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The global hardwood flooring market reached a value of US$ 43.4 Billion in 2020. Looking forward, IMARC Group expects the market to grow at a CAGR of 4.5% during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.
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.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global hardwood flooring market report, along with forecasts for growth at the global and regional level from 2021-2026. Our report has categorized the market based on end-use sector and raw material.
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.
|Base Year of the Analysis||2020|
|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|
|Report Price and Purchase Option||Single User License $ 2499
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Corporate License $ 3499
|Post-Sale Analyst Support||10-12 Weeks|
|Delivery Format||PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)|
Key Questions Answered in This Report:
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