- The growing preference for hardwood in the indoor environment underpins a profitable avenue in the wood flooring market; increasing demand for eco-friendly flooring enhancing revenue streams
- Solid hardwood flooring is attracting consumer interest primarily due to its superior acoustics and appearance; many opportunities in Asia Pacificrelying on the use of the word engineering for renovation and remodeling projects
WILMINGTON, Del., August 18, 2022 /PRNewswire/ — Sales forecast for the wood flooring market by TMR analysts reveals that a rapidly expanding construction sector in several regions has led to increased sales of flooring products in wood, especially hardwood and solid wood. The abundant demand for wood flooring for the interior of residential and commercial buildings has prompted flooring manufacturers to release a wide variety of products. The revenue opportunities are vast and the TMR study projects the value to be achieved $89.3 billion by the end of 2031.
Companies are keenly expanding their range of flooring products to meet consumers’ diverse functional performance, aesthetic and decorative needs. Increase in interior and exterior wood surface renovation and decoration, especially in developed countries, is reinforcing the frontiers of wood flooring market growth. In developing markets, such as in Asia Pacificrevenue streams emanate from the unorganized sector, due to the presence of several small players.
The need for an affordable range of flooring has widened the scope of players in the wood flooring market. They reveal wood floors of different texture, color and size which enrich visual appeal, warmth of interior space and reduce maintenance hassles.
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Key Findings of the Wood Flooring Market Research
- The huge demand for hardwood flooring creates massive revenue opportunities: The rise in demand for hardwood flooring is based on attractive product features. Hardwood is gaining popularity over other expensive flooring primarily because it is durable and possibly lowers long-term maintenance costs. Demand is expected to remain lucrative for interior finishes and generate new revenue streams for players in the flooring market. Especially in residential buildings, the adoption of hardwood flooring is high, increasing the size of the wood flooring market.
- Growing adoption of engineered wood and solid wood in renovation activities, propelling the growth of the market: The preference for solid wood has increased considerably. Solid wood flooring reflects a warm and natural appeal and is thus gaining popularity in renovation projects. The massive demand for solid wood in commercial and residential flooring will generate significant lucrative opportunities for companies in the wood flooring market. On the other hand, the demand for engineered wood flooring has also increased, mainly due to the trend of using concrete as a subfloor in various construction projects. Companies are launching wood flooring products with innovative designs and appeal, thus creating growth frontiers for the wood flooring market.
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Wood Flooring Market: Key Drivers
- Rising demand for innovative interior flooring products for various types of residential and commercial buildings is widening the way for lucrative opportunities in the wood flooring market.
- Advances in the construction sector, particularly buoyed by rising spending on construction projects in emerging economies, are fueling the outlook. Thus, the rapid pace of urbanization in some developing countries, along with increasing disposable incomes, is a key driver of the wood flooring market.
Wood Flooring Market: Regional Growth Dynamics
- Europe held a major share of the global market in 2021. The growth will be fueled by massive demand for wood flooring products, especially in the housing sector. A booming residential segment will generate significant revenue streams for players in the Europe parquet market.
- Asia Pacific is expected to be a very lucrative market, and it held a key market share in 2021. Rising construction spending in the BRICs (Brazil, Russia, Indiaand China) will drive revenue generation during the forecast period 2022-2031.
Wood Flooring Market: Key Players
Some of the major players in the wood flooring market are Somerset Hardwood Flooring Inc., Mannington Mills Inc., Boral Limited, Shaw Industries Group, Beaulieu International Group, Armstrong Flooring, Inc., Mohawk Industries, Inc., and Blanchon Group.
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Segmentation of the wood flooring market
- Solid wood
- Laminated wood
- Engineered wood
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
- Russia & IEC
- South Africa
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About Transparency Market Research
Transparency Market Research, a global market research firm registered in Wilmington, Delaware, United States, provides personalized research and consulting services. The company examines the factors that shape demand dynamics in various markets. Market insights and insights assess opportunities in various segments. Opportunities in segments based on source, application, demographics, sales channel, and end-use are analyzed which will determine market growth over the next decade.
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