Wood Flooring Market Size & Share, by Product (Solid Wood, Laminated Wood, Engineered Wood); Application (Residential, Commercial, Industrial) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2033

Global Wood Flooring Market Definition

Since wood is formed of natural materials, it is incredibly strong and resistant to normal wear and tear. Compared to other flooring types, it can offer improved aesthetic appeal. Both the commercial and residential sectors frequently use wood flooring. Given that wood is a renewable resource, wood flooring is environmentally friendly. As more buildings are older and need restoration, upkeep, repair, and remodeling, the renovation industry has been expanding steadily and is expected to rise moderately over the next few years. According to the revenue analysis of the wood flooring industry, manufacturers should concentrate on mergers and acquisitions to grow their businesses and broaden their geographic reach. Due to changes in consumer behavior, the industry is anticipated to expand soon.

Global Wood Flooring Market: Key Insights

Global Wood Flooring Market Size, Forecast, and Trend Highlights Over 2023 - 2033

The global wood flooring market is estimated to garner a revenue of ~USD 90 Billion by the end of 2033 by growing at a CAGR of ~6% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~USD 45 Billion in the year 2022. The growth of the market is primarily attributed to the increased adoption of wood flooring for varied purposes across the construction industry. Thus, the recent expansion in construction industry is anticipated to drive the market growth. As per recent statistics, the total spending in the U.S. construction sector was totalled to be around USD 2 trillion in 2020.

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In the recent phase, wood flooring has been extensively used in construction sector owing to its advantages such as high durability and resistance against everyday wear & tear. Environmentally sustainable, wood is a renewable resource which makes it a preferred choice for consumers. Also, the renovation sector is attributed to grow at a steady pace in the next few years, as more buildings would age and require renovation, maintenance, repair, and remodelling. As a result, the employment rate and the consumption of wooden flooring is both expected to rise considerably in the renovation industry. As per 2021, there were almost 10 million construction workers in the United States, approximately 8% of the total working population.

Global Wooden Flooring Market: Growth Drivers and Challenges

Growth Drivers

• Burgeoning Population Across the World - The rising population has increased the demand the building construction for day-to-day activities. Thus, the increased demand of construction processes is further anticipated to fuel the demand of wooden flooring and expand its market size in the forecast period. As per World Bank, the total population in the world stood at 7.76 billion in 2021, up from 7.09 billion in 2012.

• High Demand of Residential Construction – With growing population, the ability to house the growing numbers is also increasing, as it should. For instance, according to the United States Census Bureau, stated that there were around 142,153,010 housing units in the U.S. as of June 2021.

• Rapid Development in Real Estate Sector – The real estate sector is expected to show signs of recovery post-pandemic. As per recent estimates, the revenue generation of real estate companies worldwide stood at approximately USD 10 billion in 2021.

• Development of Commercial Buildings –Buildings Energy Consumption Survey (CBECS), estimated that there were approximately 5.9 million U.S. commercial buildings in 2018. Further, the number of commercial buildings increased by 6% since the CBECS was last conducted in 2012.

• Presence of Buildings Across the World – As per data in 2020, there were 350,000 industrial buildings and 240,000 military buildings in the United States.

Challenges

• Availability of Other Lower-Priced Substitutes - Making better products more affordable is the biggest problem facing businesses in the wooden flooring industry. People sometimes are forced to choose substitutes such as plastic sheet flooring due to the high cost of wooden flooring.
• Low-resistance towards Altercations
• Stringent Governmental Rules Regarding Environmental Protection

The wooden flooring market is segmented and analysed for demand and supply by application into residential, commercial and industrial. Out of these, the residential segment is attributed to garner highest market share by 2033, owing to increased number of residential buildings across the globe. As per estimations, in 2020, there were almost 100 million single family homes in the U.S. Further, there were around 5 million multifamily residential buildings in the same period. Further, the residential segment is forecasted to gather the highest revenue due to the increased demand of houses by the burgeoning population. In 2020, it was calculated that 90% of the buildings in the U.S. were single family homes, with approximately 200 billion square feet. 

 Global Wood Flooring Market Regional Synopsis

The Asia Pacific wood flooring market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033, owing to the rapid expansion of construction industry and presence of leading market key players in the regions. The building construction industry in Asia Pacific is expected to reach USD 3 million by 2024, with a robust CAGR with 7%.  Further, the high disposable income of burgeoning population in the Asia Pacific is expected to increase the demand of non-residential and residential building construction which is further anticipated to bloom the wood flooring market. Lately, it was calculated that Asia Pacific was the largest region in the global nonresidential building construction market, accounting for 43% of the total in 2021, with a steady 9% CAGR.

Market Segmentation

Our in-depth analysis of the global wood flooring market includes the following segments:

Top Featured Companies Dominating the Global Wood Flooring Market

• B Gustaf Kähr

  • Company Overview
  • Business Strategy
  • Key Product Offerings
  • Financial Performance
  • Key Performance Indicators
  • Risk Analysis
  • Recent Development
  • Regional Presence
  • SWOT Analysis

• AHF, LLC.
• Mohawk Industries, Inc.
• Beaulieu International Group
• Shaw Industries, Inc.
• Boral
• LL Flooring, Inc.
• F. Junckers Industrier A/S
• British Hardwoods
• BARLINEK S.A.