The global hardwood flooring market reached a value of more than US$ 40 Billion in 2018. Hardwood is a type of wood that comes from dicot flowering trees, including oak, teak, balsa, maple and walnut. As compared to softwood, hardwood has a more complex structure and higher density, owing to which it is widely utilized for flooring purposes across commercial and residential spaces. Hardwood flooring is produced in various styles, colors, cuts and species, thus offering versatile functions and designs to consumers. The unique appearance and texture of the wood provide an aesthetic appeal to the floor. Hardwood floors are highly durable in nature and last longer post-installation. Also, they are convenient to install and require little to no routine maintenance. They do not trap dust, mold pollen, particulates or other allergens in their fibers or grout lines, which helps in easy cleaning and enhancement of overall air quality.
The thriving construction industry is primarily driving the growth of the market. With rapid population expansion, housing facilities are experiencing significant demand. This is consequently propelling the number of construction projects of residential spaces across the globe. In line with this, governments of various countries, along with private stakeholders, are investing heavily in the development of advanced infrastructural facilities, which is also providing a boost to the market growth. Furthermore, there is an increase in the inclination toward aesthetically appealing and sophisticated interiors, especially among the urban population, which is contributing to the bourgeoning sales of these floorings. Moreover, manufacturers are launching innovative flooring designs with vibrant as well as soothing color combinations to cater to the diversified preferences of consumers. The emerging trend of renovation and remodeling of the existing residential and commercial spaces, along with inflating disposable incomes and improving standards of living, are some of the other factors that are driving the market growth. According to the estimates by IMARC Group, the market is projected to expand at a steady rate during 2019-2024.
Breakup by End Use Sector:
At present, the commercial sector exhibits a clear dominance in the market.
Breakup by Raw Material:
Amongst these, red oak accounts for the majority of the total market share.
On the geographical front, North America holds the leading position in the market, accounting for the largest market share.
The report has also analyzed the competitive landscape of the market. Some of the key players operating in the market include AHF, LLC, UNILIN, Beaulieu International Group, Classen, FRITZ EGGER GmBH & Co. OG and Formica Group.
Key Questions Answered in This Report:
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