Wood Flooring Market Size, 2020 Industry Share and Global Demand | 2027 Forecast by Fortune Business Insights™
The global Wood FlooringMarket size is expected to showcase considerable growth by reaching USD41,682.2 million by 2027.
This is attributable to the increasing governmentsupport to promote wood products for construction activities and the surgingdemand for consumer-friendly building designs that propel the demand foradvanced solutions globally.
This information is published byFortune Business Insights, in its latest report, titled, “Wood Flooring Market Size,Share & COVID-19 Impact Analysis, By Application (Residential andCommercial), and Regional Forecast, 2020-2027.” The report mentions that themarket stood at USD 33,279.5 million in 2019 and is likely to exhibit a CAGR of3.6% between 2020 and 2027.
Refurbishment of Home Spaces amidCOVID-19 to Augment Growth
The novel coronavirus has halted theconstruction activities owing to the government guidelines to maintain socialdistancing. With people confined at their home spaces, home renovationactivities have gained momentum. This is expected to favor the growth of theglobal market in the forthcoming years.
Wood flooring is a type of flooringthat uses wood to fulfill the consumer’s demand for aesthetic, comfort, andlooks during construction of buildings or home spaces. The growing demand forsustainability in the construction sector, while designing buildings ispropelling the adoption for wood parquets across the globe.
List of the Leading Companies Profiledin the Global Wood Flooring Market are:
- Mohawk Industries, Inc. (U.S.)
- Armstrong Flooring, Inc. (U.S.)
- Shaw Industries Group, Inc. (U.S.)
- LL Flooring (U.S.)
- Junckers Industrier A/S (Denmark)
- British Hardwoods (UK)
- Connor Sports (U.S.)
- Tarkett S.A. (France)
- Boral (Australia)
- Daiken Corporation (Japan)
- Kährs Holding AB (Sweden)
- Barlinek S.A. (Poland)
What does the Report Include?
The market report includes a detailedassessment of various drivers and restraints, opportunities, and challengesthat the market will face during the projected horizon. Additionally, thereport provides comprehensive insights into the regional developments of themarket, affecting its growth during the forecast period. It includesinformation sourced from the advice of expert professionals from the industryby our research analysts using several research methodologies. The competitivelandscape offers further detailed insights into strategies such as productlaunches, partnership, merger and acquisition, and collaborations adopted by thecompanies to maintain market stronghold between 2020 and 2027.
DRIVING FACTORS
Increasing Government Support toPromote Wooden Products to Surge Demand
The extensive adoption ofconstructional products such as gravel, cement, steel, and plastic leads toenvironmental stress. The growing demand for the adoption of sustainableproducts is propelling the government to promote wood products that are naturaland easily decomposable. This is expected to drive the demand for advanced woodflooring solutions across the globe. In addition to this, the adoption ofconsumer-friendly design that appeals aesthetically is anticipated to bode wellfor the growth of the global market in the forthcoming years.
SEGMENTATION
Residential Segment to Hold MajorMarket Share
The residential segment, based onapplication, is expected to showcase significant growth owing to the increasingdemand for lumber-based wood flooring products for residential projects acrossthe globe.
REGIONAL INSIGHTS
Favorable Government Policies toPromote Wood Products in Asia-Pacific to Aid Growth
Among all the regions, Asia-Pacificstood at USD 19,665.1 million in 2019 and is expected to hold the largestglobal wood flooring market share in terms of revenue in the forthcoming years.This is attributable to the favorable government policies that promote theadoption of wood as raw materials in the construction industry in the region.
The market in Europe is expected toexperience significant growth backed by the growing focus of companies todevelop heat compatible wood flooring products in the region between 2020 and2027.
COMPETITIVE LANDSCAPE
Key Players Focus on Partnerships toExpand Their Product Portfolio
The global wood flooring market isfragmented by the presence of major companies that focus on establishingpartnerships to expand their wood flooring portfolio and gain a competitiveedge over their rivals. The other key players are adopting strategies such ascollaboration, the introduction of new products, and merger and acquisitionthat will contribute to the market growth in the forthcoming years.
Industry Development
January 2020 - Junckers Industrier A/S announced its associationwith Turkish Airlines EuroLeague Final Four by becoming its official partner.The company informs that according to the partnership it will provide A3Premium Portable Sports Wood Flooring that is produced by using beech timberand has received a FIBA Level 1 approval.
Browse Detailed Summary of ResearchReport with TOC:
https://www.fortunebusinessinsights.com/wood-flooring-market-104011
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Key Developments: Mergers, Acquisition, Partnership, etc.
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Qualitative Insights on Impact of COVID-19 on Global Wood Flooring Market
- Supply Chain Analysis & Challenges due to Covid-19
- Steps taken by Government / Companies to Overcome this Impact
- Potential Challenges and Opportunities due to COVID-19 Outbreak
- Global Wood Flooring Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Application (Value and Volume)
- Residential
- Commercial
- By Region (Value and Volume)
- Americas
- Europe
- Asia Pacific
- Rest of World
TOC Continued…!
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