The global hardwood flooring market size is expected to reach USD 61.78 Billion in 2028 and register a revenue CAGR of 4.3% over the forecast period, according to the latest report by Reports and Data. Steady global hardwood flooring market revenue growth can be attributed to rising demand for better aesthetics, robust durability in flooring options and materials, as well as cost-effectiveness. Hardwood flooring is widely deployed in residential, commercial, and industrial settings due to characteristics to enhance visual appeal and make the space appear more spacious (particularly, wide plank hardwood flooring). A primary advantage of hardwood flooring is its flexibility and versatility to adapt to nearly all kinds of themes for interior home design. Also, high durability and better wear and tear resistance of both engineered and solid product types are factors resulting in increasing preference, which is also driving increasing deployment in various end-use applications, and this is driving revenue growth of hardwood flooring market.
Rapid industrialization and urbanization in developing countries such as China and India and rising demand for wood flooring with better value addition are factors contributing significantly to market revenue growth. As per hardwood flooring industry statistics, in 2018, engineered hardwood flooring accounted for 28.8% share of the total flooring market revenue in China, owing to improving living standards and presence of branded flooring products. According to a recently conducted research, there are around 3,000 wood flooring producers in China, with over 1,200 producers capable of manufacturing both engineered hardwood and laminate wood flooring products.
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Major players in the market include Mohawk Industries, AHF Products, Somerset Hardwood Flooring, Mannington Mills Inc., BerryAlloc, Home Legend LLC, Beaulieu International Group, Formica, Provenza Floors Inc., and Egger Group.
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Rapid developments in the manufacturing sector and equipment, robust growth in the building and construction sector, high adoption for eco-friendly materials in constructions and increasing demand for smart buildings and smart homes are boosting market growth. Steady increase in the disposable income across the globe, improvements in the standard of living, increasing number of redevelopment plans and high demand for aesthetic look and posh homes are further fueling market growth. In addition, increasing R&D investments, and government schemes to support manufacturing and construction industry are fueling growth of the global Hardwood Flooring market.
For the purpose of this report, Reports and Data has segmented the hardwood flooring market based on wood type, product type, plank width, flooring style, application, end use, and region:
Wood Type Outlook (Revenue, USD Million; 2018-2028)
Product Type Outlook (Revenue, USD Million; 2018-2028)
Design Outlook (Revenue, USD Million; 2018-2028)
Finishing Outlook (Revenue, USD Million; 2018-2028)
Application Outlook (Revenue, USD Million; 2018-2028)
End Use Outlook (Revenue, USD Million; 2018-2028)
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