Wood Flooring Market: Convergence of Trendy Aesthetics and Field of Engineering to Create Opportunities
The trend of design and technological modernization in building structures has led the rise of informal office spaces in the recent past. New flooring materials are being discovered and introduced into the marketplace, making installations in residential and commercial spaces much easier. Wood flooring market has gained notable momentum, with several innovations in solid, laminated, and engineered products.
Wood flooring has become a quintessential choice when it comes to trendy flooring options for consumers. The sustainability and eco-friendly quotient of wood flooring has been a key influencer for its adoption, despite growing competition from effective alternatives such as laminates, vinyl, and tiles. The provision of a durable flooring surface, along with hygiene, and the load resistance attributes of wood flooring have been driving its adoption among customers around the world.
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The resurgent growth in the construction of new residential and commercial spaces, abreast the remodeling & renovation activities pertaining to aging infrastructure in the face of urbanization continues to create lucrative opportunities for wood flooring market. Transparency Market Research, in its recent analytical study, covers the key trends in the wood flooring market, and offers a long-term perspective of how growth will unfold in the market.
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Wood Flooring Market: Impetus of Environment-friendly Floor Decorative Materials
The wood flooring market has been under the impetus of consumer demand for sustainable and eco-friendly floor decorative materials, which have seen rapid growth in development in recent years. The global wood flooring market reached a valuation of ~US$ 73.4 billion in 2018, and is estimated to register a CAGR of ~6% through to 2027. Compared to solid and laminated wood flooring, engineered wood flooring is gaining increased momentum, in light of relatively lower energy consumption linked with the latter.
Growing disposable income of an increasingly expanding middle-class population worldwide, has meant that, consumer willingness to spend more on premium products for home renovation has seen a notable rise, complementing the sales of wood flooring solutions, as a consequence. Stakeholders in the wood flooring market are adjusting their strategies in sync with fluctuating raw material costs, and restrictions imposed on wood cutting and exports for preventing forest resources.
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Multipurpose Applications of Wooden Flooring to Bolster Market Growth
There has been a marked rise in the preference for wood flooring among home owners, making the residential sector a relatively more lucrative area for sales. Broader trends such as rapid urbanization, growth in the construction sector, and favorable government initiatives, continue to complement the demand for wood flooring in the residential sector. Additionally, key attributes of wood flooring such as long-term benefits vis-à-vis investment, enhanced indoor air quality, easy-to-clean, and durability, continue to appeal to consumers in adopting these flooring solutions.
Hardwood flooring is a key trend gaining popularity in the wood flooring market, in light of flexible and versatile offerings in terms of colors and patterns. The unmatched aesthetic appeal of hardwood flooring is a key USP that is driving its adoption among residential and commercial customers alike. The wood flooring industry is making some big shifts, with flooring manufacturers going the extra mile to sustain their business.
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