Wood Flooring Market: Key Highlights
- The global wood flooring market was valued at ~ US$ 73.4 Bn in 2018, and is anticipated to expand at a CAGR of ~ 6% during the forecast period.
- The global wood flooring market is driven by the rise in the demand for home in residential applications.
- Europe accounts for a prominent share of the global wood flooring market, led by an increase in the demand for residential housing in the region, which is supported by government schemes.
Residential Sector to Offer Attractive Opportunities
- In terms of demand, the residential segment dominated the global wood flooring market. This trend is likely to continue during the forecast period too. Wood flooring is largely used in the residential sector to enhance aesthetic appeal. Wood flooring offers a rich look to the home interiors.
- Wood flooring is made from organic material. It is non-electromagnetic in nature; therefore, it attracts less dust. Hence, wood flooring is widely used in residences for the safety of infants and children, and can last a lifetime.
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- The availability of various substitutes such as ceramic tiles, carpets and rugs, laminates, and cork flooring for wood flooring products is expected to act as a major restraining factor for the global wood flooring market during the forecast period. Costs involved in the production of wood flooring are higher than those of other types of flooring. This is expected to hamper the demand for wood flooring in the near future.
- Substitutes for wood flooring include:
- Luxury Vinyl Plank Flooring: Currently, this is one of the most innovative flooring products available in the marketplace. Luxury vinyl planks look and feel similar to real hardwood, but are waterproof. Hence, these are suitable for use in areas that have moisture areas, such as kitchens, basements, and powder rooms.
- Wood-look Tiles: These tiles are widely used in kitchens, entryways, mudrooms, bathrooms, and basements. They are especially popular in countries with warm climates, as they keep the spaces cooler. However, in cold climate, they can be cold for the feet. Hence, these tiles are usually installed in smaller areas or over radiant heat.
- Laminate Flooring: Laminate floors are less expensive than hardwood. Laminates can be installed easily on the top of tile or concrete flooring.
- Bamboo Flooring: Bamboo flooring is an alternative for hardwood flooring. It is often misclassified as hardwood, but bamboo is actually a type of grass. Bamboo flooring is less expensive than solid hardwood. It is engineered and glued together. Due to this, it acts similar to engineered wood, and can be glued directly to concrete floors, which makes it highly versatile.
- Cork Flooring: Cork flooring has excellent insulation and sound absorption properties, and it is also eco-friendly.
Europe a Prominent Wood Flooring Market
- In terms of both, value and volume, Europe held a substantial share of the global wood flooring market in 2018. The region is likely to maintain its dominance during the forecast period. The housing industry has important macroeconomic and macro-prudential implications for the European economy. The growing residential sector in the region is expected to drive the wood flooring market in Europe during the forecast period.
- In Germany, construction volume has risen by almost 9% since 2014. Wood flooring is preferred in Europe. Additionally, increase in construction activities in the region is likely to drive the wood flooring market in Europe.