According to a new report published by Allied Market Research, titled, Wooden Floor Market: Global Opportunity Analysis and Industry Forecast, 2018-2025, the global wooden floor market was valued at $90,638.1 million in 2017, and is projected to reach $141,091.3 million in 2025, growing at a CAGR of 5.9%, while in terms of volume, the market is expected to grow at a CAGR of 4.7% by 2025. The engineered wood segment accounted for more than two-thirds of the market share in 2017, and is expected to witness significant growth during the forecast period.
A wooden floor is a type of hard surface flooring, which lasts for decades, can be cleaned easily, and is hygienic than other flooring. There is an increase in demand for the flooring, owing to rise in construction projects across different regions of the world. In addition, its installation enhances the beauty adds value, and makes the room look spacious, which are expected to propel the growth of the market. However, high cost of manufacturing is anticipated to restrain the market growth.
Based on the application, the residential segment is expected to account for the largest share in the global market during the forecast period, due to increase in investments in North American, Asia-Pacific, and African countries. Based on the product segment, engineered wood is expected to grow at a significant CAGR during the forecast period, owing to its various benefits, such as high resale value, and high perceived & monetary value.
Key Findings of the Wooden Floor Market:
- Based on application, the residential segment dominated the market in terms of revenue in 2017, and is projected to grow at a CAGR of 5.6% during the forecast period.
- Europe generated the highest revenue in 2017, and Asia-Pacific is anticipated to grow at the highest CAGR of 7.0%.
- The engineered wood segment generated the highest revenue in 2017, and is estimated to grow at the rate of 6.3%.
- In Asia-Pacific, China accounted for the largest market share in 2017.
The key players profiled in this report include Armstrong, Beaulieu International Group, Berkshire Hathaway, Boral Limited, Brumark Corporation, Khrs Holding AB, Mannington Mills, Mohawk Industries, Nature Home Holding Company Limited, and Tarkett.