[Latest News] Wood Flooring Market to Surpass USD 41,682.2 Million by 2027 | Fortune Business Insights™

Pune, India, March 08, 2023 (GLOBE NEWSWIRE) — The global wood flooring market size was valued at USD 33,279.5 million in 2019 and is expected to reach USD 41,682.2 million by 2027, exhibiting a CAGR of 3.6% between 2020-2027. This is attributable to the increasing government support to promote wood products for construction activities and the surging demand for consumer-friendly building designs that propel the growth for advanced wood flooring solutions globally. This information is published by Fortune Business Insights™, in its latest report, titled, “Wood Flooring Market Size, Share & Industry Analysis, and Regional Forecast, 2020-2027.” 

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List of the Companies Operating in the Global Market for Wood Flooring:

• Mohawk Industries, Inc. (U.S.)
• Armstrong Flooring, Inc. (U.S.)
• Shaw Industries Group, Inc. (U.S.)
• LL Flooring (U.S.)
• Junckers Industrier A/S (Denmark)
• British Hardwoods (UK)
• Connor Sports (U.S.)
• Tarkett S.A. (France)
• Boral (Australia)
• Daiken Corporation (Japan)
• Kährs Holding AB (Sweden)
• Barlinek S.A. (Poland)

Wood flooring is a type of flooring that is made from real wood or engineered wood products. It is a popular choice for homeowners and designers due to its natural and classic look, durability, and versatility in design. There are two main types of wood flooring: solid hardwood and engineered hardwood. Solid hardwood is made from a single piece of wood and is available in a wide range of species, colors, and finishes. It can be sanded and refinished several times, which makes it a great long-term investment

Refurbishment of Home Spaces amid COVID-19 to Augment Growth

The new coronavirus has halted the construction conditioning owing to the government guidelines to maintain social distancing. With people confined at their home spaces, home addition conditioning have gained instigation. This is anticipated to favor the growth of the global request for wood flooring in the forthcoming times.

Wood flooring is a type of flooring that uses wood to fulfill the consumer’s demand for aesthetic, comfort, and looks during construction of buildings or home spaces. The growing demand for sustainability in the construction sector, while designing buildings is propelling the adoption for wood parquets across the globe.

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Comprehensive analysis of the market growth drivers, obstacles, opportunities, and other related challenges. Tracks the developments, such as new product launches, agreements, mergers and acquisitions, geographical expansions, and joint ventures.

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The key business strategies discussed in this market research revolve around-

Which are the key business segments in the global industry?
What are the important elements used to study the business intelligence of the market?
What is the market value of the dominant firms operating in the industry?

Report Scope & Segmentation:

DRIVING FACTORS

Adding Government Support to Promote Wooden Products to Launch Demand

The expansive relinquishment of constructional products similar as clay, cement, sword, and plastic leads to environmental stress. The growing demand for the relinquishment of sustainable products is propelling the government to promote wood products that are natural and fluently decomposable. This is anticipated to drive the demand for advanced wood flooring results across the globe. In addition to this, the relinquishment of consumer-friendly design that appeals aesthetically is anticipated to forebode well for the growth of the global wood flooring request in the forthcoming times.

SEGMENTATION:

Residential Segment to Hold Major Market Share

The residential segment, based on application, is expected to showcase significant growth owing to the increasing demand for lumber-based wood flooring products for the residential projects across the globe.

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Geographic Segment Analysed in the Report:

• North America (USA and Canada)
• Latin America (Brazil, Mexico, and the rest of Latin America)
• Europe (UK, Germany, France and the rest of Europe)
• Asia Pacific (China, Japan, India, and the rest of the Asia Pacific region)
• Middle East and Africa (GCC and rest of the Middle East and Africa)

REGIONAL INSIGHTS

Favorable Government Policies to Promote Wood Products in Asia-Pacific to Aid Growth

Among all the regions, Asia- Pacific stood at USD million in 2019 and is anticipated to hold the largest global wood flooring request share in terms of profit in the forthcoming times. This is attributable to the favorable government programs that promote the relinquishment of wood as raw accoutrements in the construction assiduity in the region.

The request in Europe is anticipated to witness a significant growth backed by the growing focus of companies to develop heat compatible wood flooring products in the region between 2020 and 2027.

The market report includes:

• All-encompassing report of the market
• Critical insights into the market
• Dominant regions in the world
• Market drivers and restraints
• Competitive landscape

COMPETITIVE LANDSCAPE:

Key Players Focus on Partnerships to Expand Their Product Portfolio

The global wood flooring request is disintegrated by the presence of major companies that concentrate on establishing hookups to expand their wood flooring portfolio and gain a competitive edge over their rivals. The other crucial players are espousing strategies similar as collaboration, the preface of new products, and junction and accession that will contribute to the request growth in the forthcoming times.

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Detailed Table of Content:

• Introduction
  • Research Scope
  • Market Segmentation
  • Research Methodology
  • Definitions and Assumptions
• Executive Summary
• Market Dynamics
  • Market Drivers
  • Market Restraints
  • Market Opportunities
• Key Insights
  • Key Emerging Trends – For Major Countries
  • Key Developments: Mergers, Acquisition, Partnership, etc.
  • Latest Technological Advancement
  • Insights on Regulatory Scenario
  • Porters Five Forces Analysis
• Qualitative Insights on Impact of COVID-19 on Global Wood Flooring Market
  • Supply Chain Analysis & Challenges due to Covid-19
  • Steps taken by Government / Companies to Overcome this Impact
  • Potential Challenges and Opportunities due to COVID-19 Outbreak
• Global Wood Flooring Market Analysis, Insights and Forecast, 2016-2027
  • Key Findings / Summary
  • Market Size Estimates and Forecast
    • By Application (Value and Volume)
      • Residential
      • Commercial
    • By Region (Value and Volume)
      • Americas
      • Europe
      • Asia Pacific
      • Rest of World

TOC Continued…!

Industry Development:

• January 2020 – Junckers Industrier A/S announced its association with Turkish Airlines EuroLeague Final Four by becoming its official partner. The company informs that according to the partnership it will provide A3 Premium Portable Sports Wood Flooring that is produced by using beech timber and has received a FIBA Level 1 approval.

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