Wood Flooring Market - Forecast(2023 - 2028)

Report Code: CMR 65683 Report Format: PDF + Excel

Wood Flooring Market Overview

Wood Flooring market size is forecast to reach US$42.7 billion by 2027 after growing at a CAGR of 3.8% during 2022-2027. Wood flooring is increasingly being used in residential and commercial structures to improve their aesthetic appeal. Increased usage in the commercial and residential sectors, rising preferences for aluminum oxide finish on solid wood floorings, and rising investment for airport and hotel development are some of the factors driving the growth of the wood flooring market over the forecast period. The growth of the wood flooring industry will be aided by increased urbanization and industrialization, which will create a plethora of opportunities. During the forecast period, however, the high cost of raw materials and the prevalence of low-cost, low-maintenance alternative products (such as laminate and vinyl flooring) are expected to pose a significant challenge to the wood and laminate flooring industry.

COVID-19 Impact

The construction industry was one of the hardest hit by COVID-19, as it had already been dealing with a liquidity crisis for more than a year as the financial sector's non-banking financial institutions collapsed. Several projects were left unfinished during the pandemic as a result of a lack of funding. During the pandemic, construction output was significantly reduced as a result of these factors. For instance, as per the Office for National Statistics, the construction industry in the United Kingdom was 11.6 percent lower in July 2020 than it was in February 2020. In August 2020, the level of construction activity in the United Kingdom was 10.8% lower than in February 2020. Furthermore, manufacturers were stranded on raw material orders as a result of the COVID-19 area's lockdown, which had a significant impact on the logistics industry. During the pandemic, all of these factors combined to limit the growth of the wood flooring industry.

Wood Flooring Market Report Coverage

The report: “Wood Flooring Market – Forecast (2022-2027)”, by IndustryARC, covers an in-depth analysis of the following segments of the Wood Flooring industry.

By Wood Type: Oak (White, and Red), Pine, Maple, Cherry, Mahogany, Walnut, and Others

By Product Type: Laminate Flooring, Engineered Wood Flooring, Solid Hardwood Flooring, Composite Wooden Flooring, Parquet Flooring, Bamboo Flooring, Cork Flooring, and Others

By End-Use Industry: Residential Construction (Private Dwellings, Apartments, Row Houses, and Others), Commercial Construction (Healthcare Facilities, Retail Stores, Banks, Airports, Educational Institutes, Hotels, Shopping Malls, and Others), and Industrial Construction (Power Plants, Textile, Food & Beverages, and Others)

By Geography: North America (USA, Canada, and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia, and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), Rest of the World (Middle East, and Africa)

Key Takeaways

  • Asia-Pacific dominates the wood flooring market. Increasing home renovation owing to increased disposable income and faster growth construction and non-construction activities, especially in developing countries is fueling the market growth in Asia-Pacific.
  • Solid wood floors have high-strength base layers that can withstand more heat and moisture content from the outside and do not change shape or become uneven and twisted as a result of dampness.
  • After floor molding, scratch-resistant wooden flooring with a hard-protective finish made of aluminum oxide has allowed for more residential use.
  • The wood flooring market is expected to fluctuate due to factors such as increasing adoption of alternative floor materials and fluctuations in foreign currencies affecting profit margins.

Figure: Asia-Pacific Wood Flooring Market Revenue, 2021-2027 (US$ Billion)

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Wood Flooring Market Segment Analysis – By Wood Type

The oak segment held a significant share in the wood flooring market in 2021 and is forecasted to grow at a CAGR of 4.1% during 2022-2027. is a very long-lasting flooring material due to its resistance to wear. This makes it an excellent choice for high-traffic areas in the home. White oak is particularly resistant to liquid permeation, making it ideal for kitchen and bathroom flooring. Both red and white oak is easy to glue, drill, and machine cut, making installation of flooring a breeze. Oak responds well to treatments and stains, providing a wide range of color and finish options for oak-based floors. Over the forecast period, all of these numerous advantages of using oak-based flooring are expected to boost demand for oak-based flooring.

Wood Flooring Market Segment Analysis – By Application Method

The engineered wood flooring segment held a significant share in the wood flooring market in 2021 and is forecasted to grow at a CAGR of 5.2% during 2022-2027, as it is a suitable substitute for concrete floors Engineered wood products are commonly used by architects, code regulators, and building planners who are aware of energy-efficient farming practices that save energy, speed up construction, reduce Labour costs, and minimize waste. Because of high disposable incomes and widespread public awareness of the benefits of engineered wood, the segment is expected to grow faster in North America and Europe. One of the advantages of engineered wood products is that they can be crafted to meet the needs of end-users and custom specifications. Easy maintenance and colorful design uniqueness, among other things, are driving the segment's growth over the forecast period.

Wood Flooring Market Segment Analysis – By Geography

Asia-Pacific region held a significant share in the wood flooring market in 2021 up to 38%, owing to spiraling demand for wood flooring from the APAC residential sector. For instance, In seasonally adjusted terms, private sector houses rose 15.1 percent monthly and 57.5 percent annually in February 2021, according to the Australian Bureau of Statistics (ABS). As a result, the region's expanding residential and commercial construction sectors are expected to boost demand for wood flooring, propelling the market growth. The Ministry of Construction Vietnam estimates that by 2025, the average house floor area per person in Vietnam will be 27 square meters, with 28 square meters in urban areas and 26 square meters in rural areas. Furthermore, the policy aims to build and restore over one billion square meters of housing, or over 11.9 million units. Furthermore, To boost the Indian residential sector, the Indian government has launched initiatives such as "100 smart cities" and "Housing for All by 2022." Such government initiatives are also expected to boost demand for wood flooring in the residential construction sector, boosting the market's growth over the forecast period.

Wood Flooring Market Drivers

Government Policies that Encourage the use of Wood-based Products

Much of the materials used in construction, such as cement, asphalt, steel, and plastic, remain in the surrounding area for a long time, increasing the environmental burden. To improve the construction industry's sustainability, several governments have promoted the use of natural and easily decomposable materials such as wood in the construction of new buildings and renovation activities. The Japanese Ministry of Agriculture, Forestry, and Fisheries (MAFF), for example, has passed legislation to make it easier to use wood in public buildings. Similarly, different governments provide incentives for the use of wood in the construction of both residential and commercial structures. Flooring is one of the many fields where wood can be easily used, and with companies working to improve the properties of wood flooring, demand is expected to rise significantly over the forecast period.

Expanding Commercial Construction Sector

Wood flooring is commonly used in commercial construction because it is affordable, low-maintenance, and can withstand high traffic. Kansai International Airport in Japan will spend about 100 billion yen ($911 million) by 2025 to upgrade the larger terminal, to increase space for international flights at the country's No. 2 hub. The Indian Union Budget of February 2020 aims to build 100 new airports by 2024 as part of the Centre's Udan scheme to help with growing air traffic. The health facility revitalization component of the national health insurance indirect grant in South Africa has been allocated R4.6 billion over the medium term (2020-2021). A fraction of this budget will go toward planning and construction of the Limpopo Central Hospital in Polokwane, which is set to open in 2025/26. Saudi Amana Contracting was granted a public tender award by the Red Sea Development Company (TRSDC) in July 2019 to construct housing and offices for project staff and laborers. By the end of 2022, the project should be completed. Fourteen luxury hotels with 3,000 rooms will be built across five islands and two inland resorts, according to the plans. As a result of the thriving commercial construction industry, it is expected that demand for solid wood floors will increase, resulting in the growth of the wood flooring market.

Wood Flooring Market Challenges

Availability of Other Cost-Effective Substitute Materials

Liquid spillage, moisture accumulation near doors and other openings, effects from walking or dropping objects, and scratches from furniture movement expose a flooring product to difficult conditions. As a result, the flooring product must be resistant to the changes that occur as a result of such events. Ceramic tiles, durable flooring, and resin flooring, all of which are better at dealing with these consequences, are putting pressure on wood flooring. Ceramic tiles are more durable, impact-resistant, and moisture-resistant than other types of tiles. Vinyl floor coverings and carpets, on the other hand, have superior water resistance and aesthetic design. Furthermore, wood is a costly natural resource that takes a long time to regenerate. Many of the alternatives, on the other hand, turn out to be quite affordable. Because of these factors, there is a low demand for wood flooring, which is limiting the market growth.

Wood Flooring Industry Outlook

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the market. Wood Flooring top 10 companies include:

  1. Armstrong
  2. Beaulieu International Group
  3. Berkshire Hathaway
  4. Boral Limited
  5. Brumark Corporation
  6. Khrs Holding AB
  7. Mannington Mills
  8. Mohawk Industries
  9. Nature Home Holding Company Limited
  10. Tarkett

Recent Developments

  • In April 2021, the exquisite 3-in-1 Laminate Flooring from Span Floors is now available. With its 3-in-1 Laminate Flooring collection, Span Floors dispels the notion that laminate flooring is cheap and instead offers the Indian consumer a high-quality option for flooring their interior spaces.
  • In March 2021, NOTION, India's leading brand and manufacturer of modernistic flooring, has launched an exclusive collection of "Engineered wooden flooring," an innovative option for luxurious style, ease of installation, and environmental benefits by adding life, warmth, and glow to its surroundings.

Relevant Reports

Flooring Market – Forecast (2022 - 2027)
Report Code: CMR 1245

Commercial Flooring Market - Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth and Forecast 2021 - 2026
Report Code: CMR 85050

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1. Wood Flooring Market- Market Overview
    1.1Definitions and Scope
2. Wood Flooring Market- Executive Summary
    2.1 Key Trends by Wood Type
    2.2 Key Trends by Product Type
    2.3 Key Trends by End-Use Industry
    2.4 Key Trends by Geography
3. Wood Flooring Market – Comparative analysis
    3.1 Market Share Analysis- Major Companies
    3.2 Product Benchmarking- Major Companies
    3.3 Top 5 Financials Analysis
    3.4 Patent Analysis- Major Companies
    3.5 Pricing Analysis (ASPs will be provided)
4. Wood Flooring Market - Startup companies Scenario Premium Premium
    4.1 Major startup company analysis:
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Product portfolio
        4.1.4 Venture Capital and Funding Scenario
5. Wood Flooring Market – Industry Market Entry Scenario Premium Premium
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing Business Index
    5.3 Successful Venture Profiles
    5.4 Customer Analysis – Major companies
6. Wood Flooring Market - Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porters Five Force Model
        6.3.1 Bargaining Power of Suppliers
        6.3.2 Bargaining Powers of Buyers
        6.3.3 Threat of New Entrants
        6.3.4 Competitive Rivalry
        6.3.5 Threat of Substitutes
7. Wood Flooring Market – Strategic Analysis
    7.1 Value Chain Analysis
    7.2 Opportunity Analysis
    7.3 Product/Market Life Cycle
    7.4 Distributor Analysis – Major Companies
8. Wood Flooring Market - By Wood Type (Market Size -US$ Million/Billion)
    8.1 Oak
        8.1.1 White
        8.1.2 Red
    8.2 Pine
    8.3 Maple
    8.4 Cherry
    8.5 Mahogany
    8.6 Walnut
    8.7 Others
9. Wood Flooring Market - By Product Type (Market Size -US$ Million/Billion)
    9.1Laminate Flooring
    9.2 Engineered Wood Flooring
    9.3 Solid Hardwood Flooring
    9.4 Composite Wooden Flooring
    9.5 Parquet Flooring
    9.6 Bamboo Flooring
    9.7 Cork Flooring
    9.8 Others
10. Wood Flooring Market - By End-Use Industry (Market Size -US$ Million/Billion)
    10.1 Residential Construction
        10.1.1 Private Dwellings
        10.1.2 Apartments
        10.1.3 Row Houses
        10.1.4 Others
    10.2 Commercial Construction
        10.2.1 Healthcare Facilities
        10.2.2 Retail Stores
        10.2.3 Banks
        10.2.4 Airports
        10.2.5 Educational Institutes
        10.2.6 Hotels
        10.2.7 Shopping Malls
        10.2.8 Others
    10.3 Industrial Construction
        10.3.1 Power Plants
        10.3.2 Textile
        10.3.3 Food & Beverages
        10.3.4 Others
11. Wood Flooring Market - By Geography (Market Size -US$ Million/Billion)
    11.1 North America
        11.1.1 USA
        11.1.2 Canada
        11.1.3 Mexico
    11.2 Europe
        11.2.1 UK
        11.2.2 Germany
        11.2.3 France
        11.2.4 Italy
        11.2.5 Netherlands
        11.2.6 Spain
        11.2.7 Russia
        11.2.8 Belgium
        11.2.9 Rest of Europe
    11.3 Asia-Pacific
        11.3.1 China
        11.3.2 Japan
        11.3.3 India
        11.3.4 South Korea
        11.3.5 Australia and New Zealand
        11.3.6 Indonesia
        11.3.7 Taiwan
        11.3.8 Malaysia
        11.3.9 Rest of APAC
    11.4 South America
        11.4.1 Brazil
        11.4.2 Argentina
        11.4.3 Colombia
        11.4.4 Chile
        11.4.5 Rest of South America
    11.5 Rest of the World
        11.5.1 Middle East
   Saudi Arabia
   Rest of the Middle East
    11.5.2 Africa
   South Africa
   Rest of Africa
12. Wood Flooring Market – Entropy
    12.1 New Product Launches
    12.2 M&As, Collaborations, JVs and Partnerships
13. Wood Flooring Market – Industry/Segment Competition Landscape Premium
    13.1 Company Benchmarking Matrix – Major Companies
    13.2 Market Share at Global Level - Major companies
    13.3 Market Share by Key Region - Major companies
    13.4 Market Share by Key Country - Major companies
    13.5 Market Share by Key Application - Major companies
    13.6 Market Share by Key Product Type/Product category - Major companies
14. Wood Flooring Market – Key Company List by Country Premium Premium
15. Wood Flooring Market Company Analysis - Business Overview, Product Portfolio, Financials, and Developments
    15.1 Company 1
    15.2 Company 2
    15.3 Company 3
    15.4 Company 4
    15.5 Company 5
    15.6 Company 6
    15.7 Company 7
    15.8 Company 8
    15.9 Company 9
    15.10 Company 10 and more
"*Financials would be provided on a best efforts basis for private companies"


1.US Wood Flooring Market Revenue, 2019-2024 ($M)
2.Canada Wood Flooring Market Revenue, 2019-2024 ($M)
3.Mexico Wood Flooring Market Revenue, 2019-2024 ($M)
4.Brazil Wood Flooring Market Revenue, 2019-2024 ($M)
5.Argentina Wood Flooring Market Revenue, 2019-2024 ($M)
6.Peru Wood Flooring Market Revenue, 2019-2024 ($M)
7.Colombia Wood Flooring Market Revenue, 2019-2024 ($M)
8.Chile Wood Flooring Market Revenue, 2019-2024 ($M)
9.Rest of South America Wood Flooring Market Revenue, 2019-2024 ($M)
10.UK Wood Flooring Market Revenue, 2019-2024 ($M)
11.Germany Wood Flooring Market Revenue, 2019-2024 ($M)
12.France Wood Flooring Market Revenue, 2019-2024 ($M)
13.Italy Wood Flooring Market Revenue, 2019-2024 ($M)
14.Spain Wood Flooring Market Revenue, 2019-2024 ($M)
15.Rest of Europe Wood Flooring Market Revenue, 2019-2024 ($M)
16.China Wood Flooring Market Revenue, 2019-2024 ($M)
17.India Wood Flooring Market Revenue, 2019-2024 ($M)
18.Japan Wood Flooring Market Revenue, 2019-2024 ($M)
19.South Korea Wood Flooring Market Revenue, 2019-2024 ($M)
20.South Africa Wood Flooring Market Revenue, 2019-2024 ($M)
21.North America Wood Flooring Market By Application
22.South America Wood Flooring Market By Application
23.Europe Wood Flooring By Application
24.APAC Wood Flooring By Application
25.MENA Wood Flooring By Application
26.The Armstrong Flooring, Inc., Sales /Revenue, 2015-2018 ($Mn/$Bn)
27.Mannington Mills Inc., Sales /Revenue, 2015-2018 ($Mn/$Bn)
28.Mohawk Industries, Sales /Revenue, 2015-2018 ($Mn/$Bn)
29.Pergo, Sales /Revenue, 2015-2018 ($Mn/$Bn)
30.Shaw Industries Group, Inc., Sales /Revenue, 2015-2018 ($Mn/$Bn)
31.Bruce Evans Flooring, LLC, Sales /Revenue, 2015-2018 ($Mn/$Bn)
32.Flooring Innovations, Inc., Sales /Revenue, 2015-2018 ($Mn/$Bn)
33.Q.E.P. Co., Inc., Sales /Revenue, 2015-2018 ($Mn/$Bn)
34.Wickes Ltd., Sales /Revenue, 2015-2018 ($Mn/$Bn)
35.Millstead Wood Floors, Sales /Revenue, 2015-2018 ($Mn/$Bn)
36.Beautex Industries Pvt. Ltd., Sales /Revenue, 2015-2018 ($Mn/$Bn)
37.Home Legend, LLC, Sales /Revenue, 2015-2018 ($Mn/$Bn)
38.DuChteau, Sales /Revenue, 2015-2018 ($Mn/$Bn)
39.Provenza Floors, Inc., Sales /Revenue, 2015-2018 ($Mn/$Bn)
40.Somerset Hardwood Flooring Inc., Sales /Revenue, 2015-2018 ($Mn/$Bn)