Wood And Laminate Flooring Market Size, Market Research and Industry Forecast Report, 2019-2025 (Includes Business Impact of COVID-19)

                                          
Industry Insights, Market Size, CAGR, High-Level Analysis: Wood And Laminate Flooring Market


The global wood and laminate flooring market size was valued at USD 63.01 billion in 2018 and is anticipated to expand at a CAGR of 5.3% over the forecast period. Factors such as the environmental profile, durability, and restorability physiognomies of wood and laminate flooring is expected to drive the demand. The market is anticipated to witness growth on account of the introduction of laminates and engineered wood floors that replicate the natural solid timber floors.

Factors such as sophisticated appearance and ease of maintenance are the factors expected to propel the adoption of wood and laminate flooring. Advancements in designing and printing technology have made laminated floors look more realistic which has surged their popularity among consumers across the globe. Furthermore, technological advancements in engineered wood floors have contributed to the ascending product demand.

U.S. is anticipated to continue witnessing significant demand for wood and laminate flooring products owing to consumer awareness regarding the advantages of the product. Moreover, growing construction activities in industrial sector, such as work floors, assembly points, and collection facilities are likely to support the product demand. Increasing trends for single-family housing units is likely to further fuel the growth of the market.
Ease of installation and requirement of relatively lesser-skilled labor as compared to installation of alternative materials are the factors projected to propel the demand for wood and laminate flooring. Moreover, these materials are durable and easy to install on all types of floors with the help of a minimum amount of tools, thus, are preferred for DIY applications. However, higher cost associated with the premium timber species is anticipated to slow down the growth in the forthcoming years.

Wood and laminate flooring is designed with natural timber species, such as oak, teak, maple, rosewood, walnut, bamboo, and others thereby offering a high degree of versatility. These floorings are stain-resistant and need very less routine maintenance. Increasing concerns regarding the environmental impact has considerably affected the wood and laminate flooring market.

Increasing consumer preferences for aesthetics coupled with rising investments in construction are the factors anticipated to positively influence the market over the forecast period. Growth of residential and commercial construction segment backed with population expansion is anticipated to fuel the product demand.

Product Insights of Wood And Laminate Flooring Market

Products such as engineered, deck, and solid wood flooring are widely used in residential and commercial structures for enhancement of aesthetics. Engineered hardwood floorings are gaining popularity owing to easy design customization and availability of a variety of wood species to enhance the aesthetics. Moreover, the engineered wood is cheaper as compared to solid wooden floors.

Deck flooring belongs to an elite segment on account of its sophisticated and enhanced features such as reliability, abrasion resistance, and dimensional accuracy. White oak and red oak based products have retained their legacy over decades due to their dynamic applicability and extreme durability. Increasing commercial constructions across major geographies are anticipated to leverage the market growth.

The solid wood flooring segment offers a variety of designs made with species, such as maple, cork, bamboo, and walnut. The demand for such flooring is projected to witness growth owing to its rising commercial applications in hotels, spas, restaurants, theaters, and other such public places.

Laminate floors have gained importance owing to increased usage in Leadership in Energy & Environmental Design (LEED) residential and commercial applications and are expected to expand at a CAGR of 4.6% in terms of revenue from 2019 to 2025. This type of flooring has been increasingly used in commercial applications on account of its capability to sustain high traffic and custom printability.

Application Insights of Wood And Laminate Flooring Market

Green Image artifacts are anticipated to drive the demand for wood and laminate flooring in the forthcoming years. Drastic environmental conditions in some regions necessitate the installation of wooden products, as they remain candid to dynamic environments.

Availability of cost-effective options, such as texturing and embossing the laminate flooring helps accomplish the looks of ceramic and hardwood tiles. Introduction of printing technologies is also likely to support the growth. Replacement of older or worn-out carpets from residential and commercial buildings with hard surfaces, such as wood and laminates, is likely to propel the growth.

Residential application accounted for a market share of 70.1% in 2018 on account of high demand in the residential buildings in cold regions of Europe and North America. Rising trend of the construction of single-family homes in developed regions is anticipated to further fuel the product demand.

A rise in commercial constructions across the globe on account of developments in tourism sector coupled with increased industrial productivity are anticipated to support the market growth. Major commercial structures including hotels, restaurants, theaters, museums, sports arenas, and executive offices are projected to drive the demand for wood and laminate floors in the forthcoming years.

Regional Insights of Wood And Laminate Flooring Market

Asia Pacific accounted for a market revenue of USD 17.2 billion in 2018 owing to infrastructure development and rapid urbanization. Rising construction of residential and commercial buildings to cater to the rising housing needs of the growing population is anticipated to support the market. Factors such as growing income level and increasing spending on home improvement are expected to be further fuel the regional product demand.

Growing construction undertakings in the Brazil, Russia, India, and China (BRIC) countries is expected to open new growth avenues over the forecast period. China is projected to continue holding the largest market share in terms of consumption in the region, on account of developments in its commercial construction segment.

Europe is one of the major suppliers of wood and laminate flooring across the globe on account of abundant availability of quality raw timber and a large number of prominent manufacturers. Majority of the regional market is driven by hardwood owing to a rise in residential applications. Moreover, rising investments in commercial construction are expected to support the regional growth over the forecast period.

Development of varied anti-slip and bacteria resistant flooring solutions has increased the demand from the healthcare sector, which in turn affected the industry, particularly in U.S. Moreover, the American National Standards Institute (ANSI) and formaldehyde emission standards in California (the CARB standards) are projected to positively influence the regional product demand in the forthcoming years.

Wood and Laminate Flooring Market Share Insights

The market players are heavily integrated across the value chain and thus, create an entry barrier for the new entrants. Branding and promotions of wood and laminate flooring products by the prominent players is another factor vital for sustaining the competitive environment. Established manufacturers focus on the development of products and enhancing the geographical reach to maintain their dominance in the market.

A large number of manufacturers based in Europe and Asia Pacific engage in the manufacturing and supply of products utilized for residential, commercial, and industrial flooring applications. They also focus on procurement of good quality raw wood to sustain in the competitive environment. Moreover, the market players provide installation and maintenance services to enhance their offerings.

Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Wood And Laminate Flooring Market Research Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, this market research report has segmented the global wood and laminate flooring market report on the basis of product, application, and region:

Product Outlook (Volume, Million Sq. Meters, Revenue, USD Million, 2019 - 2030)

  
Wood Flooring
  
Laminate Flooring

Application Outlook (Volume, Million Sq. Meters, Revenue, USD Million; 2014 - 2025)

  
Residential
  
Commercial
  
Industrial