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Wood Flooring Market Overview
Wood Flooring market size is forecast to reach US$42.7 billion by 2027 after growing at a CAGR of 3.8% during 2022-2027. Wood flooring is increasingly
being used in residential and commercial structures to improve their aesthetic
appeal. Increased usage in the commercial and residential sectors, rising
preferences for aluminum oxide finish on solid wood floorings, and rising
investment for airport and hotel development are some of the factors driving
the growth of the wood flooring market over the forecast period. The growth of
the wood flooring industry will be aided by increased urbanization and
industrialization, which will create a plethora of opportunities. During the
forecast period, however, the high cost of raw materials and the prevalence of
low-cost, low-maintenance alternative products (such as laminate and vinyl
flooring) are expected to pose a significant challenge to the wood and laminate
flooring industry.
COVID-19 Impact
The construction industry was one of the hardest hit by COVID-19, as
it had already been dealing with a liquidity crisis for more than a year as the
financial sector's non-banking financial institutions collapsed. Several
projects were left unfinished during the pandemic as a result of a lack of
funding. During the pandemic, construction output was significantly reduced as
a result of these factors. For instance, as per the Office for National
Statistics, the construction industry in the United Kingdom was 11.6 percent lower
in July 2020 than it was in February 2020. In August 2020, the level of
construction activity in the United Kingdom was 10.8% lower than in February
2020. Furthermore, manufacturers were stranded on raw material orders as a
result of the COVID-19 area's lockdown, which had a significant impact on the
logistics industry. During the pandemic, all of these factors combined to limit
the growth of the wood flooring industry.
Wood Flooring Market Report Coverage
The report: “Wood Flooring
Market – Forecast (2022-2027)”, by IndustryARC, covers an in-depth analysis
of the following segments of the Wood Flooring industry.
By Wood Type: Oak (White, and Red), Pine, Maple, Cherry, Mahogany, Walnut, and
Others
By Product Type: Laminate Flooring, Engineered Wood Flooring, Solid Hardwood Flooring, Composite Wooden
Flooring, Parquet Flooring, Bamboo Flooring, Cork Flooring, and Others
By End-Use Industry: Residential Construction (Private Dwellings, Apartments, Row Houses,
and Others), Commercial Construction (Healthcare Facilities, Retail Stores,
Banks, Airports, Educational Institutes, Hotels, Shopping Malls, and Others),
and Industrial Construction (Power Plants, Textile, Food & Beverages, and
Others)
By
Geography: North America (USA, Canada, and Mexico),
Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, and
Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and
New Zealand, Indonesia, Taiwan, Malaysia, and Rest of APAC), South America
(Brazil, Argentina, Colombia, Chile, and Rest of South America), Rest of the
World (Middle East, and Africa)
Key Takeaways
- Asia-Pacific dominates the wood
flooring market. Increasing home renovation owing to increased disposable
income and faster growth construction and non-construction activities,
especially in developing countries is fueling the market growth in
Asia-Pacific.
- Solid wood floors have
high-strength base layers that can withstand more heat and moisture content
from the outside and do not change shape or become uneven and twisted as a
result of dampness.
- After floor molding,
scratch-resistant wooden flooring with a hard-protective finish made of aluminum
oxide has allowed for more residential use.
- The wood flooring market is
expected to fluctuate due to factors such as increasing adoption of alternative
floor materials and fluctuations in foreign currencies affecting profit
margins.
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Wood Flooring Market Segment Analysis – By Wood Type
The oak segment held a significant share in the wood flooring market
in 2021 and is forecasted to grow at a CAGR of 4.1% during 2022-2027. is a very
long-lasting flooring material due to its resistance to wear. This makes it an
excellent choice for high-traffic areas in the home. White oak is particularly
resistant to liquid permeation, making it ideal for kitchen and bathroom
flooring. Both red and white oak is easy to glue, drill, and machine cut,
making installation of flooring a breeze. Oak responds well to treatments and
stains, providing a wide range of color and finish options for oak-based
floors. Over the forecast period, all of these numerous advantages of using
oak-based flooring are expected to boost demand for oak-based flooring.
Wood Flooring Market Segment Analysis – By Application Method
The engineered wood flooring segment held a significant share in the
wood flooring market in 2021 and is forecasted to grow at a CAGR of 5.2% during
2022-2027, as it is a suitable substitute for concrete floors Engineered wood
products are commonly used by architects, code regulators, and building
planners who are aware of energy-efficient farming practices that save energy,
speed up construction, reduce Labour costs, and minimize waste. Because of high
disposable incomes and widespread public awareness of the benefits of
engineered wood, the segment is expected to grow faster in North America and
Europe. One of the advantages of engineered wood products is that they can be
crafted to meet the needs of end-users and custom specifications. Easy
maintenance and colorful design uniqueness, among other things, are driving the
segment's growth over the forecast period.
Wood Flooring Market Segment Analysis – By Geography
Asia-Pacific region held a significant share in the wood flooring market in 2021 up to 38%, owing to spiraling demand for wood flooring from the APAC residential sector. For instance, In seasonally adjusted terms, private sector houses rose 15.1 percent monthly and 57.5 percent annually in February 2021, according to the Australian Bureau of Statistics (ABS). As a result, the region's expanding residential and commercial construction sectors are expected to boost demand for wood flooring, propelling the market growth. The Ministry of Construction Vietnam estimates that by 2025, the average house floor area per person in Vietnam will be 27 square meters, with 28 square meters in urban areas and 26 square meters in rural areas. Furthermore, the policy aims to build and restore over one billion square meters of housing, or over 11.9 million units. Furthermore, To boost the Indian residential sector, the Indian government has launched initiatives such as "100 smart cities" and "Housing for All by 2022." Such government initiatives are also expected to boost demand for wood flooring in the residential construction sector, boosting the market's growth over the forecast period.
Wood Flooring Market Drivers
Government Policies that Encourage the use of Wood-based Products
Much of the materials used in construction,
such as cement, asphalt, steel, and plastic, remain in the surrounding area for
a long time, increasing the environmental burden. To improve the construction
industry's sustainability, several governments have promoted the use of natural
and easily decomposable materials such as wood in the construction of new
buildings and renovation activities. The Japanese Ministry of Agriculture,
Forestry, and Fisheries (MAFF), for example, has passed legislation to make it
easier to use wood in public buildings. Similarly, different governments
provide incentives for the use of wood in the construction of both residential
and commercial structures. Flooring is one of the many fields where wood can be
easily used, and with companies working to improve the properties of wood
flooring, demand is expected to rise significantly over the forecast period.
Expanding Commercial Construction Sector
Wood flooring is commonly used in commercial construction because it
is affordable, low-maintenance, and can withstand high traffic. Kansai
International Airport in Japan will spend about 100 billion yen ($911 million)
by 2025 to upgrade the larger terminal, to increase space for international
flights at the country's No. 2 hub. The Indian Union Budget of February 2020
aims to build 100 new airports by 2024 as part of the Centre's Udan scheme to
help with growing air traffic. The health facility revitalization component of
the national health insurance indirect grant in South Africa has been allocated
R4.6 billion over the medium term (2020-2021). A fraction of this budget will
go toward planning and construction of the Limpopo Central Hospital in
Polokwane, which is set to open in 2025/26. Saudi Amana Contracting was granted
a public tender award by the Red Sea Development Company (TRSDC) in July 2019
to construct housing and offices for project staff and laborers. By the end of
2022, the project should be completed. Fourteen luxury hotels with 3,000 rooms
will be built across five islands and two inland resorts, according to the
plans. As a result of the thriving commercial construction industry, it is
expected that demand for solid wood floors will increase, resulting in the
growth of the wood flooring market.
Wood Flooring Market Challenges
Availability of Other Cost-Effective Substitute Materials
Liquid spillage, moisture accumulation near doors and other
openings, effects from walking or dropping objects, and scratches from
furniture movement expose a flooring product to difficult conditions. As a
result, the flooring product must be resistant to the changes that occur as a
result of such events. Ceramic tiles, durable flooring, and resin flooring, all
of which are better at dealing with these consequences, are putting pressure on
wood flooring. Ceramic tiles are more durable, impact-resistant, and moisture-resistant
than other types of tiles. Vinyl floor coverings and carpets, on the other
hand, have superior water resistance and aesthetic design. Furthermore, wood is
a costly natural resource that takes a long time to regenerate. Many of the alternatives,
on the other hand, turn out to be quite affordable. Because of these factors,
there is a low demand for wood flooring, which is limiting the market growth.
Wood Flooring Industry Outlook
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the market. Wood Flooring top 10 companies include:
- Armstrong
- Beaulieu International Group
- Berkshire Hathaway
- Boral Limited
- Brumark Corporation
- Khrs Holding AB
- Mannington Mills
- Mohawk Industries
- Nature Home Holding Company
Limited
- Tarkett
Recent Developments
- In April 2021, the exquisite 3-in-1 Laminate Flooring from Span
Floors is now available. With its 3-in-1 Laminate Flooring collection, Span
Floors dispels the notion that laminate flooring is cheap and instead offers
the Indian consumer a high-quality option for flooring their interior spaces.
- In March 2021, NOTION, India's leading brand and manufacturer of
modernistic flooring, has launched an exclusive collection of "Engineered
wooden flooring," an innovative option for luxurious style, ease of
installation, and environmental benefits by adding life, warmth, and glow to
its surroundings.
Relevant Reports
Flooring Market – Forecast (2022 - 2027)
Report Code: CMR 1245
Commercial Flooring Market - Industry Analysis, Market Size,
Share, Trends, Application Analysis, Growth and Forecast 2021 - 2026
Report Code: CMR 85050