anticipated to make steady progress during the forecast period, from 2019 to 2027. Wood flooring comes with sustainability and is environment friendly, which makes them a preferable choice for flooring among many. The global wood flooring market is faced with stiff competition from other options like tiles, vinyl, and laminates. Wood flooring offers durability, safety, and hygiene and comes with immense load resistance. The consumer demand for wood flooring is quite high in the market thanks to such characteristics.
The global wood flooring market is commanded by the presence of some medium- and large-scale players. Tarkett Group, Kährs Holding AB (publ), Mohawk Industries, Inc., Armstrong Flooring, Inc., and Shaw Industries Group, Inc. are some of the well-established companies operating in this market.
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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 (TMR) following extensive research has prepared the report on the global wood flooring market. Experts at TMR predict 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 US$ 123 Bn through 2027.
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Europe to Lead the Wood Flooring Market during the Forecast Period
North America, Europe, Middle East and Africa, Asia Pacific, and South America comprise the principal regions of the global wood flooring market.
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 with its dominance during the period of assessment. 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 of people from war-torn countries are likely to drive the Europe wood flooring market during the review period.
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Environment-friendliness of Wood to Accelerate Demand in Market during the Forecast Period
During the review 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.
In the global wood flooring market, the residential segment exerts dominance and it is expected that the trend will continue in the years to come. The aesthetic appeal of a house is enhanced through the use of wood flooring. A rich and posh 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.
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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.
The information shared in this review is based on a TMR report, bearing the title, "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."
The global wood flooring market is segmented based on:
- Solid Wood
- Engineered Wood
- Laminated Wood
- North America
- Rest of Europe
- Middle East and Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
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