Wood flooring market to grow at a CAGR of 5.5% through 2030
New York, December 6, 2021 (GLOBE NEWSWIRE) – Wood Flooring Market Overview: According to a comprehensive research report from Market Research Future (MRFR), “Parquet market Information report, by type (solid hardwood flooring, engineered flooring, bamboo flooring, laminate flooring and others), by end user (residential and non-residential) and by region – forecast to 2030 â.
Major industry players presented in the Global Hardwood Flooring Market report include
- Armstrong Floor
- Inc. (England)
- Beaulieu International Group (Canada)
- Berkshire Hathaway Company (United States)
- Boral Limited (Australia)
- Brumark (United States)
- Khrs Holding AB (Sweden)
- Mannington Mills
- Inc. (United States)
- Mohawk Industries
- Inc. (United States)
- Nature Home Holding Company Limited (Hong Kong)
- Tarkett SA (France)
- Greenlam Industries Limited (India).
- BOEN (United Kingdom)
- Lord Parquet (China)
- First Asia Industrial Co. Ltd. (China)
- Among others.
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Future’s Review Market Research of Wood Flooring Market
The parquet market will grow at a CAGR of 5.5% by 2027, according to the latest Market Research Future (MRFR) report.
Due to the government-imposed foreclosure and work-from-home trends, people are spending more and more on renovating their homes, including hardwood floors. On the other hand, restrictions on sports activities due to the pandemic which require wooden floors have limited the growth of the market.
Browse the in-depth market research report (188 pages) on the Wood Flooring Industry
Demand for wood products in construction business to drive market growth
Supportive government policies encouraging the use of easily decomposable natural products like wood for new building construction and renovation activities will drive the market growth during the forecast period.
Demand for user-friendly building designs to provide solid opportunities
The demand for user-friendly building designs such as timber ones will provide strong opportunities for the market during the forecast period. Wood-based flooring is very durable and resistant to scratches and impacts and also meets consumer needs for texture aesthetics and natural visuals.
Availability of substitutes to act as a market restriction
The availability of substitutes such as tiles may be a market restriction during the forecast period.
Fluctuating commodity prices to act as a market challenge
Fluctuating prices of raw materials, increasing cost of wood flooring, and strict regulations may challenge the market during the forecast period.
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The global parquet market is divided on the basis of type and end user.
By type, the engineered flooring segment will dominate the market during the forecast period as it requires less energy than other flooring materials. In addition, it results in less greenhouse gases as well as other air pollution emissions, making it a preferred choice for sustainable flooring designs.
By end user, the residential segment will dominate the segment during the forecast period for the growing need for parquet in the residential segment to increase the disposable income of consumers and change the lifestyle of consumers. In addition, the growing needs in the construction industry, associated with home improvement and renovation projects, also add to segmental growth.
North America leads the wood flooring market
North America will dominate the parquet market during the forecast period. Large living spaces that require regular lamination, high sustainability regulations and standards, people’s desire to showcase the beauty of wood, the increase in the number of villas and castles, great availability of raw materials in France, Germany, Mexico, Canada and United States and the presence of major market players add to the growth of the global parquet market in the region. In addition, high product use in decoration and construction of new residential structures, increased investment in renovation and development of tourism infrastructure in Mexico and the United States, business cycle reversal, growing need low-maintenance building products, strong development of the residential sector and commercial structures in the United States, sustained investment in commercial real estate and consumer preference for green buildings are also contributing to the growth of the market.
APAC to see favorable growth in wood flooring market
The APAC region will experience favorable growth in the parquet market during the forecast period. Growing number of fireplaces, quick and easy installation of parquet floors, wide accessibility of parquet colors, shapes and sizes, increased protection offered to sub-floors in Japan, India and China, as well as in other countries of Southeast Asia, Rapid urbanization and resulting real estate and property development are adding to the growth of the global parquet market in the region. In addition, the preference for tropical wood flooring in a luxurious, beautiful and rich design, the launch of cost-effective engineered wood flooring solutions, the expansion of the middle class and its change in attitude to decors for flooring, increasing investment in infrastructure construction projects in the private and public sectors in India and China, increasing number of homeowners, increasing need for parquet in public and private sectors. commercial and residential sectors, and increased investment in construction activities as well as in renovation and repair works are also adding to the growth of the market.
Market segmentation covered by research:
Parquet Market Information Report, By Type (Solid Parquet, Engineered Parquet, Bamboo Parquet, Laminate Flooring and Others), By End User (Residential and Non-residential) and By Region – Forecast to 2030
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