Wood Flooring Market size is forecast to reach US$42.7 billion by 2027 – IndustryARC
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Wood Flooring Market size is forecast to reach US$42.7 billion by 2027 after growing at a CAGR of 3.8{a57a8b399caa4911091be19c47013a92763fdea5dcb0fe03ef6810df8f2f239d} during 2022-2027.
HYDERABAD, TELANGANA, INDIA, January 10, 2023 /EINPresswire.com/ — Wood Flooring Market size is forecast to reach US$42.7 billion by 2027 after growing at a CAGR of 3.8{a57a8b399caa4911091be19c47013a92763fdea5dcb0fe03ef6810df8f2f239d} 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.
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Key takeaways:
This IndustryARC report on the Wood Flooring market highlights the following areas –
1. 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.
2. 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.
3. After floor molding, scratch-resistant wooden flooring with a hard-protective finish made of aluminum oxide has allowed for more residential use.
4. 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.
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Segmental Analysis:
1. 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{a57a8b399caa4911091be19c47013a92763fdea5dcb0fe03ef6810df8f2f239d} 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.
2. 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{a57a8b399caa4911091be19c47013a92763fdea5dcb0fe03ef6810df8f2f239d} 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.
3. Wood Flooring Market Segment Analysis – By Geography : Asia-Pacific region held a significant share in the wood flooring market in 2021 up to 38{a57a8b399caa4911091be19c47013a92763fdea5dcb0fe03ef6810df8f2f239d}, 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.
Competitive landscape:
The top 5 players in the Wood Flooring industry are:
1. Armstrong
2. Beaulieu International Group
3. Berkshire Hathaway
4. Boral Limited
5. Brumark Corporation
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