Wood Flooring Market size is poised to cross USD 90 Billion by the end of 2033, growing at a CAGR of 6% during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of wood flooring was over USD 45 Billion. 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.
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.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
6% |
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Base Year Market Size (2022) |
USD 45 Billion |
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Forecast Year Market Size (2033) |
USD 90 Billion |
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Regional Scope |
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Application (Residential, Commercial, Industrial)
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.
Our in-depth analysis of the global wood flooring market includes the following segments:
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By Product |
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By Application |
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Asia Pacific Market Forecast
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.
AB Gustaf Kähr introduced a new type of wood floor in its Kährs Life Collection which are incorporated with properties of vinyl floors.
AHF, LLC. has launched three new luxury flooring collections — Biome, Terra and Coalesce. Each collection features a 2.5 mm structure with a 20 mil wear layer and patented Diamond 10 technology.
Author Credits: Smruti Ranjan, Rajrani Baghel
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