Wood Flooring Market to Flourish at a CAGR Of 6.80% between 2023 and 2030 and Touch USD 80.90 Billion by 2030 – Report by Market Research Future (MRFR)
Market Research Future
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Market Research Future
Wood Flooring Market Research Report Information By Product (Solid Wood, Engineered Wood), By Application (Residential, Commercial, and Industrial), And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) – Market Forecast Till 2030
New York, US, March 08, 2023 (GLOBE NEWSWIRE) -- Wood Flooring Market Overview:
The MRFR analysis reports predict that the Wood Flooring MarketResearch Report, by Application, Region, and Product- Forecast Till 2030, the global market for wood flooring is predicted to showcase considerable development over the assessment timeframe from 2022 to 2030 with a strong development rate of approximately 6.80%. The reports further anticipate the market to acquire a valuation of around USD 80.90 billion by the end of 2030. As per the research reports, the market was valued at around USD 47.8 billion in 2020.
Wood Flooring Market Scope:
The global market for wood flooring has expanded immensely in the last few years. The main parameter supporting the expansion of the market is the rapidly growing construction activities across the globe, especially across emerging economies. Wood floorings are known to provide numerous benefits, which in turn is a major selling point for the market. Furthermore, factors such as rising demand for highly durable & aesthetically superior flooring, rising expenditure on renovation, high-end residential housing structures, and growing preference for single-family housing structures are also predicted to positively influence the expansion of the global market over the coming years.
Competitive Analysis
The catalog for the leading participants across the global market for wood flooring includes companies such as:
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
By Product, By Application & Region
Geographies Covered
North America, Europe, Asia-Pacific, and Rest of the World (RoW)
Key Market Drivers
Rising construction activities throughout the world Key players are developing the attracting designs to the customers
Market USP Covered
Market Drivers
The main parameter supporting the expansion of the market is the rapidly growing construction activities across the globe, especially across emerging economies. Wood floorings are known to provide numerous benefits, which in turn is a major selling point for the market.
Market Restraints
However, several aspects may restrict the development of the market's performance. The field has several environmental impacts, considered the primary challenge for the market's growth. Furthermore, the rapid fluctuation in the price of the raw materials causing volatility in the prices of the products is also predicted to restrict the market growth over the review era. In addition, the non-availability of laborers with the required skills is another major challenge the decorative tiles market faces worldwide. The market in recent years has witnessed a sudden escalation in demand for these tiles, which has put massive pressure on manufacturing companies to boost production. Moreover, the market has also witnessed a significant setback due to the arrival of the pandemic in 2019, given the shortage of labor, lack of raw materials, and lack of financial support.
Global industrial activities and business operations experienced a major setback given to the rise of the global health crisis in the form of COVID-19. Along with all the industry operations, the pandemic affected public health across nearly 225 countries worldwide. All these situations led to the imposition of full or partial lockdowns across a majority of regions worldwide. Subsequently, the industry operations were halted, and some businesses shut down. Given the sudden fall in demand for construction activities during the pandemic and the halt of the majority of industrial operations, the wood flooring market experienced a bunch of sudden & unexpected issues throughout the pandemic. On the contrary, now that the majority of the globe is being rapidly vaccinated and industrial operations are returning to normal, the market is predicted to witness a considerable expansion and recovery in revenue generation over the assessment period.
Segment Analysis
Among all the products, the engineered wood segment secured the top place across the global wood flooring market in 2021, with the largest contribution of approximately 60-70 percent. The number of advantages the segment offers, such as low susceptibility to swelling and contracting, is considered the prime aspect causing an upsurge in the segment's performance. Furthermore, it is within the price range for a considerable residential customer base and contributes visual appeal wherever deployed.
Among all the application areas, the residential segment held the top spot across the global wood flooring market in 2021. The flooring is the aspect of interiors interacting with inhabitants the most and taking up the majority of the space.
The global market for wood floorings is studied across five major geographies: Asia-Pacific, North America, Latin America, Europe, and the Middle East & Africa.
The MRFR research documents imply that the North American region held the leading position across the global wood flooring market in 2021, with the largest contribution of approximately USD 20.64 billion. The reports anticipate the regional market showcasing a CAGR of around 43.20% during the review era. The rapidly expanding residential construction activities and the adoption of wood flooring are believed to be the major driving force for the regional market.
The Asia-Pacific regional market for wood flooring is anticipated to demonstrate maximum development over the coming years. the growth of the regional market is ascribed to the aspects such as expanding projects in developing economies, increased population, and growing disposable income.
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