South Asia and Oceania to Lead the Wood and Laminate Flooring Market Sales, Registering a CAGR of 5.3% through 2032
An exhaustive study on parquet and laminate market by the Fact.MR provides an overview of the driving factors facilitate market growth. It also examines the market growth prospects in various segments in terms of product type, construction activity and end user. The report also forecasts the opportunities for expansion in developed and developing markets through 2032.
NEW YORK, March 2, 2022 /PRNewswire/ — Global Wood and Laminate Flooring Market Expected to Surpass US$111.6 billion by the end of 2032. Market growth is supported by increasing applications of wood and laminate flooring in business and construction industry.
As the trend of urbanization continues to create deeper inroads, a significant increase in construction and construction activities is being observed, especially across China, Indiaand Australia.
For example, according to the India Brand Equity Foundation, the Indian government plans to build over 100 smart cities across the country. The government also announced the allocation of US$868 million as part of its Smart City mission for 2021-22. A multiplicity of such initiatives is expected to augment the market growth.
Driven by this, the global wood and laminate flooring market sales are estimated to total US$64.8 billion by 2022, growing at a CAGR of 5.6% over the forecast period (2022-2032).
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According to the study, sales of wood and laminate flooring are expected to increase 1.73 times between 2022 and 2032. The increase in customer preference for improved home aesthetics and the growing propensity adopting wood-based products will increase market demand.
Additionally, the increasing introduction of new laminates and engineered wood flooring offering a sophisticated look similar to natural solid wood flooring is expected to boost sales.
At the regional level, South Asia & Oceania is expected to become a very profitable market for wood and laminate flooring. The increase in recovery and rehabilitation activities of older infrastructure and the presence of a strong supply chain network for wood-based products are increasing growth in the region.
Base year value (2021A)
Estimated annual value (2022E)
Projected year value (2032F)
World growth rate (2022-2032)
Key points to remember:
- The United States should represent a dominant share in North America market, due to the increasing application in the construction industry.
- Japan is expected to record robust growth in East Asia market, showing a CAGR growth of 6.3% over the review period.
- India The wood and laminate flooring market is expected to create additional opportunity for US$10.5 billion by 2032, expanding at a CAGR of 5.5% between 2022 and 2032.
- Based on product type, the laminate flooring segment is expected to grow at a CAGR of 5.6% through 2032.
- In terms of end user, the residential segment is expected to account for nearly 1/3rd global sales over the forecast period.
- Increasing advancements in printing and design technologies have helped make laminate flooring more realistic, which, in turn, is driving sales in the laminate flooring segment.
- The growing government emphasis on building hotels, restaurants and offices for the development of commercial and tourism sectors is estimated to propel the demand in the market.
- Growing environmental concerns over volatile organic compound (VOC) emissions during laminate flooring operations are hampering the growth of the market.
- Implementation of strict regulations regarding deforestation through North America, Europeand East Asia is expected to hamper the growth of the market.
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The major players in the wood and laminate flooring market are focusing on developing and launching new products to expand their product portfolio and gain competitiveness.
- In April 2021Span Floors, an Indian designer in wood Flooring has announced its exquisite new collection of 3-in-1 laminate flooring. Flooring offers look and feel of high quality real wood and are made in a state-of-the-art factory Europe. This will help the company to strengthen its footprint in the market.
- Tarkett, Mannington Mills Inc.
- Mohawk group
- Abet Inc.
- Berkshire Hathaway Inc.
- Goodfellow Inc.
- Forbo Holding SA
- Armstrong Flooring
- Kronospan Limited
- Kahrs Holding AB
More valuable information about Wood and laminate floors Marlet
Fact.MR in its report offers market analysis on the Global Wood and Laminate Flooring Market, providing compelling insights on key growth dynamics including drivers, trends and opportunities for the upcoming decade. This survey reveals the technology growth in the Wood and Laminate Flooring market with detailed segmentation on the basis of:
- By product type:
- Laminate flooring
- By construction activity:
- Repair & Rehabilitation
- New construction
- Per end user:
- By region:
- North America
- Latin America
- East Asia
- South Asia & Oceania
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Key questions addressed in the Wood and laminate floors Market report
- What will be the outlook for the global wood and laminate flooring market?
- What is the demand outlook for the wood and laminate flooring market during the forecast period?
- What was the CAGR of the Wood and Laminate Flooring Market from 2017-2021?
- Who are the key players in the global wood and laminate flooring market?
- Which is the most lucrative region in the wood and laminate flooring market?
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