Wood Flooring Market to Grow at a CAGR of 5.5% through 2030

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New York, 06 Dec. 2021 (GLOBE NEWSWIRE) — Overview of the parquet market: According to a comprehensive research report by Market Research Future (MRFR), Parquet market Information Report, by Type (Solid Hardwood Flooring, Engineered Flooring, Bamboo Flooring, Laminate Flooring and Others), by End User (Residential and Non-Residential) and by Region – Forecast to 2030”.

Key players

Prominent industry players profiled in the Global Parquet Market report include

  • Sol Armstrong
  • Inc. (England)
  • Beaulieu International Group (Canada)
  • Berkshire Hathaway Company (USA)
  • Boral Limited (Australia)
  • Brumark (USA)
  • Khrs Holding AB (Sweden)
  • Mannington Mills
  • Inc. (USA)
  • Mohawk Industries
  • Inc. (USA)
  • Nature Home Holding Company Limited (Hong Kong)
  • Tarkett SA (France)
  • Greenlam Industries Limited (India).
  • BOEN (UK)
  • Lord Parquet (China)
  • First Asia Industrial Co.Ltd. (China)
  • Among others.

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Market Research Future’s Review on the Wood Flooring Market

The parquet market will grow at a CAGR of 5.5% by 2027, according to the latest Market Research Future (MRFR) report.

COVID-19 Analysis
Due to the government-imposed lockdown and work-from-home trends, people are spending more and more to renovate their homes, of which wooden floors are one of them. On the other hand, restrictions on sports activities due to the pandemic that require wooden flooring have limited the market growth.


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Drivers


Demand for wood products in construction activities to drive market growth

Supportive government policies encouraging the use of easily decomposable and natural products like wood for new building construction and renovation activities will drive the market growth during the forecast period.

Opportunities

Demand for user-friendly building designs to provide strong opportunities

The demand for user-friendly building designs such as wooden ones will provide strong opportunities for the market during the forecast period. Wood-based flooring is highly durable and scratch and impact resistant and also meets consumer needs for textural aesthetics and natural visuals.

Constraints

Availability of substitutes to act as a market restriction

The availability of substitutes like tiles may act as a market constraint during the forecast period.

Challenges

Commodity price fluctuation to act as market challenge

Fluctuating raw material prices, increasing cost of wood flooring, and stringent regulations may pose a challenge for the market during the forecast period.

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Market segmentation

The global wood flooring market is bifurcated based on type and end-user.

By type, engineered flooring segment will dominate the market over the forecast period as they require less energy than other flooring materials. Additionally, it results in less greenhouse gases as well as other air pollutant emissions, making it a preferred choice for sustainable flooring designs.

By end-user, the residential segment will dominate the segment during the forecast period due to the growing need for parquet in the residential segment to increase the disposable income of the consumers and change the lifestyle of the consumers. Additionally, growing needs in the construction industry coupled with home renovation and improvement projects are also contributing to the segmental growth.

Regional analysis

North America leads the wood flooring market

North America will lead the wood flooring market during the forecast period. The large living spaces that require regular rolling, the regulations and high standards for sustainable development, the desire of people to showcase the beauty of wood, the proliferation of villas and castles, the wide availability of raw materials in France, Germany, Mexico, Canada and the United States and the presence of major market players are contributing to the growth of the global parquet market in the region. In addition, the high use of products in the decoration and construction of new residential structures, the increase in investments in the renovation and development of tourist infrastructures in Mexico and the United States, the inversion of the economic cycle, the growing need for low-maintenance building products, the strong development of residential real estate and commercial structures in the United States, sustained investments in commercial real estate and consumer preference for green buildings are also contributing to the market growth.

APAC will have favorable growth in the wood flooring market

APAC region will witness favorable wood flooring market growth over the forecast period. Growing number of fireplaces, quick and easy installation of wood flooring, wide accessibility to colors, shapes and sizes of wood flooring, increased protection offered to subfloors in Japan, India and China, as well as other European countries. Southeast Asia, the resulting rapid urbanization for real estate and housing development is adding to the growth of the global wood flooring market in the region. In addition, the preference for tropical wood flooring with luxurious, beautiful and rich design, the launch of cost-effective engineered wood flooring solutions, the expansion of the middle class and their changing attitude towards flooring decors, increasing investment in infrastructure construction projects in private and public sectors in India and China, increasing number of homeowners, increasing need for parquet in commercial sectors and residential and rising investment in construction activities as well as renovation and repair activities are also contributing to the growth of the market.

Market Segmentation Covered by Research:

Wood Flooring Market Insights Report, By Type (Solid Hardwood Flooring, Engineered Flooring, Bamboo Flooring, Laminate Flooring and Others), By End User (Residential and Non-Residential) and By Region – Forecast until 2030


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