Wooden Floor Market Latest Innovations, Drivers and Industry Key Events 2018-2023
Market Synopsis of Global Wooden Floor Market
Geographically, the global wooden floor market has been divided into four major regions such as North America, Europe, Asia Pacific and Rest of the World. North America region has accounted for the largest market share, in 2016, followed by Europe and Asia Pacific. Increasing demand for low maintenance building products driving the growth of the market in North America region. U.S. is the largest contributor in global as well as North America wooden floor market. Strong development commercial and residential structures in the U.S., is anticipated to fuel the demand for market in the region. Additionally, consumer preference for green buildings and sustained investments in commercial real estate also have the positive influence on the growth of the market. Europe is the second-largest market for wood floor. Increasing repair and rehabilitation activities of existing infrastructure create huge potential demand for market in coming years.
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Asia Pacific is expected to grow at a highest CAGR during the forecast period. Rapidly growing construction activities in the region driving the demand of the market. China, Japan, India, and Singapore are the major market in Asia Pacific region. Growing residential and non-residential construction activities in the region driving the growth of the market. Additionally, growing awareness about wooden floor among the consumers is also expected to provide a lucrative opportunity for market growth. In rest of the world, Middle East region is expected to contribute significantly during the forecast period mainly due to changing lifestyle and high growth in construction sector.
For the purpose of this study, the global wooden floor market has been divided into two segments such as by type and by end user. On the basis of type, the market has been segmented as solid hardwood floor, engineered floor, bamboo floor, laminate floor and others. Among the type, solid hardwood floor accounts the largest market share. Pressure-treated wood is durable and long lasting. It is well known for its endurance. It possesses a greater hardness compared to other, which have enabled customer preference toward it. The product is widely adopted in residential buildings for living rooms, dining rooms, bed rooms and others. The product is widely adopted in residential and infrastructural buildings. On the basis of application, the market has been segmented as floor, wall, railing and others. To increase the aesthetic beauty peoples have started to prefer wood on floorings.
On the basis of application, the market has been segmented as residential and non-residential. Residential dominates the application segment of the market and is expected to grow at a highest CAGR during the forecast period. Rise in demand for wood floor across the residential segment, attributed to changing consumer lifestyle and increased consumer disposable income. Moreover, owing to growing demand across the construction industry and increased home improvement and renovation projects also fuel the demand of the market in residential applications. Non-residential application is expected to contribute significantly during the forecast period mainly due to increase in hospitality, corporate offices, education, and retail sector.
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Flooring is the covering of a floor which includes horizontal elements of buildings and infrastructure that attributes to aesthetic endurance, pedestrian movement and support to other infrastructure elements.
Hence, global wooden floor market is expected to grow at a CAGR of 5.5% during the forecast period.
The prominent players in the wooden Floor market include Armstrong Floor, Inc. (England), Beaulieu International Group (Canada), Berkshire Hathaway Company (U.S.), Boral Limited (Australia), Brumark (U.S.), Khrs Holding AB (Sweden), Mannington Mills, Inc. (U.S.), Mohawk Industries, Inc. (U.S.), Nature Home Holding Company Limited (Hong Kong), Tarkett S.A. (France), Greenlam Industries Limited (India)., BOEN (U.K.), Lord Parquet (China), First Asia Industrial Co., Ltd. (China) and among others.
The report for Global Wooden Floor Market of Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value and volume, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.
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