The wood flooring industry is expected to expand by 4.8% from 2019 to 2026. Wood flooring was worth USD130.46 Billion by 2019. It is expected that it will be USD184 billion by 2020. Wooden flooring can beautify and enhance floors in residential and commercial properties. Wooden flooring is made from drying and processing natural wood species.
Growing Interest
Growing need for eco-friendly building designs to support growth
There are many housing units needed to support the rapid global population growth. When purchasing a prebuilt home, you should pay close attention to interior and exterior design details. It will make life easier for them. Flooring is one product that will remain in contact with the skin for a prolonged time. Designing interiors requires that you choose the best flooring option.
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Wood-based flooring can meet all requirements. They are durable and highly resistant to chemicals. They make an excellent choice for flooring.
Companies are creating engineered wood floors that mimic the appearance and feel of different environmental objects to attract new clients. This will increase the market for wood flooring.
Driving factors
Encouragement of wood products in building activities to increase demand
Concrete, steel, and cement can stay in the environment for extended periods of time, increasing environmental stress. Many governments have encouraged using natural, quickly decomposable products such as wood to increase sustainability. Japan’s Ministry of Agriculture, Forestry, and Fishery created a law encouraging using wood materials for public buildings. Different governments offer incentives for wood use in residential or commercial buildings.
Flooring is one area where wood can easily be used. Companies are building wood flooring to enhance their properties. This will lead to an increase in demand.
Restraining Factors
Wood Flooring’s Low Impact, Moisture Resistance, and Limits Its Use
Different conditions, such as liquid spillage and moisture near the doors, can affect the flooring.
These can cause severe damage to the flooring product. These products work better for wood flooring than ceramic tiles, resilient floors, or carpets.
Ceramic tiles are more durable, can handle moisture better, and have a higher impact resistance. Vinyl and carpet covers have higher scratch and impact resistances but better water handling and artistic design capabilities. Wood can be expensive and can take a lot of time to recover. Many other options are also cheaper. This is the reason this type of flooring is not very popular.
Market Key Trends
Largest Group of Engineered wood
Engineers anticipate that the demand for engineered timber products will rise as it is an alternative to concrete, hardwood, or other wood products. Engineered lumber products are famous for builders, architects, code officers, and building designers. They understand how to conserve energy, reduce energy use, and speed up construction. Due to high disposable incomes and widespread knowledge about the benefits of engineered wooden flooring, this segment is expected to grow faster in North America as well as Europe. The engineered hardwood floor segment significantly contributed to total revenue for 2019. Engineered wood products allow for customization to suit customer needs. It’s a very popular product due to its low maintenance requirements and unique color design.
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Recent development
- Greenply Industries was founded in 2007 as a plywood producer. It has since entered the Medium Density Fiber (MDF) boards industry. The company plans to build a greenfield manufacturing plant in India for Rs. Vadodara, Gujarat: 548 crores The board of directors announced the company’s Baahu Panels (a wholly-owned subsidiary).
- Century Plyboards is embracing sales force automation as of September 2021. Century Plyboards India is now able to create orders using its salesforce automatization.
Key Companies
- Krono
- Armstrong
- Mohawk Flooring
- Quanex Building Products
- Mannington Flooring
- Mullican Flooring
- Tembec
- Wood Flooring International
- Tarkett
- Shaw Floors
- KARELIA-UPOFLOOR
- LAUZON
- WICANDERS
- UNILIN
- Decospan
- ASSA ABLOY
- BEFAG
- Sensa
- Beaulieu International Group.
- Ter Hurne
Segmentation
Type
Solid Wood Flooring
Engineered Wood Flooring
Acrylic-impregnated Wood Flooring
Application
- Commercial
- Residential
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Key questions
- What was the market size for wood flooring in 2022
- How can the market expand in 2031
- What are the most critical factors that drive wood flooring sales?
- Which product category was the biggest in wood flooring sales in 2020?
- Which region is the most lucrative for wood flooring?
- What are the market leaders in wood flooring?
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