IMARC Group’s latest report, titled “Hardwood Flooring Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, finds that the global hardwood flooring market reached a value of US$ 42 Billion in 2017. Hardwood flooring refers to a flooring manufactured from real wood which preserves the unique appearance of the natural wood and textured grain. It is fixed over a proper subfloor using a fastener specifically designed for the installation of wood flooring. Hardwood flooring is easy to install and clean, and collect less dirt and dust as compared to other types of floorings. In addition, it is significantly easier to repair and refinish than laminate flooring and can be recycled without causing any damage to the environment. Due to its low maintenance requirements, longer lifespan and ability to improve indoor air quality, hardwood flooring has gained popularity worldwide.
Global Hardwood Flooring Market Trends:
Hardwood flooring is highly durable and scratch resistant owing to which it is increasingly being used in commercial settings, such as office buildings and malls. Additionally, in order to improve the aesthetics of their houses, consumers nowadays choose hardwood flooring over other types of floorings. Keeping this in mind, the manufacturers are offering a wide variety of surface textures, designs and styles. The advancements in technology have further enabled the manufacturers to provide high-performance hardwood flooring with a longer lifespan at lower prices. Apart from this, hardwood flooring has zero VOC emissions and uses glues that are free from formaldehyde which makes them safer than other types of flooring. However, the availability of low-cost substitutes is hampering the growth of the global hardwood flooring market. Looking forward, the market value is projected to reach a value of US$ XX Billion by 2023, expanding at a CAGR of XX% during 2018-2023.
Global Hardwood Flooring Market Summary:
- On the basis of end-use, the market has been segmented into residential and commercial sectors. Amongst these, the commercial sector dominates the market, holding the largest share.
- Based on raw material, the market has been segregated as red oak, white oak, maple and others.
- Region-wise, North America enjoys the leading position in the global hardwood flooring market, followed by Europe and Asia Pacific. Other major markets include the Middle East and Africa, and Latin America.
- The hardwood flooring market is highly fragmented with the presence of numerous small and large manufacturers who compete in terms of prices and quality. Some of the leading players operating in the market are Armstrong, Bruce Flooring, Balterio Laminate Flooring, Beaulieu International Group, BerryAlloc, Classen, Egger and Formica.
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