Wood Flooring Market Trends, Growth Opportunities, Industry Revenue
Global Wood Flooring Market Overview
The global wood flooring market is expected to grow from USD 33,279.5 million in 2019 to USD 41,682.2 million by 2027, exhibiting a CAGR of 3.6% between 2020 and 2027. This growth is driven by increased government support for wood products in construction and the rising demand for consumer-friendly building designs. These trends are fostering a growing demand for advanced wood flooring solutions worldwide, according to the latest report by Fortune Business Insights.
Companies Operating in the Global Wood Flooring Market
- Mohawk Industries, Inc. (U.S.)
- Armstrong Flooring, Inc. (U.S.)
- Shaw Industries Group, Inc. (U.S.)
- LL Flooring (U.S.)
- Junckers Industrier A/S (Denmark)
- British Hardwoods (UK)
- Connor Sports (U.S.)
- Tarkett S.A. (France)
- Boral (Australia)
- Daiken Corporation (Japan)
- Kährs Holding AB (Sweden)
- Barlinek S.A. (Poland)
The market report offers a thorough evaluation of the market drivers, restraints, opportunities, and challenges anticipated during the forecast period. It provides detailed insights into regional market developments and includes expert advice from industry professionals. The competitive landscape section highlights strategies such as product launches, partnerships, mergers and acquisitions, and collaborations that companies are employing to maintain their market position from 2020 to 2027.
Driving Factors
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Government Support for Wooden Products: Environmental concerns associated with materials like gravel, cement, steel, and plastic are prompting governments to promote sustainable, biodegradable wood products. This support is expected to boost the global demand for advanced wood flooring solutions.
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Aesthetic Consumer-Friendly Designs: The increasing adoption of aesthetically appealing, consumer-friendly designs is anticipated to positively impact the global wood flooring market’s growth in the coming years.
Segmentation
- Residential Segment: The residential application segment is expected to hold a significant market share due to the growing demand for lumber-based wood flooring products in residential projects worldwide.
Information Source:
https://www.fortunebusinessinsights.com/wood-flooring-market-104011
Regional Insights
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Asia-Pacific: Valued at USD 19,665.1 million in 2019, Asia-Pacific is expected to hold the largest market share due to favorable government policies promoting the use of wood as a raw material in construction.
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Europe: The European market is anticipated to grow significantly as companies focus on developing heat-compatible wood flooring products between 2020 and 2027.
Competitive Landscape
- Partnerships and Expansions: The wood flooring market is fragmented, with major companies concentrating on partnerships to expand their product portfolios and gain a competitive edge. Strategies such as collaborations, new product introductions, and mergers and acquisitions are expected to drive market growth in the coming years.
