CLEVELAND, April 4, 2022 /PRNewswire/ — While demand for decorative wood panels will remain stable or decline in most applications through 2024, new analysis from Freedonia Group reveals that finished flooring will be an exception, growing over the course of 2024. this period :
- Gains will come from the increasing use of hardwood plywood flooring due to its aesthetic and performance properties, which will lead consumers to prefer it over less durable materials.
- Design trends are increasingly calling for the use of hardwood and wood-look flooring throughout the home, including rooms where carpet and tile once predominated.
However, other design trends are having a dampening effect on the demand for decorative wood panels. The continued popularity of open floor plans is reducing the number of doors installed per home, and interior wood paneling remains relatively unfashionable as wall coverings, with homeowners turning instead to products such as wallpaper and tile for add interest to their wall spaces.
Finishing flooring applications to avoid declining demand for decorative wood panels
Demand for decorative wood panels is expected to remain essentially flat through 2024. Faster gains will be limited by:
- a decline in demand for panels used in doors due to weak commercial building construction and the growing popularity of open floor plans
- sluggish demand for cabinetry due to the volatility of the residential market and weak construction of the commercial buildings in which these products are most often installed, combined with a reduction in the amount of particleboard used per cabinet
Preventing the decline in demand for decorative wood panels will be an increase in their use in finished flooring.
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Decorative wood panels, now available from The Freedonia Group, presents historical data (2009, 2014, 2018 and 2019) and forecasts for 2020, 2021, 2022, 2024 and 2029 for the demand for decorative wood panels in current US dollars (including inflation ) and in square feet on a 3/8 inch basis. The request is presented by product and by applications.
- hardwood plywood
- particle board
- hardboard (also called high-density fiberboard or HDF)
- medium density fiberboard (MDF)
- low density fiberboard (softboard)
- finishing floor
- Doors and windows
- interior paneling
About Freedonia Group – The Freedonia Group, a division of MarketResearch.com, is the leading international industry research company, providing our clients with product analysis, market forecasts, industry trends and market share information. From individual consulting firms to global conglomerates, our analysts provide companies with unbiased and trusted industry research and market analysis to help them make important business decisions. With over 100 studies published each year, we support over 90% of Fortune 500 industrial companies. Find ready-to-use studies at https://www.freedoniagroup.com/ or contact us for a custom search: +1 440.842.2400.
SOURCE The Freedonia Group