According to the latest report by IMARC Group, titled “Hardwood Flooring Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global hardwood (wood) flooring market size reached US$ 40 Billion in 2018. Hardwood flooring refers to a type of flooring which is manufactured using real wood and preserves the unique appearance of the wood and textured grain. It is fixed over a proper subfloor by a fastener specifically designed for its installation. In comparison with other flooring variants, hardwood flooring is easy to install and clean, and collects relatively less dirt and dust. Moreover, it is easier to repair and refinish than laminate flooring and can be recycled without causing any damage to the environment.
Market Trends:
On account of its long lifespan, low maintenance requirements, and the ability to improve indoor air quality, hardwood flooring has gained popularity around the world. As a result, consumers opt for this flooring variant to enhance the aesthetics of their houses. It is also used in commercial spaces as it is highly durable and scratch resistant in nature. Apart from this, manufacturers are providing a wide variety of styles, designs and surface textures to expand their consumer base. They are also incorporating advanced technologies to offer high-performance hardwood flooring. Further, hardwood flooring has zero VOC emissions and it uses adhesives which are free from formaldehyde. This assists in making them safer than other types of flooring. However, stringent government regulations aimed to safeguard the environment is hampering the growth of the global hardwood (wood) flooring market. This can be accredited to the hindrances associated with acquiring raw materials which are used for manufacturing hardwood flooring. Besides this, the high prices of these products and the availability of numerous substitutes are also anticipated to impact market growth negatively.
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Market Summary:
Market Breakup by End-Use Sector
1. Residential Sector2. Commercial Sector
Based on the end use sector, the market has been bifurcated into residential and commercial sectors. At present, the commercial sector dominates the market, holding the largest market share.
Market Breakup by Raw Material
1. Red Oak 2. White Oak 3. Maple4. Others
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On the basis of the raw material, the market has been classified into red oak, white oak, maple and others. Amongst these, red oak accounts for the majority of the total market share.
Market Breakup by Region
1. North America2. Europe3. Asia Pacific4. Latin America5. Middle East and Africa
Region-wise, the market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. At present, North America is the biggest market, holding the majority of the global share.
Competitive Landscape
The competitive landscape of the market has also been examined with some of the key players being Armstrong, Bruce Flooring, Balterio Laminate Flooring, Beaulieu International Group, BerryAlloc, Classen, Egger and Formica.
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