Hardwood Flooring Market- Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The global hardwood flooring market exhibited moderate growth in the recent past. The market is expected to reach USD 123 billion by 2026, at a CAGR of less than 6% during the forecast period (2021 to 2026).

The outbreak of the Coronavirus disease (COVID-19) acted as a massive restraint on the hardwood flooring manufacturing market in 2020. Supply chains were disrupted due to trade restrictions, and consumption declined due to lockdowns imposed by governments globally. The lockdown has restricted the construction of housing and building projects and limited fresh purchase of hardwood flooring. Due to the changing situations and customers ' approach towards the pandemic, the market is anticipated to bounce back during the forecast period (2021-2026)

Hardwood is a type of wood that comes from dicot flowering trees, including oak, teak, balsa, maple, and walnut. Hardwood refers to wood derived from dicot trees and manufactured using planks of a single piece of timber. As compared to softwood, hardwood has a more complex structure and higher density, owing to which it is widely utilized for flooring purposes across commercial and residential spaces. Hardwood flooring is produced in various styles, colors, and cuts, thus offering versatile functions and designs to consumers. The unique appearance and texture of the wood provide an aesthetic appeal to the floor. Hardwood floors are highly durable in nature and last longer post-installation. They are also convenient to install and require little to no routine maintenance. They do not trap dust, mold pollen, particulates, or other allergens in their fibers or grout lines, which helps in easy cleaning and enhancement of overall air quality.

The thriving construction industry is primarily driving the growth of the market. With rapid population expansion, housing facilities are experiencing significant demand. Moreover, manufacturers are launching innovative flooring designs with vibrant as well as soothing color combinations to cater to the diversified preferences of consumers.

Key Market Trends

Largest Engineered Wood Segment

Demand for engineered wood is expected to remain high during the forecast period, as it is an apt alternative to concrete and hardwood. Engineered wood products are widely used by architects, builders, code officials, and building designers aware of energy-efficient farming practices that conserve energy, speed up construction, cut labor costs, and reduce waste. The segment is expected to move at a higher pace in North America and Europe, owing to high disposable income and widespread awareness of the benefits of engineered wood among the populace. The engineered wood floor segment contributed a large share of the total revenue in 2019. One of the advantages of engineered wood products is that they can be designed per the end-user's demand and custom specifications. Easy maintenance and uniqueness of colorful design are among other features, pushing the growth of the segment.

Asia-Pacific is Anticipated to Grow at the Highest Rate

Asia-Pacific ranks as the fastest-growing market with a significant growth rate likely to be witnessed over the forecast period. This growth is led by rapid urbanization and resulting housing and real estate development, preference for tropical wood flooring in rich, beautiful, and luxurious designs, the launch of affordable engineered wood flooring solutions, and expanding middle class and their changing attitude toward flooring decors. The region is famous for tropical wood growing in rainforests and moist broadleaf forests such as mahogany, teak, ebony, rosewood, and narra.

Competitive Landscape

The report covers major international players operating in the hardwood flooring market. In terms of market share, few of the major players currently dominate the market. However, with technological advancement and product innovation, mid-size to smaller companies are increasing their market presence by securing new contracts and tapping new markets.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support