North America Residential Wood Flooring Market Analysis and Forecast 2027

Demand for Cleanable Surfaces Surges to Prevent Coronavirus-like Illnesses

Several individuals are practicing social distancing as a result of the outbreak of the COVID-19 (coronavirus). This is driving people to change the way they live in their homes. The life-threatening pandemic is anticipated to directly affect the North America residential wood flooring market as consumers are looking for flooring alternatives that can be easily cleaned and prevent the spread of germs. As compared to Canada, the U.S. has a higher number of active COVID-19 patients. Since individuals are spending most of their time in isolation at home, they are weighing their choices in terms of house interior to prevent the spread of any illnesses.

COVID-19 could have a negative impact on the North America residential wood flooring market due to the availability of luxury vinyl tiles (LVT). Experts opine that LVT is far more superior to wood veneer flooring in terms of containing the spread of germs. Hence, companies are increasing their production capabilities in composite engineered wood flooring to compete with LVT.

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Versatility of Engineered Floors Overcome Limitations of Hardwood in Challenging Applications

Consumers are becoming increasingly aware about the advantages of engineered wood flooring. This explains why the revenue of engineered wood is predicted to grow at a robust pace where the North America residential wood flooring market is estimated to reach a value of ~US$ 6 Bn by the end of 2027. Engineered wood is overcoming the limitations of hardwood such as warping and bowing due to the presence of humidity and other extreme temperatures. Companies are exploring new production techniques such as utilization of aluminum oxide to create a durable finish for engineered wood.

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Companies in the North America residential wood flooring market are increasing the availability of engineered wood in high gloss and matte finish to suit specific needs of users. On the other hand, engineered wood is being highly publicized for its environment-friendliness over solid wood flooring, which is instrumental in the cutting down of fewer trees. Versatility of engineered floors over hardwood are attracting residential applications in moist areas such as bathrooms as well as over concrete in basements.

Floating Hardwood Floor Cater to Fast Installations and Cost Efficiency for Users

The concept of floating hardwood floor is triggering the growth in the North America residential wood flooring market. For instance, Stellar Innovations— a U.S. based provider of hardwood floors with patented designs, has gained efficacy in floating hardwood floor that meet the convenience of users. Companies are increasing efforts to create the availability of floating solid wood and engineered wood floor at competitive prices. As such, the North America residential wood flooring market is fragmented with emerging players dictating ~83% of the market share.

Innovations in floating solid wood floor are becoming popular in the market landscape, owing to its cost and time efficiency. Floating wood floors are replacing conventional practices of nailing the wood to the subfloor and using UPVC (Unplasticized Polyvinyl Chloride) channels to tightly click each plank to the bottom with the technique of angled slots. Such innovative techniques are creating a demand for fast installations whilst slowing the rate of expansion and contraction due to spilling of liquids.

Laminate Flooring vs Luxury Vinyl Flooring: Which is better?

Laminate flooring is becoming a popular choice among individuals who are looking to upgrade their flooring and are not worried about long-term real estate value. Hence, companies in the North America residential wood flooring market are increasing their production capabilities as the market reaches the output of ~200 million square meters by the end of 2027. However, luxury vinyl tiles pose as a threat to laminate flooring, owing to its water resistance properties.

The concept of DIY (Do It Yourself) is taking over the North America residential wood flooring market, as individuals create a demand for laminate flooring. However, easy installation and good performance of LVT are encouraging companies in the North America residential wood flooring market to brainstorm over new marketing strategies. Thus, companies in the North America residential wood flooring market can gain an edge, since LVT is slightly more expensive than laminate flooring.

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Analysts’ Viewpoint

Since individuals are becoming increasingly aware about various surfaces that contain germs, the COVID-19 pandemic could negatively impact the North America residential wood flooring market, as other options such as LVT, inhibit bacterial growth. Composite engineered wood flooring is a novel introduction in the SPC/WPC (Stone Plastic Composite/Wood Plastic Composite) category.

Laminate flooring is a low-cost alternative to LVT. However, laminate flooring does not fetch the added real estate value, which is associated with the perfectly functional and attractive LVT. Hence, companies should increase the availability of floating hardwood and engineered floor to meet the requirements of users. They should increase efforts to offer dent resistance with the help of high-density fiberboard engineered wood.