Wood Flooring Market size is forecast to reach US$42.7 billion by 2027 after growing at a CAGR of 3.8% during 2022-2027. Wood flooring is increasingly being used in residential and commercial structures to improve their aesthetic appeal. Increased usage in the commercial and residential sectors, rising preferences for aluminum oxide finish on solid wood floorings, and rising investment for airport and hotel development are some of the factors driving the growth of the wood flooring market over the forecast period. The growth of the wood flooring industry will be aided by increased urbanization and industrialization, which will create a plethora of opportunities. During the forecast period, however, the high cost of raw materials and the prevalence of low-cost, low-maintenance alternative products (such as laminate and vinyl flooring) are expected to pose a significant challenge to the wood and laminate flooring industry.
The construction industry was one of the hardest hit by COVID-19, as it had already been dealing with a liquidity crisis for more than a year as the financial sector’s non-banking financial institutions collapsed. Several projects were left unfinished during the pandemic as a result of a lack of funding. During the pandemic, construction output was significantly reduced as a result of these factors. For instance, as per the Office for National Statistics, the construction industry in the United Kingdom was 11.6 percent lower in July 2020 than it was in February 2020. In August 2020, the level of construction activity in the United Kingdom was 10.8% lower than in February 2020. Furthermore, manufacturers were stranded on raw material orders as a result of the COVID-19 area’s lockdown, which had a significant impact on the logistics industry. During the pandemic, all of these factors combined to limit the growth of the wood flooring industry.
Wood Flooring Market Segment Analysis – By Wood Type
The oak segment held a significant share in the wood flooring market in 2021 and is forecasted to grow at a CAGR of 4.1% during 2022-2027. is a very long-lasting flooring material due to its resistance to wear. This makes it an excellent choice for high-traffic areas in the home. White oak is particularly resistant to liquid permeation, making it ideal for kitchen and bathroom flooring. Both red and white oak is easy to glue, drill, and machine cut, making installation of flooring a breeze. Oak responds well to treatments and stains, providing a wide range of color and finish options for oak-based floors. Over the forecast period, all of these numerous advantages of using oak-based flooring are expected to boost demand for oak-based flooring.
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Wood Flooring Market Segment Analysis – By Application Method
The engineered wood flooring segment held a significant share in the wood flooring market in 2021 and is forecasted to grow at a CAGR of 5.2% during 2022-2027, as it is a suitable substitute for concrete floors Engineered wood products are commonly used by architects, code regulators, and building planners who are aware of energy-efficient farming practices that save energy, speed up construction, reduce Labour costs, and minimize waste. Because of high disposable incomes and widespread public awareness of the benefits of engineered wood, the segment is expected to grow faster in North America and Europe. One of the advantages of engineered wood products is that they can be crafted to meet the needs of end-users and custom specifications. Easy maintenance and colorful design uniqueness, among other things, are driving the segment’s growth over the forecast period.
Wood Flooring Market Segment Analysis – By Geography
Asia-Pacific region held a significant share in the wood flooring market in 2021 up to 38%, owing to spiraling demand for wood flooring from the APAC residential sector. For instance, In seasonally adjusted terms, private sector houses rose 15.1 percent monthly and 57.5 percent annually in February 2021, according to the Australian Bureau of Statistics (ABS). As a result, the region’s expanding residential and commercial construction sectors are expected to boost demand for wood flooring, propelling the market growth. The Ministry of Construction Vietnam estimates that by 2025, the average house floor area per person in Vietnam will be 27 square meters, with 28 square meters in urban areas and 26 square meters in rural areas. Furthermore, the policy aims to build and restore over one billion square meters of housing, or over 11.9 million units. Furthermore, To boost the Indian residential sector, the Indian government has launched initiatives such as “100 smart cities” and “Housing for All by 2022.” Such government initiatives are also expected to boost demand for wood flooring in the residential construction sector, boosting the market’s growth over the forecast period.
Wood Flooring Market Drivers
Government Policies that Encourage the use of Wood-based Products
Much of the materials used in construction, such as cement, asphalt, steel, and plastic, remain in the surrounding area for a long time, increasing the environmental burden. To improve the construction industry’s sustainability, several governments have promoted the use of natural and easily decomposable materials such as wood in the construction of new buildings and renovation activities. The Japanese Ministry of Agriculture, Forestry, and Fisheries (MAFF), for example, has passed legislation to make it easier to use wood in public buildings. Similarly, different governments provide incentives for the use of wood in the construction of both residential and commercial structures. Flooring is one of the many fields where wood can be easily used, and with companies working to improve the properties of wood flooring, demand is expected to rise significantly over the forecast period.
Expanding Commercial Construction Sector
Wood flooring is commonly used in commercial construction because it is affordable, low-maintenance, and can withstand high traffic. Kansai International Airport in Japan will spend about 100 billion yen ($911 million) by 2025 to upgrade the larger terminal, to increase space for international flights at the country’s No. 2 hub. The Indian Union Budget of February 2020 aims to build 100 new airports by 2024 as part of the Centre’s Udan scheme to help with growing air traffic. The health facility revitalization component of the national health insurance indirect grant in South Africa has been allocated R4.6 billion over the medium term (2020-2021). A fraction of this budget will go toward planning and construction of the Limpopo Central Hospital in Polokwane, which is set to open in 2025/26. Saudi Amana Contracting was granted a public tender award by the Red Sea Development Company (TRSDC) in July 2019 to construct housing and offices for project staff and laborers. By the end of 2022, the project should be completed. Fourteen luxury hotels with 3,000 rooms will be built across five islands and two inland resorts, according to the plans. As a result of the thriving commercial construction industry, it is expected that demand for solid wood floors will increase, resulting in the growth of the wood flooring market.
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Wood Flooring Market Challenges
Availability of Other Cost-Effective Substitute Materials
Liquid spillage, moisture accumulation near doors and other openings, effects from walking or dropping objects, and scratches from furniture movement expose a flooring product to difficult conditions. As a result, the flooring product must be resistant to the changes that occur as a result of such events. Ceramic tiles, durable flooring, and resin flooring, all of which are better at dealing with these consequences, are putting pressure on wood flooring. Ceramic tiles are more durable, impact-resistant, and moisture-resistant than other types of tiles. Vinyl floor coverings and carpets, on the other hand, have superior water resistance and aesthetic design. Furthermore, wood is a costly natural resource that takes a long time to regenerate. Many of the alternatives, on the other hand, turn out to be quite affordable. Because of these factors, there is a low demand for wood flooring, which is limiting the market growth.
Wood Flooring Industry Outlook
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the market. Wood Flooring top 10 companies include:
Beaulieu International Group
Khrs Holding AB
Nature Home Holding Company Limited
In April 2021, the exquisite 3-in-1 Laminate Flooring from Span Floors is now available. With its 3-in-1 Laminate Flooring collection, Span Floors dispels the notion that laminate flooring is cheap and instead offers the Indian consumer a high-quality option for flooring their interior spaces.
In March 2021, NOTION, India’s leading brand and manufacturer of modernistic flooring, has launched an exclusive collection of “Engineered wooden flooring,” an innovative option for luxurious style, ease of installation, and environmental benefits by adding life, warmth, and glow to its surroundings.
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Asia-Pacific dominates the wood flooring market. Increasing home renovation owing to increased disposable income and faster growth construction and non-construction activities, especially in developing countries is fueling the market growth in Asia-Pacific.
Solid wood floors have high-strength base layers that can withstand more heat and moisture content from the outside and do not change shape or become uneven and twisted as a result of dampness.
After floor molding, scratch-resistant wooden flooring with a hard-protective finish made of aluminum oxide has allowed for more residential use.
The wood flooring market is expected to fluctuate due to factors such as increasing adoption of alternative floor materials and fluctuations in foreign currencies affecting profit margins.
A. Flooring Market
B. Commercial Flooring Market
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