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

  • Report ID: 4515
  • Published Date: Feb 10, 2023
  • Report Format: PDF, PPT

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

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.


Wood-Flooring-Market
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Wood Flooring Sector: 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

Wood Flooring Market: Key Insights

Base Year

2022

Forecast Year

2023-2033

CAGR

6%

Base Year Market Size (2022)

USD 45 Billion

Forecast Year Market Size (2033)

USD 90 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of Middle East and Africa)
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Wood Flooring Segmentation

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:

          By Product

  • Solid Wood
  • Laminated Wood
  • Engineered Wood

          By Application

  • Residential
  • Commercial
  • Industrial

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Wood Flooring Industry - Regional Synopsis

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.

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Companies Dominating the Wood Flooring Landscape

top-features-companies
    • 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.

In the News

  • 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


  • Report ID: 4515
  • Published Date: Feb 10, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The expansion of construction industry along with the rise in the construction of buildings and infrastructure are some of the factors that are expected to propel the market growth.

The market is anticipated to attain a CAGR of 6% over the forecast period, i.e., 2023-2033.

The availability of other substitutes along with low-resistance towards microbial infections and stringent governmental rules regarding environmental protection are some of the factors that are expected to hamper the market growth.

The market in Asia Pacific is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.

The major players in the market are AB Gustaf Kähr, 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., and other key players.

The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

The market is segmented by type, application, and by region.

The residential segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
Wood Flooring Market Report Scope
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