The global
wood flooring market size is expected to showcase a considerable growth by
reaching USD 41,682.2 million by
2027. This is attributable to the rising government support to promote wood
products for various construction activities. Besides, the surging demand for
consumer-friendly building designs would propel the demand for advanced wood
flooring solutions globally. This information is published by Fortune Business Insights™, in its
latest report, titled, “Wood Flooring Market Size, Share &
Industry Analysis, By Application (Residential and Commercial), and Regional
Forecast, 2020-2027.” The report mentions that the market stood at USD 33,279.5 million in 2019 and is
likely to exhibit a CAGR of 3.6%
between 2020 and 2027.
List of the Companies Operating
in the Global Market for Wood Flooring:
- Mohawk
Industries, Inc. (U.S.)
- Armstrong
Flooring, Inc. (U.S.)
- Shaw
Industries Group, Inc. (U.S.)
- LL Flooring
(U.S.)
- Junckers
Industrier A/S (Denmark)
- British
Hardwoods (UK)
- Connor
Sports (U.S.)
- Tarkett S.A.
(France)
- Boral
(Australia)
- Daiken
Corporation (Japan)
- Kährs
Holding AB (Sweden)
- Barlinek
S.A. (Poland)
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What does the Report Include?
The market
report includes a detailed assessment of various drivers and restraints,
opportunities, and challenges that the market will face during the projected
horizon. Additionally, the report provides comprehensive insights into the
regional developments of the market, affecting its growth during the forecast
period. It includes information sourced from the advice of expert professionals
from the industry by our research analysts using several research
methodologies. The competitive landscape offers further detailed insights into
strategies such as product launches, partnership, merger and acquisition, and
collaborations adopted by the companies to maintain market stronghold between
2020 and 2027.
Drivers & Restraints-
Increasing Government Support to Promote
Wooden Products to Surge Demand
The
extensive adoption of constructional products such as gravel, cement, steel,
and plastic leads to environmental stress. The growing demand for the adoption
of sustainable products is propelling the government to promote wood products
that are natural and easily decomposable. This is expected to drive the demand
for advanced wood flooring solutions across the globe. In addition to this, the
adoption of consumer-friendly design that appeals aesthetically is anticipated
to bode well for the growth of the global wood flooring market in the
forthcoming years.
Regional Insights-
Favorable Government Policies to Promote Wood
Products in Asia-Pacific to Aid Growth
Among all
the regions, Asia-Pacific stood at USD 19,665.1 million in 2019 and is expected
to hold the largest global wood flooring market share in terms of revenue in
the forthcoming years. This is attributable to the favorable government
policies that promote the adoption of wood as raw materials in the construction
industry in the region.
The market
in Europe is expected to experience a significant growth backed by the growing
focus of companies to develop heat compatible wood flooring products in the
region between 2020 and 2027.
Competitive Landscape-
Key Players Focus on Partnerships to Expand
Their Product Portfolios
The global
wood flooring market is fragmented by the presence of major companies that
focus on establishing partnerships to expand their wood flooring portfolio and
gain a competitive edge over their rivals. The other key players are adopting
strategies such as collaboration, the introduction of new products, and merger
and acquisition that will contribute to the market growth in the forthcoming
years.
Industry Development:
- January 2020 - Junckers Industrier A/S announced its
association with Turkish Airlines EuroLeague Final Four by becoming its
official partner. The company informs that according to the partnership it will
provide A3 Premium Portable Sports Wood Flooring that is produced by using
beech timber and has received a FIBA Level 1 approval.
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