Hardwood Flooring Market Size is Expected to Reach USD 61.78 Billion in 2028 | at a CAGR of 4.3% – Reports and Data

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Rapid urbanization in developing countries and growing demand for better aesthetics and increased durability of flooring is driving the growth of the industry

NEW YORK CITY, NEW YORK, USA, July 6, 2022 /EINPresswire.com/ — The global hardwood flooring market size is expected to reach USD 61.78 billion in 2028 and register a CAGR of 4.3 % over the forecast period, according to the latest Reports and Data report. The steady revenue growth of the global hardwood flooring market can be attributed to the growing demand for better aesthetics, rugged durability of flooring options and materials, and cost effectiveness. Hardwood flooring is widely used in residential, commercial and industrial settings due to its features that enhance visual appeal and make space appear more spacious (specifically, hardwood flooring wide planks). One of the main advantages of hardwood flooring is its flexibility and versatility to suit almost any type of home interior design theme. In addition, high durability and better wear resistance of engineered and solid product types are factors driving increasing preference, which is also driving increasing deployment in various end-use applications, driving the hardwood flooring market revenue growth.

Rapid industrialization and urbanization in developing countries such as China and India and growing demand for higher value-added flooring are factors that contribute significantly to the market revenue growth. According to hardwood flooring industry statistics, in 2018, engineered hardwood flooring accounted for 28.8% of the total sales of China’s flooring market, due to the improvement in the standard of living and the presence of branded flooring products. According to a recently conducted study, there are approximately 3,000 wood flooring producers in China, with more than 1,200 producers capable of manufacturing both engineered hardwood and laminate wood flooring products.

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Top Key Players: Mohawk Industries, AHF Products, Somerset Hardwood Flooring, Mannington Mills Inc., BerryAlloc, Home Legend LLC, Beaulieu International Group, Formica, Provenza Floors Inc., and Egger Group.

Other key findings from the report suggest

By wood type, the oak flooring segment accounted for a significant share of revenue in 2020. Red oak wood offers an ideal balance between ease of installation and durability. Solid red oak flooring is a durable and sturdy material that is highly resistant to wear and damage, and can be refinished more times than other wood species. Red oak is available in several shades, spanning the spectrum of darker and lighter shades.
Among product type segments, the engineered hardwood flooring segment accounted for a larger share of revenue in 2020. Engineered hardwood flooring offers better aesthetics than solid hardwood . In addition, engineered hardwood flooring does not contract or expand to the same extent as other product types and therefore can be used in environments that may damage solid product types, especially in bathrooms and kitchens, where there are significant variations in temperature and humidity.
Installing prefinished hardwood floors is relatively faster and easier than unfinished floors. Prefinished flooring requires no on-site sanding or refinishing because it is factory coated, eliminating unwanted dust, noise and toxic odors that are a normal part of unfinished flooring. In addition, pre-finished products cost less and are more durable than unfinished types.
The North American hardwood flooring market accounted for a significantly large revenue share in 2020, attributed to the growth of the US wood flooring industry and increasing demand for flooring hardwood in residential and commercial buildings. Additionally, the presence of retailers like Home Depot and Lowes and major producers like Somerset Hardwood Flooring is driving strong growth in market revenue.

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Segments covered in the report:

Timber Types Outlook (Revenue, USD Million; 2018-2028)

Oak hardwood floor
Red Oak Hardwood Flooring
White oak hardwood floor
Hickory hardwood flooring
Maple hardwood floor
Cherry hardwood floor
Acacia hardwood floor
Cork hardwood flooring
Bamboo hardwood flooring
Others

Product Type Outlook (Revenue, USD Million; 2018-2028)

Solid hardwood floor
Engineered hardwood flooring

Application Outlook (Revenue, USD Million; 2018-2028)

Renovation
New construction

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Regional Outlook (Revenue, USD Billion; 2018-2028)

North America
Europe
Asia Pacific
Latin America
Middle East and Africa

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