Wood Flooring Market
The Wood Flooring Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Wood Flooring Global Market Report 2024, The wood flooring market size 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 in the historic period can be attributed to aesthetic appeal and natural look, housing construction and renovation, consumer preference for durability and longevity, environmental awareness and sustainability, changing interior design trends.
The wood flooring market size 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 growth in the forecast period can be attributed to rising demand for customization, green building standards and certifications, health and wellness concerns, e-commerce and online retail, economic factors and construction industry. Major trends in the forecast period include preference for wide planks and unique textures, customization and personalization, popularity of reclaimed and vintage wood flooring, increased demand for engineered wood flooring, green labeling and consumer awareness.
The rising demand for housing facilities with eco-friendly designs is expected to propel the growth of the wood flooring market going forward. Eco-friendly housing facilities are housing features such as roof and flooring that is not harmful to the environment. Wood flooring is eco-friendly as it uses natural materials and can be used in sustainable housing. For instance, according to the Realtors and Sustainability Survey Report in March 2021, among 5,048 US members of the National Association of Realtors which included a population constituted 67% by sales agents and 14% by associate brokers to understand the sustainability issues faced, published by the National Association of Realtors (NAR), a US-based trade association of the real estate industry, in the USA, 65% of respondents said that the energy efficiency feature in property was very or somewhat valuable. More than 50% agreed that their clients were interested in sustainability and nearly one-third of the respondents were involved in selling or buying houses with green or eco-friendly features. Therefore, the growing demand for housing facilities with eco-friendly designs is driving the wood flooring market forward.
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The wood flooring market covered in this report is segmented –
1) By Product: Solid Wood, Laminated Wood, Engineered Wood
2) By Distribution Channels: Home Centres, Flagship Stores, Speciality Stores, Online, Other Distribution Channels
3) By End Use: Residential, Commercial
Technological innovations are a key trend gaining popularity in the wood flooring market. Major companies in the market are introducing products based on innovative technologies to sustain their position in the market. For instance, in April 2023, Bjelin d.o.o., a Sweden-based flooring company, launched the new hardened wood 3.0 floor range with updated and improved colors, formats, and technologies. Additionally, these new floors also include the revolutionary 5G Dry technology, which was created internally by Bjelin’s sister firm, Välinge Innovation. This floor locking system is water-resistant, which translates to a quick, simple, long-lasting installation with a watertight joint. These new products from the company also include the patented Woodura technology, an advanced method of creating real wood floors that are more sustainable. By using this method, floors that are up to three times stronger than conventional wood floors may be made from the same quantity of lumber, yielding 10 times more output.
The wood flooring market report table of contents includes:
1. Executive Summary
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