Wood Flooring Market: Convergence of Trendy Aesthetics and Field of Engineering to Create Opportunities
The trend of design and technological modernization in building structures has led the rise of informal office spaces in the recent past. New flooring materials are being discovered and introduced into the marketplace, making installations in residential and commercial spaces much easier. Wood flooring market has gained notable momentum, with several innovations in solid, laminated, and engineered products.
Wood flooring has become a quintessential choice when it comes to trendy flooring options for consumers. The sustainability and eco-friendly quotient of wood flooring has been a key influencer for its adoption, despite growing competition from effective alternatives such as laminates, vinyl, and tiles. The provision of a durable flooring surface, along with hygiene, and the load resistance attributes of wood flooring have been driving its adoption among customers around the world.
The resurgent growth in the construction of new residential and commercial spaces, abreast the remodeling & renovation activities pertaining to aging infrastructure in the face of urbanization continues to create lucrative opportunities for wood flooring market. Transparency Market Research, in its recent analytical study, covers the key trends in the wood flooring market, and offers a long-term perspective of how growth will unfold in the market.
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Wood Flooring Market: Impetus of Environment-friendly Floor Decorative Materials
The wood flooring market has been under the impetus of consumer demand for sustainable and eco-friendly floor decorative materials, which have seen rapid growth in development in recent years. The global wood flooring market reached a valuation of ~US$ 73.4 billion in 2018, and is estimated to register a CAGR of ~6% through to 2027. Compared to solid and laminated wood flooring, engineered wood flooring is gaining increased momentum, in light of relatively lower energy consumption linked with the latter.
Growing disposable income of an increasingly expanding middle-class population worldwide, has meant that, consumer willingness to spend more on premium products for home renovation has seen a notable rise, complementing the sales of wood flooring solutions, as a consequence. Stakeholders in the wood flooring market are adjusting their strategies in sync with fluctuating raw material costs, and restrictions imposed on wood cutting and exports for preventing forest resources.
Multipurpose Applications of Wooden Flooring to Bolster Market Growth
There has been a marked rise in the preference for wood flooring among home owners, making the residential sector a relatively more lucrative area for sales. Broader trends such as rapid urbanization, growth in the construction sector, and favorable government initiatives, continue to complement the demand for wood flooring in the residential sector. Additionally, key attributes of wood flooring such as long-term benefits vis-à-vis investment, enhanced indoor air quality, easy-to-clean, and durability, continue to appeal to consumers in adopting these flooring solutions.
Hardwood flooring is a key trend gaining popularity in the wood flooring market, in light of flexible and versatile offerings in terms of colors and patterns. The unmatched aesthetic appeal of hardwood flooring is a key USP that is driving its adoption among residential and commercial customers alike. The wood flooring industry is making some big shifts, with flooring manufacturers going the extra mile to sustain their business.
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Competing through Added Value: A Winning Strategy in the Wood Flooring Market
The wood flooring market is highly characterized on the basis of its customer-centric nature, and deriving cost-competitive strategies for target customers. Thus, thorough knowledge of customer value strategy and customer value management is indispensable to help manufacturers in developing fruitful relations with their customers. The successful implementation of these value-based concepts will help manufacturers create and deliver unique product features. To add further momentum to this value chain, customer service can become a very important source of additional support that will reinforce a company’s strategic positioning in the wood flooring market.
It is imperative for manufacturers and producers to be agile in the business of wood flooring, as the industry is constantly undergoing new developments. In response, key wood flooring market players are focusing on the production of highly customized products at costs comparable with mass production and short lead times. Manufacturing products that are tailored to customer demand is likely to establish a higher element of service, thus adding greater value to customers.
Additionally, wood flooring manufacturers are expected to take extraordinary efforts to better understand the integral implications of customer value for their businesses. Concentrating on continuous improvement in production techniques and the adoption of information technology for adding value to both, customer service and economic growth, will augur well for market players to ensure profitable sales in the wood flooring market.
Analysts’ View of the Wood Flooring Market
Authors of TMR’s study on the wood flooring market remain optimistic about the growth of this landscape, mainly attributing to the rapidly-evolving construction industry and increased consumer willingness to spend on the aesthetics of residential as well as commercial spaces. Consumer preference for aesthetic beauty along with the long-term durability of solid, laminated, and engineered wood flooring has been dictating manufacturers’ strategies in this landscape. Though the demand for wood flooring solutions is increasing rapidly, introducing versatile options to consumers in the residential sector will prove profitable for market players.
In addition, its attributes as an eco-friendly, low carbon footprint, renewable, and green building material, through sustainable forest management practices, are added benefits for the global wooden flooring industry. Market players will witness new growth opportunities in Asia Pacific, as the rapid expansion of the construction industry will foster demand in this region. Manufacturers must capitalize on untapped growth areas in developing countries, including China and India, as consumers are more inclined towards innovative flooring options for homes as well as commercial spaces in these countries.
However, the emergence of low-cost wood-looking tiles, and other alternatives such as bamboo flooring and laminate flooring can prove to be a threat for wood flooring market players in the coming years. As such, controlling manufacturing costs as well as the prices of wood flooring solutions will become an inevitable factor for market players to ensure growth in this landscape.
Wood Flooring: Description
- The building remodeling industry is one of the major end users of wood flooring products. Increasing remodeling activities in developed economies in North America and Europe are driving the demand for wood flooring in these regions.
- The commercial application of wood flooring includes hospitals, offices, restaurants, drug stores, specialty stores, departmental stores, grocery stores, universities, and schools.
- Wood flooring is resistant to indentations from static loads. It provides durability and resistance to indentations from chairs, desks, tables, and other heavy objects.
- Wood flooring is renewable. It also provides better grip than other types of flooring. Hence, it is widely used in homes, especially in kitchens and bedrooms.
What are the Key Growth Drivers of the Wood Flooring Market?
- The commercial renovation industry has grown steadily, and it is projected to expand at a moderate pace in the next few years, as more buildings would age and require renovation, maintenance, repair, and remodeling. For instance, in 2018, remodeling activity in the U.S. increased at a rate of 4.5% per annum. This rate is expected to increase in the near future, owing to changes in consumer lifestyles, leading to more remodeling/renovating activities.
What are the Major Challenges for the Wood Flooring Market?
- Relatable substitutes such as ceramic tiles, carpets and rugs, laminates, and cork flooring possess similar chemical composition and physical properties as those of wood flooring. This has a negative impact on the demand for wood flooring. Another factor hampering the market is environmental regulations regarding deforesting.
- Costs involved in the production of wood flooring are higher than other types of flooring. This factor is also expected to hamper the demand for wood flooring in the near future.
Lucrative Opportunities for the Global Wood Flooring Market
- In 2017, globally, the average per capita consumption of flooring products stood at around 2.5 square meters per annum. Developed countries such as Germany, the U.S., the U.K., France, and Italy have over 5 square meters per annum of per capita consumption of flooring products.
- Per capita consumption of flooring products in several developing countries is lower than that in other nations. For example, the per capita consumption of ceramic tiles in India is less than 1 square meter per annum. There exists tremendous potential for increasing the consumption of flooring products, as several developing countries are witnessing rapid economic growth. This factor is anticipated to provide immense opportunities to the global wood flooring market in the near future.
- Targeting non-buyers and focusing on developing regions such as the Middle East & Africa and Latin America are the key strategies of companies operating in the global wood flooring market.
Asia Pacific a Rapidly Expanding Market for Wood Flooring
- Asia Pacific is likely to create lucrative opportunities for the wood flooring market. The region accounted for a considerable share of the global market in 2018. The market in the region is anticipated to expand at a rapid pace during the forecast period. Growing construction activities in BRIC (Brazil, Russia, India, and China) countries led by increasing population, rising disposable income, and growing urbanization are likely to drive the wood flooring market in these countries in the next few years.
- Construction expenditure in Asia Pacific would be almost 50% of the total global construction expenditure by 2020, with the maximum growth potential to be witnessed in China, Japan, Indonesia, South Korea, and Malaysia. This is likely to boost the wood flooring market in the region during the forecast period.
- In terms of demand, Japan constituted a considerable share of the market in Asia Pacific in 2018, as the residential construction industry in Japan is pretty static. The wood flooring market in Japan is projected to expand at a rapid pace during the forecast period. India held the least share of the Asia Pacific wood flooring market in 2018.
- ASEAN constituted a moderate share of the market in the region in 2018. The Philippines economy is expanding significantly, with the growth of the residential construction sector in the country. This is estimated to boost the wood flooring market in the country from 2019 to 2027. In Vietnam, the construction of affordable housing and rising number of education and healthcare projects are likely to boost the wood flooring market in the country between 2019 and 2027.
Solid Wood to Account for a Prominent Share
- In terms of value and volume, the solid wood segment accounted for a major share of the global wood flooring market in 2018. It is likely to present lucrative opportunities to the market during the forecast period.
- Solid hardwood floor planks are made from a single piece of wood, and their thickness ranges between 18 mm and 20 mm. These boards are made with a tongue and groove that fit together during installation. Solid wood flooring swells in moist conditions and contracts as the area dries. This can change the shape and alter the appearance of the floor.
- Solid wood flooring is extremely durable. If solid wood is installed correctly and maintained properly, it can last for lifetime. Solid wood is constructed with 100% hardwood, and each plank is a single solid piece.
Leading Players Actively Engage in Joint Ventures and R&D Activities
- Key players operating in the global wood flooring market include
- Armstrong Flooring, Inc.
- Tarkett S.A.
- Kährs Holding AB (publ)
- Nature Home Holding Company Limited
- Mohawk Industries, Inc.
- Beaulieu International Group
- Mannington Mills Inc.
- Somerset Hardwood Flooring Inc.
- Shaw Industries Group, Inc.
- Gerflor Group.
- These companies are actively engaged in expansion, mergers & acquisitions, and joint ventures in order maintain their share in the global wood flooring market.
- In 2018, Mohawk Industries, Inc. launched RevWood Plus, a new wood flooring that resists stains, scratches, and dents. It is 100% waterproof.
- In August 8, 2018, Kährs Holding AB (publ) acquired Ehrenborg & Co, a leading player in the flooring for public areas industry in Sweden. Ehrenborg & Co operates in the rest of the Nordic countries and in several export markets.
[261 Pages Report] TMR’s recent study on the wood flooring market draws a 3600 market overview, supported by a comprehensive assessment of the global landscape of the wood flooring market. The TMR publication on the wood flooring market assesses the landscape in terms of historical and current market position, which includes a forecast for the period of 2019-2027.
Readers are able to make key decisions concerning their business with the help of market insights and crucial wood flooring market findings included in the extensive study. This report also provides a detailed analysis of the key wood flooring market dynamics that are likely to influence the market in the foreseeable future.
The wood flooring market report delivers a comprehensive understanding of the key industry trends and developments made by wood flooring market players. This TMR publication is divided into sections to aid readers in gaining an individual understanding of the wood flooring market.
Key questions answered in the report:
1. How much revenue will the wood flooring market hold in 2027?
2. Which factors and market dynamics are likely to influence the wood flooring market over the forecast period?
3. What are the pressing challenges that wood flooring market players are likely to face during the course of the forecast period?
4. Which countries are contributing a greater share to the overall wood flooring market revenue?
5. What are the key strategies adopted by leading wood flooring market competitors?
The first chapter in the TMR study on the market for wood flooring begins with a preface that elucidates a concise market outlook, with the inclusion of the market definition and scope of the report. This chapter discusses the research objectives and key highlights of the wood flooring market that helps readers gain a thorough market glance. Following this is the executive summary that pin-points the key elements enclosed in the report. The next section in the wood flooring market report is the market overview that offers a glimpse of the market with respect to key wood flooring market dynamics such as market drivers, future opportunities and restraining factors.
The next part includes a wood flooring market overview, which elucidates the key market dynamics, and provides analysis and forecast in terms of value and volume. Along with market projections, this section talks about Porter’s Five Force Analysis. Adjunct to this section comprises the key insights, which include analysis, opportunities for innovation, analysis of R&D activities, and other important aspects related to the wood flooring market. Following this is a detailed segmentation analysis of the wood flooring market. This assessment involves the division of the wood flooring market based on product, application and region. With the analysis of these key segments in the wood flooring market, supported by Y-o-Y growth projections and basis point share analysis, the report further helps readers recognize lucrative market avenues.
The TMR report on the market of the wood flooring industry offers an evaluation of the geographical landscape of the industry. Regional analysis helps competitors make strategic decisions regarding future investments and regional expansions. Individual-level assessment of countries and segment-wise analysis of individual regions simplifies the understanding of the report on the wood flooring market for target readers to assess the potential of the business in individual geographies. Backed by global volume and value share, coupled with Y-o-Y growth projections, this section is an imperative part of the study on the wood flooring market.
The study on the wood flooring market bifurcates a complete examination of the potential competition with the details of key market players. This section explains the framework of the wood flooring industry with the help of the market share acquired by leading, emerging, and new market players. A unique blueprint of the players in the wood flooring market helps readers in understanding the strategies deputed by prominent industry players, and their performance in the wood flooring market, including key areas of the wood flooring market competition. The competitive structure of the key players in the wood flooring market is also offered in the publication.
The TMR report on the market for wood flooring is based on in-depth assessment of the market, backed by comprehensive primary and secondary research. Extensive understanding of the wood flooring market in terms of competitive landscape is further supported by individual-level analysis of various aspects related to the wood flooring industry. Assessment of the historical and current global market of the wood flooring industry, focusing on key market segments, growth drivers, major regions, and other qualitative insights, helps TMR’s analysts derive fundamental market estimates and formulate a forecast for the wood flooring market. Readers can access the wood flooring market report to acquire a forecasted market evaluation for the time period of 2019-2027.
Wood Flooring Market: Taxonomy
Middle East and Africa