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The global wood flooring market size was USD 33,279.5 million in 2019 and is projected to reach USD 41,682.2 million by 2027, exhibiting a stable CAGR of 3.6% during the forecast period.
The consumer demand for aesthetic design in the construction sector is going through constant evolution. This is enabling the architects and interior designers to seek materials and products that can match the customer’s requirements. One such area where the customers’ demand for aesthetics, looks, and comfort are in synchronization is the flooring. A flooring product should have some evident properties such as good impact and scratch resistance, inertness towards moisture & chemicals, and high durability. These factors, along with the demand for aesthetics, enable wood flooring materials to be an excellent option for the building artists to create an impression in their design.
Wood-based flooring is capable of creating an aesthetic feel of the outside nature inside a bedroom. Moreover, it can fulfill the prerequisites for the types of flooring products, which makes it an attractive alternative to commonly utilized floorboards such as ceramic tiles, carpets, and laminates. The increasing demand for the utilization of sustainable materials in the construction and designing of the buildings is another factor providing a push to the demand for wood parquets in the global market. Although wood faces tough competition from ceramics and laminate floorings, which have better resistance to impact & moisture, and easy design ability, the product development carried out by the manufacturers to improve the properties of wood flooring is expected to create a growth pathway for these products in the near future.
Demand for Parquets for Retrofitting Applications to Soften the Impact of the COVID-19 on the Market
The surge of Covid-19 has considerably impacted the performance of the construction industry due to restrictions in logistics & transportation of man and material alike. Furthermore, the focus of customers on using their money on essential goods and services has been affecting the performance of the market. However, people are confined to their home spaces during the lockdown announced by several countries such as China, India, Germany, and Brazil. This has increased the demand for products that can improve their efficiency by easing their stress levels. Owing to their natural aesthetics, wood and laminate flooring are being preferred by the customers for renovating their homes during the pandemic. In the commercial segment, the offices and hotels have presented an increased demand for these flooring solutions to design the interiors to make the employees and visitors feel at home. These factors are providing an opportunity for the growth of the market in the near future.
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Increasing Focus on Indoor Sporting Activities to Spur Demand
The spread of coronavirus has significantly limited sporting activities owing to the restrictions put by various governments, especially on outdoor and team-based sporting events. To meet the demand for an active lifestyle and maintain a healthy profile, people have shifted to indoor activities such as badminton, tennis, basketball, volleyball, and squash. These sporting arenas require flooring products, which have high impact resistance and moisture withstanding properties. As wooden floors not only meet these requirements but also look very attractive, it makes them an excellent option for application in indoor sporting domes and stadiums.
Owing to the increasing spending capacity of the people, leisurely activities such as bowling, shooting, and futsal have gained immense impetus in various countries across the globe. This is resulting in larger uptake of the wood-based flooring solutions.
Supportive Government Policies Promoting Utilization of Wooden Products in Construction Activities to Surge Demand
The majority of the materials utilized in construction activities such as cement, gravel, steel, and plastic stay in the surroundings for an extended period that increases the stress on the environment. To increase the sustainability of the construction industry, several governments have encouraged the utilization of natural and easily decomposable products such as wood for the construction of new buildings and renovation activities. For instance, Japan’s Ministry of Agriculture, Forestry, and Fishery (MAFF) has passed a law to promote the use of wood materials in the construction of public buildings. Similarly, various governments provide incentives for the usage of wood in the construction of both residential buildings as well as commercial infrastructure.
Flooring is one such area, wherein utilization of wood is simple, and with companies carrying out development to better the properties of the wood flooring, the demand is expected to grow during the forecast period.
Growing Demand for Consumer-friendly Building Designs to Aid Growth
The global population is expanding at a very swift rate, which has created a substantial demand for housing facilities to accommodate the people. While constructing or selecting a prebuilt home, the consumer keeps a keen eye on the design and interior of the building to ease their living. One such product that comes in contact with the human body for long durations is the flooring. Thereby, selecting a suitable flooring solution is a necessity while designing the interiors of the buildings.
Wood-based flooring not only meets the prerequisites such as good impact & scratch resistance and decent moisture handling capabilities but also has high durability and inertness towards chemicals and spills. They also meet the consumer demand for natural visual and texture aesthetics, which makes them an excellent flooring product. Moreover, as the companies develop an array of grades and styles of engineered wood floors to match the look and feel of various trees and other environmental objects to attract new consumers, it is expected to provide an upward push for the growth of the wood flooring industry.
Low Moisture and Impact Resistance Capability of Wood Flooring Restricts its Adoption
A flooring product is subjected to challenging conditions such as spillage of liquids, accumulation of moisture near the door and other openings, impact while walking or from a falling object, and scratches from the movement of furniture. Thus, the flooring product must be resistant to the altercations that are resultant of such incidences. Wooden flooring faces stiff competition from products such as ceramic tiles, resilient floorings, carpets, and stone, the majority of which deal better with these incidences.
Ceramic tiles have higher strength, impact resistance, and moisture handling capability. On the other hand, vinyl coverings and carpets, though having a lower impact and scratch resistance, show superior water handling, and aesthetic designing capabilities. Furthermore, wood is a costly natural commodity that requires a long time to regenerate. Thus, many of the alternatives prove to be considerably inexpensive. Owing to these factors, the adoption of this type of flooring is restricted in the global market.
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Residential Segment to Dominate the Market
The market is bifurcated into two segments based on the area of wooden floors application, residential and commercial.
Wood flooring can provide a natural feeling to the interiors of the house. It further possesses properties such as good impact & scratch resistance and can sustain small amounts of spillage occurring in common households. Additionally, with companies developing radiant-heat compatible grades, the utilization of lumber-based flooring products has increased considerably. Owing to these factors, the residential segment held a dominant wood flooring market share in 2019 and is expected to continue leading the market during the forecast period.
Architects and interior designers have moved their attention towards parquetry for the production of attractive interiors for commercial buildings, especially in the hospitality and sports industries. The development of tourism and hospitality industries in countries such as India, Indonesia, Philippines, France, Italy, and Brazil has provided a push to the demand for attractive flooring products to design the interiors of hotels, restaurants, and bars. Furthermore, wooden flooring solutions are largely being utilized for building the sporting arena and complexes for games such as basketball, badminton, gymnastics, and athletics. Owing to these factors, the commercial segment is expected to gain significant market share in the near future.
Asia Pacific Wood Flooring Market Size, 2019 (USD Million)
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The wood flooring market size in Asia Pacific stood at USD 19,665.1 million in 2019 and accounted for the largest share in the global market. China has been traditionally employing wood in the construction of buildings, and thus, leads the demand for these flooring products in the region. In addition to this, rapid urbanization and improving disposable income of the consumers has provided a push to the growth rate of the market in the region. Moreover, the incentives provided by governments of Japan, China, and Australia to utilize local wood species as raw materials for flooring products has expanded the demand for these products in the Asia Pacific.
The cool and dry climate in the European region is highly favorable for the application of engineered wood flooring in the designing of buildings, which has made it a key market for the companies operating in the hardwood flooring business. With companies developing radiant-heat compatible parquet flooring and wood being a natural insulator, these products enable buildings to maintain energy efficiency. These factors are expected to result in the expansion of the product in the region.
The demand for attractive design in the floorings of offices and retail stores is expected to drive the growth of the market in the Americas region, especially in countries such as the U.S. and Canada. However, the key reason for the growth of the market in Central and South America is the increasing demand from the hospitality industry to design the interiors of hotels and restaurants.
The market in the rest of the world is still quite in a nascent stage. The demand for timber-based flooring in the Middle East is gaining traction from the commercial sector, wherein they are widely used to design the front offices and lobbies of the large, multinational companies present in the region. The demand from Africa is very little but is gaining impetus owing to the increasing uptake to design single-family houses with luxurious interiors.
Product Innovation and Partnership within the Supply Chain are the Primary Growth Strategies
Product innovation & partnerships with end-users are vital aspects for companies to maintain their position in the market. Junckers Industrier A/S is one of the most prominent companies related to the market. The company operates in more than 45 countries with the help of 7 subsidiaries present in different countries. Additionally, it has partnered with sports leagues such as EuroLeague to officially provide portable wood flooring solutions. The company produces all its products in Denmark and offers a diverse range of standard and designer wooden flooring solutions for sports, residential, and commercial segments.
An Infographic Representation of Wood Flooring Market
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The wood flooring market research report provides a detailed analysis of the market and focuses on crucial aspects such as leading companies, production & installation technologies, and applications. Also, the report offers insights into market trends and highlights vital industry developments. In addition to the factors mentioned above, the report encompasses various factors that have contributed to the growth of the market over recent years.
Volume (Mn Sq. Meters) and Value (USD Million)
Application and Geography
Fortune Business Insights says that the global market size was USD 33,279.5 million in 2019 and is projected to reach USD 41,682.2 million by 2027.
Growing at a significant CAGR of 3.6%, the market will exhibit stable growth in the forecast period (2020-2027).
Residential application is expected to be the leading segment in this market during the forecast period.
The growing requirement for consumer-friendly design in buildings is the key driving factor for the market
Mohawk Industries, Inc., LL Flooring, Junckers Industrier A/S, and Shaw Industries Group, Inc. are the leading players in this market.
China held the largest share in the global market in 2019.
Product innovation related to moisture resistance and radiant-heat compatibility is the key factor driving the adoption of these products.
In 2019, the market value stood at USD 33,279.5 million.
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