Wood Flooring Market: Key Highlights
- The global wood flooring market was valued at ~ US$ 73.4 Bn in 2018, and is anticipated to expand at a CAGR of ~ 6% during the forecast period.
- The global wood flooring market is driven by the rise in the demand for home in residential applications.
- Europe accounts for a prominent share of the global wood flooring market, led by an increase in the demand for residential housing in the region, which is supported by government schemes.
Residential Sector to Offer Attractive Opportunities
- In terms of demand, the residential segment dominated the global wood flooring market. This trend is likely to continue during the forecast period too. Wood flooring is largely used in the residential sector to enhance aesthetic appeal. Wood flooring offers a rich look to the home interiors.
- Wood flooring is made from organic material. It is non-electromagnetic in nature; therefore, it attracts less dust. Hence, wood flooring is widely used in residences for the safety of infants and children, and can last a lifetime.
Europe a Prominent Wood Flooring Market
- In terms of both, value and volume, Europe held a substantial share of the global wood flooring market in 2018. The region is likely to maintain its dominance during the forecast period. The housing industry has important macroeconomic and macro-prudential implications for the European economy. The growing residential sector in the region is expected to drive the wood flooring market in Europe during the forecast period.
- In Germany, construction volume has risen by almost 9% since 2014. Wood flooring is preferred in Europe. Additionally, increase in construction activities in the region is likely to drive the wood flooring market in Europe.
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Top Five Players Accounted for ~ 50% Market Share in 2018
The global wood flooring market is dominated by a few large and medium players that operate across the globe. The top five players are Mohawk Industries, Inc. Shaw Industries Group, Inc., Tarkett Group, Kährs Holding AB (publ), and Armstrong Flooring, Inc.
Tarkett S.A. held a leading share of the global wood flooring market in 2018. The company provides more than 50 types of wood flooring products, and its offices and manufacturing sites are located in almost every region across the globe. It has one of the broadest portfolios of flooring products, which comprises resilience carpets, rubber products, vinyl & linoleum products, and wood & laminate products.
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