Pune, India, Aug. 30, 2022 (GLOBE NEWSWIRE) — According to Fortune Business Insight™the Global parquet market The growth is expected to show considerable growth reaching USD 41,682.2 million by 2027. This is attributed to the increasing government support to promote wood products for construction activities and the growing demand for user-friendly building designs that are driving demand for advanced solutions globally. The report mentions that the market was worth USD 33,279.5 million in 2019 and is expected to grow at a CAGR of 3.6% between 2020 and 2027.
Wood flooring is a type of flooring that uses wood to meet consumer demand for aesthetics, comfort, and appearance when constructing buildings or domestic spaces. The growing demand for sustainability in the construction industry, while designing buildings, is propelling the adoption of wood flooring across the world.
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Companies in the wood flooring market. They are the following:
- Mohawk Industries, Inc. (USA)
- Armstrong Flooring, Inc. (USA)
- Shaw Industries Group, Inc. (USA)
- LL floor (USA)
- Junckers Industrier A/S (Denmark)
- British Hardwoods (UK)
- Connor Sports (USA)
- Tarkett SA (France)
- Boral (Australia)
- Daiken Corporation (Japan)
- Kährs Holding AB (Sweden)
- Barlinek SA (Poland)
Report Scope and Segmentation:
|2027 value projection||$41,682.2 million|
|Year of reference||2019|
|Wood flooring market size in 2019||$33,279.5 million|
|Number of pages||185|
|Segments Covered||By application and region|
|Wood Flooring Market Growth Drivers||Increase government support to promote wood products to increase demand|
|The residential segment will hold a significant market share|
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What does the report include?
The market report includes a detailed assessment of the various drivers and restraints, opportunities and challenges that the market will face during the projected horizon. Moreover, the report provides comprehensive information regarding regional developments of the market, affecting its growth over the forecast period. It includes information sourced from expert industry professional advice by our research analysts using multiple research methodologies. The competitive landscape offers more detailed information about the strategies such as product launches, partnerships, mergers and acquisitions, and collaborations adopted by the companies to maintain their position in the market between 2020 and 2027.
Increase government support to promote wood products to increase demand
The massive adoption of construction products such as gravel, cement, steel and plastic leads to environmental stress. The growing demand for the adoption of sustainable products is pushing the government to promote natural and easily decomposable wood products. This is expected to drive the demand for advanced wood flooring solutions worldwide. In addition to this, the adoption of user-friendly and aesthetic design is expected to bode well for the growth of the global market in the coming years.
The residential segment will hold a significant market share
The residential segment, based on application, is expected to show significant growth owing to the increasing demand for wood flooring products for residential projects across the globe.
Key Players Focus on Partnerships to Expand Their Product Portfolio
The global wood flooring market size is fragmented by the presence of large companies that are focused on building partnerships to expand their wood flooring portfolio and gain a competitive advantage over their competitors. The other key players are adopting strategies such as collaboration, new product introduction, and mergers and acquisitions that will help drive the growth of the market in the coming years.
Favorable government policies to promote wood products in Asia-Pacific to foster growth
Among all regions, Asia-Pacific was valued at $19,665.1 million in 2019 and is expected to hold the largest global wood flooring market share in terms of revenue in the coming years. This is attributed to favorable government policies that promote the adoption of wood as a raw material in the region’s construction industry.
The market in Europe is projected to witness significant growth supported by the increasing business focus on developing heat-compatible wood flooring products in the region between 2020 and 2027.
Industry key development:
January 2020 – Junckers Industrier A/S has announced its association with Turkish Airlines EuroLeague Final Four by becoming its official partner. The company informs that in line with the partnership, it will supply an A3 Premium portable sports wooden floor which is produced from beech wood and has received FIBA Level 1 approval.
Browse Detailed Abstract of Research Report with TOC:
Main table of contents:
- Search scope
- Market segmentation
- Research Methodology
- Definitions and assumptions
- Market dynamics
- Market factors
- Market constraints
- Market opportunities
- key ideas
- Main emerging trends – for main countries
- Main developments: mergers, acquisitions, partnerships, etc.
- Latest technological advancement
- Overview of the regulatory scenario
- Analysis of the five forces of carriers
- Qualitative insights on the impact of COVID-19 on the global wood flooring market
- Supply chain analysis and challenges due to Covid-19
- Measures taken by government/companies to overcome this impact
- Potential Challenges and Opportunities Due to the COVID-19 Outbreak
- Global Wood Flooring Market Analysis, Outlook and Forecast, 2016 – 2027
- Main results/summary
- Market size estimates and forecasts
- By application (value and volume)
- By region (value and volume)
- Asia Pacific
- Rest of the world
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