Published on : Nov 19, 2019
A report titled, “Wood Flooring Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 - 2027” has been added in the vast report repository of ResearchMoz.us. The report is expected to offer an in-depth analysis of various factors associated with this market. Further, the report is vital for those associated with the wood flooring market directly or indirectly.
Wood flooring market has expanded by leaps and bounds in the last few years, thanks to the increasing consumer demands. Further increasing product innovations by the players has helped consumers achieve and unique and improved aesthetic appeal to their houses, podium and office space.
Other than this, several other factors such as rise in construction activities across the globe, increasing spending power of the consumer, surge in consumer awareness towards home enhancement and renovation are some other prominent factors expected to fuel the growth of the global wood flooring market in the coming few years.
Wood flooring as name suggests is flooring made of woods. They are there in the market for long however it has gained a competitive edge recently with several product launches by the players. There are several types of wood flooring available for instance engineered wood flooring and solid wood flooring. Engineered wood flooring are cheaper than solid wood but has similar aesthetic appeal.
High Maintenance Costs and Easy Availability of Cheap Substitutes to Impede Growth
Further, wood flooring has a wide range of benefits as compared to tiles and ceramic-based flooring items. They are eco-friendly and can be easily fit on to floor. They do not require intense labor as compared to ceramic tiles. In addition to this, growing inclination of consumers towards eco-friendly materials is another factor projected to fuel the wood flooring market in the coming few years.
Despite several drivers, growth in the wood flooring market is projected to get hampered due to the several factors such as high maintenance costs, decreased shelf life and stringent government regulation towards deforestation. Along with this, factors such as strong market presence of vinyl sheets and carpets in the U.S. is likely to adversely affect the wood flooring market over the projected period. They are used as decorative flooring products in these country.
To overcome these restraints players in the wood flooring market are adopting several strategies such as product innovation and use of recycled wood.
Armstrong, Beaulieu International Group, Berkshire Hathaway, Boral Limited, Brumark Corporation, Khrs Holding AB, Mannington Mills, Mohawk Industries are some of the prominent players operating in the wood flooring market. These players are concretizing their foothold in the wood flooring market by adopting organic growth strategies such as mergers and acquisitions, collaboration and business expansion. In addition to this, there are several emerging application scenarios for wood flooring market in the near future in hospitality and retail sectors. This is expected to propel the growth in the wood flooring market in the forthcoming years.
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Europe to Lead Among All Region Based on Maximum Market Share
Among various key markets, Europe holds maximum share in the market. This is mainly due to the high presence of several manufacturing companies in the region. Additionally, prominent players in the region are focusing on forward integration in value chain. This will help them expand their consumer reach.