Wood Flooring Market to Reach US$ 89.3 Bn by 2031: TMR Study
- Growing preference of hardwood in interior environment underpins profitable avenue in wood flooring market; rise in demand for environmentally friendly for flooring bolstering revenue streams
- Solid hardwood flooring generates widespread consumer interest mainly due to superior acoustics and appearance; abundant opportunities in Asia Pacific, pivoting on use of engineered word for renovation and remodelling projects
WILMINGTON, Del., Aug. 18, 2022 /PRNewswire/ — Sales forecast for wood flooring market by analysts at TMR find that a rapidly expanding construction sector in several regions has led to rise in sales of wood flooring products, especially hardwood and solid wood. Abundant demand for wood flooring for interiors of residential and commercial buildings has spurred flooring manufacturers to launch a wide variety of products. The revenue possibilities are vast, and the study by TMR projects the value to reach US$ 89.3 Bn by the end of 2031.
Companies are keenly expanding array of flooring products in order to cater to various needs of functional performance, aesthetics, and décor for consumers. Rise in renovation and decoration of indoor and outdoor wood surfaces especially in developed nations is bolstering growth frontiers for wood flooring market. In developing markets, such as in Asia Pacific, streams of revenues emanate from unorganized sector, due to presence of several small players.
Need for affordable range of flooring products has broadened scope for wood flooring market players. They are unveiling wood floors with different texture, color, and size which enrich the visual appeal, warmth of the interior space, and reduce maintenance hassle.
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Key Findings of Wood Flooring Market Study
- Enormous Demand for Hardwood for Flooring Creates Massive Revenue Possibilities: Rise in demand for hardwood flooring hinges on attractive product characteristics. Hardwood is gaining popularity over other costly flooring options, mainly because they are durable and eventually reduce the maintenance cost in long-term. The demand is expected to remain lucrative for interior finishes, and will generate new revenue streams for players in the wood flooring market. Especially in residential buildings, the adoption of hardwood flooring is high, thereby boosting the wood flooring market size.
- Rising Adoption of Engineered Wood & Solid Wood in Renovation Activities Propelling Market Growth: The preference of solid wood has increased considerably. The flooring made of solid wood reflects warm and natural appeal, and hence are gathering traction in renovation projects. The massive demand for solid wood in commercial and residential floors will generate sizable lucrative opportunities for companies in the wood flooring market. On the other hand, the demand for engineered wood flooring has also grown, mainly due to the trend of use of concrete as a subfloor in various construction projects. Firms are launching wood flooring products with innovative designs and appeal, thereby engendering growth frontiers for wood flooring market.
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Wood Flooring Market: Key Drivers
- Rise in demand for innovative interior flooring products for various types of residential and commercial buildings is expanding the avenue for lucrative opportunities in the wood flooring market.
- Strides in the construction sector, especially invigorated by rise in spending on construction projects in emerging economies, are fueling the prospects. Thus, rapid pace of urbanization in some developing countries, along with rise in disposable incomes, is a key driver of the wood flooring market.
Wood Flooring Market: Regional Growth Dynamics
- Europe held a major share of the global market in 2021. The growth will be fueled by massive demand for wood flooring products especially in the housing sector. A thriving residential segment will generate sizable revenue streams for players in the Europe wood flooring market.
- Asia Pacific is projected to be a highly lucrative market, and it held a key market share in 2021. Rise in spending on construction sector in BRIC (Brazil, Russia, India, and China) will steer revenue generation during the forecast period of 2022–2031.
Wood Flooring Market: Key Players
Some of the key players in the wood flooring market are Somerset Hardwood Flooring Inc., Mannington Mills Inc., Boral Limited, Shaw Industries Group, Beaulieu International Group, Armstrong Flooring, Inc., Mohawk Industries, Inc., and Blanchon Group.
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Wood Flooring Market Segmentation
- Solid Wood
- Laminated Wood
- Engineered Wood
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
- Russia & CIS
- South Africa
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