North America Residential Wood Flooring Market
North America Residential Wood Flooring Market (Product: Solid Wood, Laminated Wood, and Engineered Wood) - Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 - 2027
Press Release :
Demand for Cleanable Surfaces Surges to Prevent Coronavirus-like Illnesses
Several individuals are practicing social distancing as a result of the outbreak of the COVID-19 (coronavirus). This is driving people to change the way they live in their homes. The life-threatening pandemic is anticipated to directly affect the North America residential wood flooring market as consumers are looking for flooring alternatives that can be easily cleaned and prevent the spread of germs. As compared to Canada, the U.S. has a higher number of active COVID-19 patients. Since individuals are spending most of their time in isolation at home, they are weighing their choices in terms of house interior to prevent the spread of any illnesses.
COVID-19 could have a negative impact on the North America residential wood flooring market due to the availability of luxury vinyl tiles (LVT). Experts opine that LVT is far more superior to wood veneer flooring in terms of containing the spread of germs. Hence, companies are increasing their production capabilities in composite engineered wood flooring to compete with LVT.
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Versatility of Engineered Floors Overcome Limitations of Hardwood in Challenging Applications
Consumers are becoming increasingly aware about the advantages of engineered wood flooring. This explains why the revenue of engineered wood is predicted to grow at a robust pace where the North America residential wood flooring market is estimated to reach a value of ~US$ 6 Bn by the end of 2027. Engineered wood is overcoming the limitations of hardwood such as warping and bowing due to the presence of humidity and other extreme temperatures. Companies are exploring new production techniques such as utilization of aluminum oxide to create a durable finish for engineered wood.
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Companies in the North America residential wood flooring market are increasing the availability of engineered wood in high gloss and matte finish to suit specific needs of users. On the other hand, engineered wood is being highly publicized for its environment-friendliness over solid wood flooring, which is instrumental in the cutting down of fewer trees. Versatility of engineered floors over hardwood are attracting residential applications in moist areas such as bathrooms as well as over concrete in basements.
Floating Hardwood Floor Cater to Fast Installations and Cost Efficiency for Users
The concept of floating hardwood floor is triggering the growth in the North America residential wood flooring market. For instance, Stellar Innovations— a U.S. based provider of hardwood floors with patented designs, has gained efficacy in floating hardwood floor that meet the convenience of users. Companies are increasing efforts to create the availability of floating solid wood and engineered wood floor at competitive prices. As such, the North America residential wood flooring market is fragmented with emerging players dictating ~83% of the market share.
Innovations in floating solid wood floor are becoming popular in the market landscape, owing to its cost and time efficiency. Floating wood floors are replacing conventional practices of nailing the wood to the subfloor and using UPVC (Unplasticized Polyvinyl Chloride) channels to tightly click each plank to the bottom with the technique of angled slots. Such innovative techniques are creating a demand for fast installations whilst slowing the rate of expansion and contraction due to spilling of liquids.
Laminate Flooring vs Luxury Vinyl Flooring: Which is better?
Laminate flooring is becoming a popular choice among individuals who are looking to upgrade their flooring and are not worried about long-term real estate value. Hence, companies in the North America residential wood flooring market are increasing their production capabilities as the market reaches the output of ~200 million square meters by the end of 2027. However, luxury vinyl tiles pose as a threat to laminate flooring, owing to its water resistance properties.
The concept of DIY (Do It Yourself) is taking over the North America residential wood flooring market, as individuals create a demand for laminate flooring. However, easy installation and good performance of LVT are encouraging companies in the North America residential wood flooring market to brainstorm over new marketing strategies. Thus, companies in the North America residential wood flooring market can gain an edge, since LVT is slightly more expensive than laminate flooring.
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Since individuals are becoming increasingly aware about various surfaces that contain germs, the COVID-19 pandemic could negatively impact the North America residential wood flooring market, as other options such as LVT, inhibit bacterial growth. Composite engineered wood flooring is a novel introduction in the SPC/WPC (Stone Plastic Composite/Wood Plastic Composite) category.
Laminate flooring is a low-cost alternative to LVT. However, laminate flooring does not fetch the added real estate value, which is associated with the perfectly functional and attractive LVT. Hence, companies should increase the availability of floating hardwood and engineered floor to meet the requirements of users. They should increase efforts to offer dent resistance with the help of high-density fiberboard engineered wood.
North America Residential Wood Flooring Market: Overview
- Wood flooring is a product designed for flooring application, which is manufactured primarily from timber. This flooring can be used in residential buildings for structural or aesthetic purpose.
- Usually, wood is a common flooring material of choice and the product comes in numerous styles, cuts, colors, and species. Currently, usage of laminate flooring is also growing. Laminate flooring enables the end user to enjoy wood-like flooring, without actual usage of any solid wood in the construction.
Rising Investments in Construction Industry in North America to Drive Residential Wood Flooring Market
- In North America, the construction industry is a major contributor to the economy of the U.S. and Canada. The construction industry in the U.S. has more than 7 million employees and creates building and structures worth US$ 1.3 Trn every year. Moreover, around 1.4 million people were employed in the construction sector in Canada in 2018. North America is witnessing substantial growth of residential construction, commercial construction, industrial, infrastructure development, and utilities sectors over the last few years.
- Growth of the construction industry in the region has led to high demand for construction materials, including wood flooring products
- Changing consumer preferences for innovative flooring options, such as hardwood flooring, are expected to drive the demand for residential wooden flooring in North America during the forecast period. Customers in North America are shifting their focus toward less expensive, highly efficient, and eco-friendly flooring products to make their homes more eco-friendly and less energy intensive. This has resulted in increase in the preference for hardwood flooring over luxury vinyl tiles in the last few years.
- Desirable characteristics of wood flooring such as ease of cleaning, better acoustics, aesthetic look, strength, durability, and high quality of indoor air are major factors likely to boost the demand for residential wood flooring products in the near future
Availability of Inexpensive Substitutes to Restrain Residential Wood Flooring Market in North America
- Availability of inexpensive substitutes, such as ceramic tiles, carpets and rugs, and cork flooring, is likely to restrain the North America residential wood flooring market during the forecast period. On an average, the costs incurred for the production of wood flooring are higher than these substitutes. Moreover, they provide benefits similar to those of wood flooring products.
Increasing Remodeling and Renovation Activities to Create Opportunities for North America Residential Wood Flooring Market
- The building renovation industry is one of the major consumers of wood flooring in the North America region. Remodeling and renovation activities in the region have gained momentum over the last few years, thereby creating new opportunities for the residential wood flooring market. Changing preferences and taste of end-consumers is also a key driver of the building renovation industry, as customers want to adapt to new fashion and living styles as soon as they become popular.
Recent Developments in North America Residential Wood Flooring Market
- In July 2019, Kahrs Holding AB announced to have expanded its portfolio of wood flooring products, with the launch of new designs of large-format, herringbone engineered wood. The company claimed that these designs were easy to install and suitable for use in both residential and commercial applications.
- In February 2018, Shaw Industries Group, Inc. announced to have acquired Sanquhar Tile Services, a Scotland-based player that supplied resilient, hardwood, tile, stone and laminate flooring products; carpets; and synthetic turf to residential and commercial construction sectors. The acquisition would expand the company’s presence globally.
- In January 2018, Mohawk Industries, Inc., a leading global manufacturer of residential and commercial flooring products, announced its plans to invest around US$ 10 Mn in the expansion of its Glasgow manufacturing operations in Rockbridge County, Virginia (the U.S.) by opening a new extrusion compounding line. The company had also planned to include its Georgia and South Carolina facilities in the project.
U.S. Dominates North America Residential Wood Flooring Market
- The U.S. dominated the North America residential wood flooring market in 2018. The residential wood flooring market in the country is also anticipated to expand at a significant pace during the forecast period, due to rising number of households and low mortgage rate in the country. These factors are driving the residential construction sector and, in turn, the residential wood flooring market in the U.S.
North America Residential Wood Flooring Market Highly Fragmented
- The North America residential wood flooring market is highly fragmented, with the presence of a large number of manufacturers in the region
- Key players operating in the North America residential wood flooring market are
- Mohawk Industries, Inc.
- Armstrong Flooring, Inc.
- Tarkett Group
- Mannington Mills, Inc.
- Somerset Hardwood Flooring Inc
- Shaw Industries Group, Inc
- Preverco Inc
- Beaulieu International Group
- Havwoods Ltd
- Kahrs Holding AB
- AHF Products
North America Residential Wood Flooring Market – Scope of Report
A latest study collated and published by Transparency Market Research (TMR) analyzes the historical and present-day scenario of the North America residential wood flooring market to accurately gauge its growth in the near future. The study presents detailed information about important growth factors, restraints, and key trends that are creating a landscape for future growth of the North America residential wood flooring market in order to identify new opportunities for market stakeholders. The report also provides insightful information about how the North America residential wood flooring market is expected to expand during the forecast period i.e. from 2019 to 2027.
The report offers intricate dynamics about different aspects of the North America residential wood flooring market, which would aid companies operating in the market in making strategic business decisions. TMR’s study also elaborates on significant changes that are anticipated to configure growth of the North America residential wood flooring market during the forecast period. It also includes key indicator assessment that highlights growth prospects for the North America residential wood flooring market and estimates statistics related to the market growth, in terms of volume (million square meters) and value (US$ Mn).
This study covers detailed segmentation of the North America residential wood flooring market, along with key information and a competition outlook. The report mentions company profiles of players that are currently dominating the North America residential wood flooring market, wherein various developments, expansions, and winning strategies practiced and implemented by these players have been presented in detail.
Key Questions Answered in TMR’s Report on North America Residential Wood Flooring Market
The report provides detailed information about the North America residential wood flooring market on the basis of comprehensive research on various factors that are playing a key role in promoting growth of the market in the region. Information mentioned in the report answers path-breaking questions for companies that are currently operating in the market and are looking for innovative methods to create a unique benchmark in the North America residential wood flooring market. This helps them in designing strategies and making target-driven decisions.
- Which product segment would emerge as a revenue generator for the North America residential wood flooring market during the forecast period?
- How are major market players successfully earning revenues in the competitive North America residential wood flooring market?
- What would be the Y-o-Y growth trend of the North America residential wood flooring market between 2019 and 2027?
- What are the winning imperatives of leading players operating in the North America residential wood flooring market?
- Which country is expected to provide growth opportunities to players operating in the North America residential wood flooring market during the forecast period?
Research Methodology – North America Residential Wood Flooring Market
The research methodology adopted by analysts for compiling the report on the North America residential wood flooring market is based on detailed primary as well as secondary research. With the help of in-depth insights of the market-affiliated information obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts for the North America residential wood flooring market.
During the primary research phase, analysts have interviewed market stakeholders, investors, brand managers, vice presidents, and sales & marketing managers. On the basis of the data obtained through interviews, analysts have emphasized the changing scenario of the North America residential wood flooring market.
For secondary research, analysts have scrutinized numerous annual reports, publications, white papers, market association publications, and company websites to obtain the necessary understanding of the North America residential wood flooring market.
North America Residential Wood Flooring Market – Segmentation
TMR’s research study segments the North America residential wood flooring market in terms of product and country. This report presents extensive market dynamics and trends associated with different segments of the market and how they are influencing the growth prospects for the North America residential wood flooring market.