Increasing role of floorings in boosting the physical appearance of homes and other spaces has driven the demand for wood-based floorings and laminate floorings. Low price point and installation convenience of wood and laminate floorings is driving the adoption across the construction industry. Hybrid laminate materials and composite woods are being used to develop advanced floorings.
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In addition, textural advantage of wood and laminate floorings is becoming a key factor fuelling their sales among upscale consumer community.
According to a recent study published by Fact.MR, the global market for wood and laminate floorings will expand steadily during the forecast period, 2017-2026. Over the period, the global wood and laminate flooring market is assessed to reflect a value CAGR of 5%. By the end of 2026, over 2,130 million sq. meters of wood and laminate floorings are expected to be sold across the globe.
Demand for Wood Floorings is expected to outpace the Adoption of Laminate Floorings
The report has estimated that during the forecast period, sales of wood floorings will gain highest traction. By the end of 2026, more than 1,130 million sq. meters of wood floorings are expected to be sold across the globe. On the other hand, laminate floorings will register a steady volume CAGR of 5.6% during the forecast period. Through 2026, the residential end-use of wood and laminate floorings is estimated to account for more than one-third share on global market volumes. Commercial end-use of wood and laminate flooring is expected to gain traction, reflecting highest volume CAGR of 5.2% over the forecast period.
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Europe to Represent Largest Market for Wood and Laminate Floorings through 2026
Wood and laminate floorings are widely used across construction activities, but their adoption is set to remain predominant in repair and rehabilitation. By 2026-end, over 1,300 million sq. meters of wood and laminate floorings will be sold globally for repair and rehabilitation activities. The report further reveals that Europe will be the largest adopter of wood and laminate floorings through 2026. While the Asia-Pacific excluding Japan (APEJ) region is expected to register highest production of wood and laminate floorings, their demand is slated to remain high in European countries. By the end of 2026, Europe’s wood and laminate flooring market is expected to register sales of nearly 790 million sq. meters.
Leading manufacturers of wood and laminate floorings have been profiled in the report. Companies namely, Tarkett, Mannington Mills, Inc., Mohawk Group, Abet Inc., Berkshire Hathaway Inc., Goodfellow Inc., Forbo Holding AG, Armstrong Flooring, Kronospan Limited, Kahrs Holding AB and Bauwerk-Boen are expected to instrument the global production of wood and laminate flooring through 2026. Majority of these companies are expected to develop floorings with advanced materials made from composite wood and hybrid laminates. In addition, increasing the durability of wood and laminate floorings will remain a key concern for market players in the foreseeable future.
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