“The global wood and laminate flooring market is anticipated to surpass USD 110 billion by 2030 while growing at a lucrative CAGR of 5.4% during the forecast period from 2020 to 2030”, says Visiongain
09 January 2020
Visiongain’s new report Wood and Laminate Flooring Market Report 2020-2030: Forecasts by Product (Laminate Flooring, Wood Flooring), Application (Commercial, Industrial, Residential), and by region and analysis of leading companies operating in this industry.
The global wood and laminate flooring market is anticipated to surpass USD 110 billion by 2030 while growing at a lucrative CAGR of 5.4% during the forecast period from 2020 to 2030.
The factors expected to positively influence the market over the forecast period are growing consumer preferences for aesthetics coupled with growing investments in the construction sector. Growth in the residential and commercial construction is being driven by population expansion which is anticipated to boost demand for the global wood and laminate flooring market over the forecast period from 2020 to 2030.
The global wood and laminate flooring market is very much dependent on raw material prices. During the forecast period, the prices of wood and other raw material coupled with growing production costs are projected to restrain the market growth. Strict laws and regulations against deforestation by governments around the globe and the consequent need for raw material imports have greatly reduced the income of manufacturers. Increasing concern about the environmental impact has impacted market growth over the years.
The market is dominated by commercial applications owing to its cost-effectiveness, low maintenance requirement and capability to withstand heavy traffic. The growth of laminate flooring in the commercial sector has increased significantly owing to the high demand for laminate flooring from five-star hotels, retail outlets, & corporate offices. Also, the growing preference for wood-based flooring & growing investment in the real estate sector is anticipated to boost market growth over the forecast period.
The global wood & laminate flooring market is dominated by the Asia-Pacific region owing to rapid urbanization, tremendous growth in the construction industry, rising governments initiative & expenditures among other growth factors. However, over the forecast period growing disposable income & low manufacturing costs are is anticipated to further boost the market growth in the Asia Pacific region. The Asia Pacific region is dominated by China and is anticipated to witness the highest CAGR over the forecast period. Also, it is anticipated that developing countries, including India & Japan, will witness a lucrative growth rate owing to the rise in the construction sector.
Due to consumer awareness of the benefits of the product, the United States is projected to continue to witness significant demand for wood and laminate flooring products. Also, growing construction activity, a growing number of single-family housing units are anticipated to further boost the market growth. Also, the need for comparatively less skilled labor compared to the installation of alternative materials are favored for DIY applications. Nonetheless, it is anticipated that higher costs associated with premium timber will restrain market growth over the forecast period.
Europe is one of the world's leading suppliers of wood and laminate flooring due to the high supply of raw timber quality and a large number of leading manufacturers. Due to an increase in residential applications, the majority of the regional market is driven by hardwood. Also, growing investment in commercial construction over the forecast period is expected to support regional development.
Some of the key wood and laminate flooring market players include Armstrong Flooring, Accord Floors, Barlinek SA, Beaulieu International Group, Boral Timber Flooring, British Hardwoods, Bruce, Daiken Corporation, Eurotex, Flooring Innovations, Greenlam Industries, Home Legend, Kahrs Group, Millstead, Mohawk Industries, Pergo, Quick-Step, Shaw Industries Group, Inc., Tarkett S.A., Westwood among other prominent players.
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