Wood Flooring Market

Wood Flooring Market Overview

The global market for wood flooring was valued at US$ 35.27 billion in 2021. This projection shows a steady CAGR of 4.2% over the forecast period. Wood-based flooring can create an outdoor ambiance in a bedroom. It can also meet the requirements necessary for certain flooring products. This makes it an attractive option for other floorboards like ceramic tiles, carpets, and laminates. Wood parquets are also being sought after because of their sustainability in the design and construction sector. Wood flooring faces stiff competition from laminates and ceramic floorings. However, manufacturers are continually aiming to innovate to improve the properties of their products. This is expected to create a greater demand for wood flooring solutions in the near future. The wood flooring market in the growing commercial sector and demand for lightweight floor coverings are the major key factors. In 2021, U.S based renowned manufacturer of flooring products launched luxury flooring collections such as terra, biome, and Coalesce. This will strengthen the new launch of the product portfolio of the company.

Global Wood Flooring Market Scope:

Application Analysis

This market can be divided into two based on its use of solid wood floors, commercial and residential. Wood flooring can add a natural feel to a house’s interiors. These flooring solutions are resistant to scratches and impacts and can withstand small spillages common in homes. With the development of radiant-heat compatible grades by companies, lumber-based flooring has seen a significant increase in usage. These factors contributed to making the residential wood flooring segment account for a majority wood flooring market share in 2019.

This residential segment is expected to maintain this position over the forecast period. Interior designers and architects are now more keen on turning their attention to parquetry in order to produce attractive interiors for commercial buildings. This is especially true for those working in the hospitality and sports sectors. There has been a boom in the hospitality and tourism industries in countries like Brazil, India, Indonesia, the Philippines, and France. This has prompted additional demand for high-quality flooring products to decorate hotels, bars, and restaurants. Wooden flooring is used mainly in the construction of sporting arenas and complexes for athletics, such as badminton, basketball, and gymnastics. These factors are contributing to boosting the market’s largest share of the commercial segment even higher.

Key Market Segments:

By Application

• Commercial

• Residential

Market Dynamics:

Drivers

To Boost Demand, Supportive Government Policies Encourage the Use of Wooden Products in Construction Activities

Most materials used in construction, such as concrete, steel, cement, and plastic, have a long life span, which can increase environmental stress. Many governments encourage the use of natural, easily decomposable materials such as wood to increase sustainability in the construction industry. Japan’s Ministry of Agriculture, Forestry, and Fishery has passed a law encouraging the use of wood materials for the construction of public apartment buildings. Numerous governments also offer incentives to encourage the use of wood products in the construction of commercial and residential infrastructures. Wood flooring is an example of an area where it is easy to use. Companies are developing wood flooring to improve their properties. This is expected to increase the demand for wood flooring over the analysis period.

Constant evolution is taking place in the consumer demand for aesthetic design within the construction industry. This allows interior designers and architects to find materials and products that meet their customers’ needs. The flooring is one area where customers demand aesthetics, looks, and comfort in harmony. Flooring products should be able to withstand high impact and scratches, resist moisture and chemicals, and last for many years. Wooden flooring industry materials are a great option for building designers who want to make an impression with their designs.

Growing demand for consumer-friendly building designs to support market growth

The rapid growth in global populations has created a significant demand for housing facilities. The interiors and design of any prebuilt home are of crucial significance. Flooring is one such aspect that comes in prolonged contact with the human body. When designing interiors for buildings, it is essential to choose the right flooring materials. Wood-based flooring is not only durable and resistant to chemicals and spills, but it also meets all the requirements of high impact and scratch resistance. These flooring products also satisfy the needs of consumer preferences for natural textures and visual appeal, making them an excellent choice. It is also expected that companies engaged in this industry offer a variety of styles and grades of engineered wood flooring to match the appearance and feel of different trees and other environmental objects. This is expected to lead to greater adoption of these products, which in turn is slated to have a positive impact on this industry’s economic growth.

Restraints

Low Impact and Moisture Resistance Capabilities of Wood Flooring Limits Its Adoption

Flooring products are subject to harsh conditions like spillage, moisture accumulation near the doors, impact from falling objects or walking, and scratches caused by the movement of furniture. These conditions can cause damage to flooring products. Ceramic tiles, resilient floorings, and carpets may at times appear more attractive than wooden flooring. Ceramic tiles are stronger, more resilient to impact, and better at handling moisture. Vinyl coverings and carpets on the other hand have a higher impact and scratch resistance but are more water-resistant and can be used for aesthetic purposes. Wood is an expensive natural resource that takes a long time to regenerate. Many of these alternate options are much more affordable. These factors have limited the popularity of this type of flooring in the international market.

Opportunities

Robust Opportunities for Consumer-Friendly Building Designs

Over the forecast period, this market is expected to index strong demand for eco-friendly building designs of flooring like those made from wood. Wood-based flooring is durable, scratch and impact-resistant, and can be customized to suit an individual’s preferences for texture aesthetics and natural visuals.

Key Trends

To Spur Demand, Indoor Sports Activities Are Being Given More Attention

Due to restrictions imposed by different governments, particularly on outdoor and team-based sporting events, the spread of coronavirus is limiting sporting activities. People have switched to indoor sports such as squash, badminton, and basketball in order to live a healthier lifestyle. These sports arenas require high-impact resistance and water-resistant flooring solutions. Wooden floors are a great choice for indoor sports domes and stadiums because they not only meet these requirements but also look appealing. Leisure activities like shooting, futsal, and bowling have registered a significant increase in popularity due to greater levels of spending. This has led to a higher demand for wood-based flooring.

COVID-19 Insights

Due to limitations in logistics and transportation of individuals and raw materials alike, the spread of COVID-19 has had a significant impact on the performance of the construction industry. This market has also been affected by customers’ focus on essential goods and services, rather than their money. During the global lockdown phases, many countries, including Brazil, India, Germany, and China, have forced people to stay in their homes. This has led to a greater demand for products that improve efficiency and reduce stress. Customers prefer wood and laminate flooring for renovations during the pandemic because of their natural beauty. These flooring solutions are being sought out by commercial spaces businesses such as hotels and offices to create a home-like environment for employees and guests. These are all factors that will allow this market to expand further in the near future.

Regional Analysis

In 2021, the Asia Pacific represented the largest market share of 44.6% of this global industry, with China being the largest market for wood flooring products. China has used wood in construction projects for centuries. This market presence  has seen an exponential growth rate in its size due to increasing levels of urbanization as well as surging disposable incomes. The demand for these products has also increased in the Asia Pacific due to the subsidies provided by the governments of Australia, Japan, and China when local wood species are used for flooring products.

The engineered wooden flooring industry is popular in Europe due to its dry climate and favorable conditions for use in building design. These products allow buildings to be more energy efficient thanks to the development of radiant-heat compatible parquet floors and wood products being a natural insulator. The adoption of these flooring solutions is expected to increase in this region on account of these factors. The market for attractive flooring designs in offices and retail stores across North America is anticipated to continue to grow, particularly in countries like the U.S. and Canada. A key driver for this market’s growth in Central and South America lies in a growing demand from the hospitality sector to design interiors for hotels and restaurants. The rest of this market here is still in its infancy. Timber-based flooring is becoming more popular in the Middle East. They are used extensively in designing the lobbies and front offices of large multinational corporations. Although the demand from Africa is not great, it is gradually growing due to an increasing interest in single-family homes with lavish interiors.

Key Regions and Countries Covered in this Report:

• North America

  • US

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

  • Italy

  • Russia

  • Spain

  • Rest of Europe

• APAC

  • China

  • Japan

  • South Korea

  • India

  • Rest of Asia-Pacific

• South America

  • Brazil

  • Argentina

  • Rest of South America

• MEA

  • GCC

  • South Africa

  • Israel

  • Rest of MEA

Market Share & Key Players Analysis:

Primary Growth Strategies Are Product Innovation and Partnerships in Supply Chains Companies must innovate and partner with end-users to stay competitive in this market. Junckers Industrier A/S is a leading company in this market. With 7 subsidiaries in different countries, the company is present in more than 45 countries. It has also partnered with Euro League, a sports league, to offer portable wood flooring solutions. All products are made in Denmark by the company. The company offers a wide variety of wooden flooring solutions options for residential buildings and commercial spaces use, as well as standard and designer wood flooring options. The wood flooring market is one of the most prominent players in research and development by investment.

Market Key Players:

• Mohawk Industries Inc.

• Armstrong Flooring Inc.

• Shaw Industries Group Inc.

• LL Flooring

• Junckers Industrier A/S

• British Hardwoods

• Connor Sports

• Tarkett S.A.

• Daiken Corporation

• Other Key Players

For the Wood Flooring Market research study, the following years have been considered to estimate the market size: