Surge in residential and non-residential constructions, increase in spending on home remodeling, growing demand for eco-friendly materials, and the numerous advantages offered by wooden flooring are expected to drive the growth of the global wooden floor market
PORTLAND, Oregon, Feb. 11, 2019 /PRNewswire/ --Allied Market Research published a report, titled, "Wooden Floor Market by Product (Engineered Wood and Solid Wood) and Application (Residential and Non-Residential) - Global Opportunity Analysis and Industry Forecast, 2018-2025. The report provides an in-depth analysis of the key winning strategies, drivers & opportunities, market share, key segments, and competitive landscape. According to the report, the global wooden floor market garnered $90.63 billion in 2017 and is expected to reach $141.09 billion by 2025, registering a CAGR of 5.9% from 2018 to 2025.
Rise in construction activities across different parts of the world, increased spending on home enhancement and renovation, growing consumer demand for eco-friendly materials, and the wide range of benefits offered by wooden flooring drive the wooden floor market. However, unstable prices of wood and other raw materials as well as threat of substitute products restrain the growth of the market. Conversely, rise in disposable income in emerging economies is expected to provide opportunities for the growth of the market.
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Engineered wood segment to be lucrative through 2025
Among products, the engineered wood segment grabbed two-thirds of the market share in 2017 and is likely to remain dominant in terms of revenue through the study period, 2018-2025. The segment is also expected to attain the fastest CAGR of 6.3% during the forecast period. Engineered wood flooring is seen as an attractive substitute to solid wood flooring as it looks analogous and is capable to survive high levels of moisture and variations in temperature, making it an ideal solution for underfloor heating. Besides, this flooring is highly durable due to the thickness of the top veneer layer. The solid wood segment would witness a steady growth through the forecast period.
Residential segment to lead in terms of revenue through 2025
Among applications, the residential segment accounted for the largest market share of 59% in 2017 and would remain the lead revenue contributor through 2025. This is because wooden flooring is widely adopted in residential construction as they offer many benefits. They offer eternal style, require no maintenance, hypoallergenic and highly durable, and raise the value of any residential construction project. However, the non-residential segment is likely to achieve the fastest growth of 6.2% from 2018 to 2025. Wooden floorings used in the non-residential segment must be able to withstand severities as they are exposed to high stress due to continuous movement of people. They must be able to stand scratches from shoes, scuffs from regularly moved product displays or chairs, marks from dropped items, and tints from spills. Engineered wood flooring is an ideal solution for the segment, owing to its capability to prevent expansions and contractions of wood due to fluctuations in temperature, humidity, and moisture.
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Europe to remain dominant, Asia-Pacific to grow the fastest through 2025
The market in Europe contributed half of the total market share in 2017 and is anticipated to continue its dominance during the forecast period. This is due to the growing residential and non-residential construction activities and surge in consumer expenditure on home improvement in the region, especially in Bulgaria, Romania, and Slovakia. However, Asia-Pacific would grow at the fastest CAGR of 7.0% from 2018 to 2025. Rapid urbanization, strong economic growth, and increase in population is contributing to the growth of the wooden floor market in the region. Moreover, conduction of repairing and remodeling work in developed countries propels the demand for wooden floors in Asia-Pacific. The other regions analyzed for the market study include North America and LAMEA (Latin America, Middle East, and Africa).
Torchbearers of the industry
The key market players analyzed in the report include Armstrong, Beaulieu International Group, Berkshire Hathaway, Boral Limited, Brumark Corporation, Khrs Holding AB, Mannington Mills, Mohawk Industries, Nature Home Holding Company Limited, and Tarkett. These companies have implemented various strategies including expansions, mergers & acquisitions, partnerships, joint ventures, collaborations, and others to gain a stronghold in the industry.
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