Global Wood Flooring Market to Reach US$55.8 Billion by the Year 2026

Flooring plays a pivotal role in enhancing the aesthetic appeal of virtually all utilitarian structures, including residential, industrial and commercial buildings. Among the flooring types, wood floors are considered environment friendly, durable, and easy to clean. Changing lifestyles, growing urban population in Asia-Pacific region, rise in spending on home renovation and enhancement, and increasing consumer demand for eco-friendly materials are some of the key growth drivers augmenting demand for wood flooring. With refinancing, housing, and remodeling trends remaining strong, the prospects for wood sales are bright. The generally positive outlook and stable demand for wood flooring is also spurred by advances in material and technology, which include water-resistant products and digital printing. New construction and greater penetration into higher-end markets also boosts market prospects. Going forward, preference for green products is expected to kindle consumer interest and re-energize demand patterns. Wider planks, long boards, lighter and natural wood colors, and matte sheen finishes are some of the emerging trends witnessed in the wood flooring space. The rising popularity of modern minimalist design is a prime factor spurring demand for white oak floors. Manufacturers are developing engineered products with rigid cores such as mineral and solid polymer to equip wood flooring with waterproof properties. The addition of coatings to the engineered products seals the edges.

Amid the COVID-19 crisis, the global market for Wood Flooring estimated at US$43.2 Billion in the year 2020, is projected to reach a revised size of US$55.8 Billion by 2026, growing at a CAGR of 4.3% over the analysis period. Engineered Wood, one of the segments analyzed in the report, is projected to grow at a 4.6% CAGR to reach US$37.3 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Solid Wood segment is readjusted to a revised 3.6% CAGR for the next 7-year period. This segment currently accounts for a 37% share of the global Wood Flooring market. The engineered wood segment dominates the market, owing to increasing number of manufacturers preferring this product due to its positive attributes that include cost efficiency and dimensional stability. Engineered wood offers a good substitute for hardwood and concrete; thereby driving increased demand for the segment. The solid wood segment is expected to gain from increasing commercial applications of solid wood in public places such as theaters, restaurants, spas and hotels.

The U.S. Market is Estimated at $6.5 Million in 2021, While China is Forecast to Reach $9.9 Million by 2026

The Wood Flooring market in the U.S. is estimated at US$6.5 Billion in the year 2021. The country currently accounts for a 14.55% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$9.9 Billion in the year 2026 trailing a CAGR of 6.7% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.7% and 3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.6% CAGR while Rest of European market (as defined in the study) will reach US$10.5 Billion by the end of the analysis period. The North American market for wood flooring is gaining from rising demand for bacteria-resistant and anti-slip flooring from the healthcare sector, especially in the US. The regional market is anticipated to also benefit from implementation of favorable standards by various states and organizations. The Asia-Pacific market is propelled by rapid urbanization, rising investment in real-estate and housing development, changing attitude toward flooring décor, popularity of tropical wood flooring, and launch of cost-effective engineered wood flooring. Additionally, exporting finished products from Asia-Pacific to developed countries is likely to offer huge investments from Canada-based and the U.S-based furniture manufacturers.