WoodFlooring Market: Key Highlights
· Theglobal wood flooring market was valued at ~ US$ 73.4 Bn in2018, and is anticipated to expand at a CAGR of ~ 6% during theforecast period.
· Theglobal wood flooring market is driven by the rise in the demand for home inresidential applications.
· Europeaccounts for a prominent share of the global wood flooring market, led by anincrease in the demand for residential housing in the region, which issupported by government schemes.
ResidentialSector to Offer Attractive Opportunities
· Interms of demand, the residential segment dominated the global wood flooringmarket. This trend is likely to continue during the forecast period too. Woodflooring is largely used in the residential sector to enhance aesthetic appeal.Wood flooring offers a rich look to the home interiors.
· Woodflooring is made from organic material. It is non-electromagnetic in nature;therefore, it attracts less dust. Hence, wood flooring is widely used inresidences for the safety of infants and children, and can last a lifetime.
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Riskof Substitution Coupled with Potential Health Hazards to Hamper Market
· The availability of varioussubstitutes such as ceramic tiles, carpets and rugs, laminates, and corkflooring for wood flooring products is expected to act as a major restrainingfactor for the global wood flooring market during the forecast period. Costsinvolved in the production of wood flooring are higher than those of othertypes of flooring. This is expected to hamper the demand for wood flooring inthe near future.
· Substitutes for wood flooringinclude:
o Luxury Vinyl Plank Flooring: Currently, this is one of themost innovative flooring products available in the marketplace. Luxury vinylplanks look and feel similar to real hardwood, but are waterproof. Hence, theseare suitable for use in areas that have moisture areas, such as kitchens,basements, and powder rooms.
o Wood-look Tiles: These tiles are widely used in kitchens,entryways, mudrooms, bathrooms, and basements. They are especially popular incountries with warm climates, as they keep the spaces cooler. However, in coldclimate, they can be cold for the feet. Hence, these tiles are usuallyinstalled in smaller areas or over radiant heat.
o Laminate Flooring: Laminate floors are less expensive thanhardwood. Laminates can be installed easily on the top of tile or concreteflooring.
o Bamboo Flooring: Bamboo flooring is an alternative forhardwood flooring. It is often misclassified as hardwood, but bamboo isactually a type of grass. Bamboo flooring is less expensive than solidhardwood. It is engineered and glued together. Due to this, it acts similar toengineered wood, and can be glued directly to concrete floors, which makes ithighly versatile.
o Cork Flooring: Cork flooring has excellent insulation andsound absorption properties, and it is also eco-friendly.
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Europea Prominent Wood Flooring Market
· In terms of both, value and volume,Europe held a substantial share of the global wood flooring market in 2018. Theregion is likely to maintain its dominance during the forecast period. Thehousing industry has important macroeconomic and macro-prudential implicationsfor the European economy. The growing residential sector in the region isexpected to drive the wood flooring market in Europe during the forecastperiod.
· In Germany, construction volume hasrisen by almost 9% since 2014. Wood flooring is preferred in Europe.Additionally, increase in construction activities in the region is likely todrive the wood flooring market in Europe.
TopFive Players Accounted for ~ 50% Market Share in 2018
The globalwood flooring market is dominated by a few large and medium players thatoperate across the globe. The top five players are Mohawk Industries, Inc. ShawIndustries Group, Inc., Tarkett Group, Kährs Holding AB (publ), and ArmstrongFlooring, Inc.
Tarkett S.A.held a leading share of the global wood flooring market in 2018. The companyprovides more than 50 types of wood flooring products, and its offices andmanufacturing sites are located in almost every region across the globe. It hasone of the broadest portfolios of flooring products, which comprises resiliencecarpets, rubber products, vinyl & linoleum products, and wood &laminate products.
TarkettGroup focuses on increasing productivity through its novel manufacturingprocesses. The company constantly invests in R&D activities to enhancecustomer experience through new products and services. It is constantlystrengthening its position in the market through accretive acquisitions. Forinstance,
· In February2017, Tarkett Group acquired the assetsof AlternaScapes, a North America-based distributor and installer of landscapeturf, through its EasyTurf subsidiary. The acquisition of AlternaScapes’ assetshas expanded EasyTurf’s presence in Florida, and increased its installationcapabilities.
· In January2015, Tarkett Group acquired Desso, aleading manufacturer of carpets and designer of sports fields, based in theNetherlands, to expand its product portfolio and increase its sales in Europeand the Middle East & Africa.
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Global WoodFlooring Market: Research Scope
WoodFlooring Market by Product
· Solid Wood
· Engineered Wood
· Laminated Wood
WoodFlooring Market by Application
· Residential
· Commercial
WoodFlooring Market by Region
· NorthAmerica
o U.S.
o Canada
· Europe
o Germany
o France
o U.K.
o Italy
o Spain
o Russia & CIS
o Rest of Europe
· Asia Pacific
o China
o Japan
o India
o South Korea
o ASEAN
o Rest of Asia Pacific
· LatinAmerica
o Brazil
o Mexico
o Rest of Latin America
· Middle East& Africa
o GCC
o South Africa
o Turkey
o Rest of Middle East & Africa
