Wood Flooring Global Market Report 2024

The global wood flooring market has grown strongly in recent years. It will grow from $50.39 billion in 2023 to $53.48 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth observed in the historical period can be attributed to several factors, including the aesthetic appeal and natural look of wood flooring, increased activities in housing construction and renovation, consumer preference for durable and long-lasting flooring options, heightened environmental awareness and a focus on sustainability, as well as shifts in interior design trends.

The global wood flooring market is expected to see strong growth in the next few years. It will grow to $67.56 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The anticipated growth in the forecast period can be attributed to several factors, including the rising demand for customization in wood flooring, increased adherence to green building standards and certifications, growing concerns related to health and wellness, the surge in e-commerce and online retail platforms, and economic factors influencing the construction industry. Key trends expected during the forecast period include a preference for wide planks and unique textures in wood flooring, a focus on customization and personalization, the popularity of reclaimed and vintage wood flooring options, an increased demand for engineered wood flooring, and a growing emphasis on green labeling and consumer awareness regarding sustainable and environmentally friendly choices.

The escalating demand for eco-friendly housing facilities is expected to drive the growth of the wood flooring market in the foreseeable future. Housing designs prioritizing eco-friendliness, including elements like roofing and flooring, contribute to sustainable living by utilizing materials that are environmentally benign. Wood flooring, being derived from natural sources, aligns with sustainable housing preferences. For example, the Realtors and Sustainability Survey Report in March 2021 revealed that 65% of surveyed real estate professionals in the US acknowledged the high value of energy-efficient features in properties. Over 50% recognized client interest in sustainability, with around one-third of respondents involved in transactions concerning homes with green or eco-friendly attributes. Hence, the surge in demand for environmentally conscious housing is a significant driver of growth for the wood flooring market.

The burgeoning construction sector is poised to be a driving force behind the expansion of the wood flooring market. Embracing diverse applications due to its versatility and aesthetic appeal, wood flooring remains a preferred choice in construction endeavors. The sector encompasses various activities related to infrastructure development, including buildings, roads, bridges, and utility systems. Reports from September 2021 by Oxford Economics indicated a global construction output of $10.7 trillion in 2020, projected to increase by 42% - a $4.5 trillion surge - to reach $15.2 trillion by 2030. This exponential growth underscores the pivotal role of the construction industry in propelling the wood flooring market forward.

Technological innovations emerge as a prominent trend driving evolution within the wood flooring market. Market leaders are harnessing innovative technologies to introduce cutting-edge products, consolidating their positions. A notable instance is Bjelin d.o.o.'s introduction of the hardened wood 3.0 floor range in April 2023. This updated line incorporates enhanced colors, formats, and technologies, including the revolutionary 5G Dry technology developed by Bjelin's sister company, Välinge Innovation. This water-resistant floor locking system ensures swift, hassle-free installation with a durable, sealed joint. Moreover, the range employs the patented Woodura technology, a sustainable method that creates real wood floors three times stronger than traditional counterparts while utilizing the same lumber volume, resulting in tenfold higher output. These innovative advancements highlight the industry's commitment to leveraging technology for enhanced wood flooring solutions.

Prominent companies in the wood floorings market are embracing innovative strategies to maintain their competitive edge. Notably, in September 2021, Cali Bamboo LLC introduced 'Legends,' a robust vinyl plank series designed to offer both realism and comfort. This new line features a substantial WPC core and a notable half-inch thickness, providing exceptional durability and a realistic appearance. Legends boasts 100% waterproof properties and employs a click-lock system for easy, glue-free or nail-free installation in various spaces. Equipped with a pet-friendly wear layer of 20 mil, it ensures ease of cleaning and heightened scratch resistance. Furthermore, being FloorScore certified for indoor air quality (IAQ) and supported by a 50-year home guarantee, the planks assure quality and longevity.

In a strategic move in May 2022, Bauwerk Group AG, a Switzerland-based parquet manufacturer, successfully acquired Somerset Hardwood Flooring, a US-based manufacturer of hardwood flooring products. This acquisition signifies a pivotal step for Bauwerk, intending to fortify its global footprint and bolster its market presence in the North American flooring sector. Through this merger, Bauwerk aims to leverage Somerset Hardwood Flooring's strengths to augment its offerings and solidify its position in the competitive North American market.

Major companies operating in the wood flooring market report are Mohawk Industries Inc., Armstrong Flooring Inc., Beaulieu International Group, Shaw Industries Group Inc., Boral Limited, Mannington Mills Inc., Tarkett S.A., British Hardwoods Flooring, Kährs Group, E.P. Co. Inc., Wickes Ltd., Home Legend LLC, Somerset Hardwood Flooring Inc., Provenza Floors Inc., Doma Flooring GmbH, East Teak Fine Hardwoods Inc., Forestry Innovation Consulting India Pvt. Ltd., Frank A. Edmunds & Co. Inc., Greenlam Industries Ltd., AHF Products, UNILIN Group, CLASSEN Group, Pergo, Flooring Innovations, EGGER Group, HomerWood Laminate Flooring, Barlinek SA, Brumark Corporation, Goodfellow Inc., Bruce Evans Flooring LLC

Asia-Pacific was the largest region in the wood flooring market in 2023. The regions covered in the wood flooring market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the wood flooring market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The key products within the realm of wood flooring include solid wood, laminated wood, and engineered wood. Solid wood is a type of lumber directly derived from trees. These wood flooring products are made available through diverse distribution channels, including home centers, flagship stores, specialty stores, online platforms, and others. The end uses for wood flooring span both residential and commercial applications.

This report provides wood flooring market statistics, including the wood flooring industry global market size, regional shares, competitors with wood flooring market share, detailed wood flooring market segments, market trends, and opportunities, and any further data you may need to thrive in the wood flooring industry. This wood flooring market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The wood flooring market consists of sales of composite wooden flooring, parquet flooring, bamboo flooring, and cork flooring. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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