Hardwood Flooring Market Growth, Outlook, Demand, Key Player Analysis and Opportunity
United States, 4 April 2019 -- The global hardwood flooring market has witnessed a healthy growth over the past few years. The increasing number of housing and construction projects coupled with a wide variety of hardwood flooring products introduced by the manufacturers is providing a positive thrust to the market.
IMARC Group’s latest report, titled “Hardwood Flooring Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, finds that the global hardwood flooring market reached a value of US$ 42 Billion in 2017. Hardwood flooring refers to a flooring manufactured from real wood which preserves the unique appearance of the natural wood and textured grain. It is fixed over a proper subfloor using a fastener specifically designed for the installation of wood flooring. Hardwood flooring is easy to install and clean, and collect less dirt and dust as compared to other types of floorings. In addition, it is significantly easier to repair and refinish than laminate flooring and can be recycled without causing any damage to the environment. Due to its low maintenance requirements, longer lifespan and ability to improve indoor air quality, hardwood flooring has gained popularity worldwide.
Hardwood flooring is highly durable and scratch resistant owing to which it is increasingly being used in commercial settings, such as office buildings and malls. Additionally, in order to improve the aesthetics of their houses, consumers nowadays choose hardwood flooring over other types of floorings. Keeping this in mind, the manufacturers are offering a wide variety of surface textures, designs and styles. The advancements in technology have further enabled the manufacturers to provide high-performance hardwood flooring with a longer lifespan at lower prices. Apart from this, hardwood flooring has zero VOC emissions and uses glues that are free from formaldehyde which makes them safer than other types of flooring. However, the availability of low-cost substitutes is hampering the growth of the global hardwood flooring market. Looking forward, the market value is projected to reach a value of US$ XX Billion by 2023, expanding at a CAGR of XX% during 2018-2023.
On the basis of end-use, the market has been segmented into residential and commercial sectors. Amongst these, the commercial sector dominates the market, holding the largest share.
Market Breakup by Raw Material
• Red Oak
• White Oak
Based on raw material, the market has been segregated as red oak, white oak, maple and others.
Market Breakup by Region
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Region-wise, North America enjoys the leading position in the global hardwood flooring market, followed by Europe and Asia Pacific. Other major markets include the Middle East and Africa, and Latin America.
• Bruce Flooring
• Balterio Laminate Flooring
• Beaulieu International Group
The hardwood flooring market is highly fragmented with the presence of numerous small and large manufacturers who compete in terms of prices and quality. Some of the leading players operating in the market are Armstrong, Bruce Flooring, Balterio Laminate Flooring, Beaulieu International Group, BerryAlloc, Classen, Egger and Formica.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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