Global Wood and Laminate Flooring Market: Overview
Wood and laminates hold a crucial place in the building and construction industry. Wood in general is obtained from the forestry companies, which are mostly regulated by government entities. Laminates on the other hand are manufactured using thermosetting resins, which are cured by chemicals such as acetaldehyde. Some of the most common thermosetting resins used in the manufacturing of laminates are vinyl ester, polyester, epoxy resins, and acrylic.
The report provides a detailed outlook into the growth drivers and restraints having an impact on the global wood and laminate flooring market between 2015 and 2023. Compiled with exhaustive information, the report provides insights into the present and future market scenario by analyzing the prevailing market trends. Besides this, the impact of various micro and macro-economic factors on the market is determined using industry-leading tool to help readers get a better perspective on the global wood and laminate flooring market.
Global Wood and Laminate Flooring Market: Trends and Opportunities
The increasing demand for laminate and wood flooring in the building and construction industry is the key factor driving the market. The expansion of the home improvement sector and novel construction segments around the world is especially contributing to the demand for laminate and wood flooring. With the latest technological developments and several innovations on cards, the market will witness a string of product innovations over the forecast period. TMR foretells the application of wood and laminate flooring to increase in the residential sector on account of the aforementioned developments.
On the downside, factors such as price volatility of raw materials and their availability are posing challenge to the market. Wood is a major raw material used in flooring, the availability of which is immensely affected by the prevailing environmental laws related to deforestation in wood-producing regions. In addition, the spiking raw materials costs have led to the reduction in profit margins, which pose significant threat to the enterprises operating in the global wood and laminate flooring market.
Global Wood and Laminate Flooring Market: Regional Outlook
Regionally, the global wood and laminate flooring market is segmented into North America, Latin America, Asia Pacific, Europe, and the Middle East and Africa. On account of the increasing consumption and revenue, Asia Pacific managed emerging dominant in the global wood and laminate flooring market. The strong growth witnessed in the building and construction industry also contributes to the high revenue generation by the wood and laminate flooring market in Asia Pacific. Coupled with this, the rising disposable income and changing lifestyle of consumers will have considerable impact on the Asia Pacific market for wood and laminate flooring.
In terms of the demand, Brazil, Russia, and South Africa will also prove lucrative for the market. In North America and Europe as well the market will continue witnessing robust growth.
Global Wood and Laminate Flooring Market: Vendor Landscape
In order to study the competition prevailing in the global wood and laminate flooring market, the report profiles a few of the companies operating therein. It conducts SWOT analysis on companies such as Home Legend, Fausfloor, Pergo, Millstead, and Wickes to gauge strengths and weaknesses. The analysis also provides insights into the opportunities and threats that these companies could witness over the course of the report’s forecast period.
Due to the presence of several players, the global wood and laminate flooring market exhibits a highly fragmented vendor landscape. Hence in order to strengthen their market position, these companies are focusing on research and development activities to improve their overall manufacturing process. Besides this, significant investment in product development is done to by companies widen the scope of application and geographical footprint.
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