Global Hardwood Flooring Market to Reach US$ 69.4 Billion by 2032, Stimulated by Expanding Construction Sector

September 21, 2023 | Retail

According to the latest report by IMARC Group, titled “Hardwood Flooring Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032,” the global hardwood flooring market size reached US$ 49.5 Billion in 2023. Hardwood flooring is a popular and timeless choice for flooring in homes and commercial spaces. It is a type of flooring material manufactured from natural hardwoods, typically sourced from trees, such as oak, maple, cherry, walnut, and hickory. It has exceptional durability and elegant aesthetic appeal. It also offers a warm and inviting ambiance to any space, adding a touch of natural beauty and sophistication. It is versatile, complementing various interior design styles, from traditional to contemporary. Additionally, it is renowned for its ease of maintenance, regular sweeping, and occasional refinishing, which can keep it looking pristine for generations.

Global Hardwood Flooring Market Trends:

The global market is primarily driven by the enduring appeal and timeless aesthetic of hardwood flooring. The natural beauty of wood, its warmth, and the wide range of wood species and finishes available continue to captivate consumers, contributing to sustained demand. Moreover, the construction and renovation sectors are supporting the growth of the market. As the construction industry expands and home renovation projects increase, the demand for high-quality flooring materials, including hardwood, remains strong. In both residential and commercial spaces, hardwood flooring is favored for its durability and ability to add value to properties. Furthermore, environmental considerations are playing a significant role in impelling the market. Sustainable forestry practices and various certifications have encouraged the use of responsibly sourced hardwood. Consumers are increasingly concerned about the environmental impact of their choices, and hardwood flooring is viewed as an eco-friendly option when sourced and managed responsibly. Additionally, continual advancements in manufacturing technology have led to engineered hardwood flooring, which offers enhanced stability and can be installed in a variety of environments, including areas with fluctuating humidity levels, creating a positive market outlook. Looking forward, the market value is projected to reach US$ 69.4 Billion by 2032, expanding at a CAGR of 3.7% during 2024-2032.

Market Summary:

Based on the end-use sector, the market has been segmented into the residential sector and commercial sector. Currently, the commercial sector represents the largest market segment.
On the basis of the raw material, the market has been divided into red oak, white oak, maple, and others. Among these, red oak exhibits a clear dominance in the market.
Region-wise, the market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Among these, North America holds the leading position in the market.
The competitive landscape of the market has also been examined, with some of the key players being AHF, LLC, UNILIN, Beaulieu International Group, Classen, FRITZ EGGER GmBH & Co. OG and Formica Group.

Report Scope:

Report Features	Details
Base Year of the Analysis	2023
Historical Period	2018-2023
Forecast Period	2024-2032
Units	US$ Billion, Million Sq. Meters
Segment Coverage	End-Use Sector, Raw Material, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Companies Covered	AHF, LLC, UNILIN, Beaulieu International Group, Classen, FRITZ EGGER GmBH & Co. OG and Formica Group
Customization Scope	10% Free Customization
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Global Hardwood Flooring Market to Reach US$ 69.4 Billion by 2032, Stimulated by Expanding Construction Sector

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