Newark, Jan. 04, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the global wood & laminate flooring market will grow from USD 68.4 Billion in 2022 to USD 117.95 Billion by 2032. Maintenance considerations significantly influence wood and laminate floors' durability and aesthetic appearance. Periodic refinishing of solid hardwood is necessary to repair surface damage, wear and tear, and scratches. Sanding down the surface and refinishing entails giving it a fresh finish. Although it happens less frequently, engineered wood can benefit from refinishing even if it is more dimensionally stable than solid hardwood. Since laminate is a synthetic material, refinishing is not necessary. Instead, regular moist mop cleaning and avoiding too much water are needed to keep it looking good.
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Key Insight of the wood & laminate flooring Market
North America region is expected to grow at the highest CAGR during the forecast period.
During the forecast period, North America is expected to grow at the highest CAGR within the global Wood & laminate flooring market. With a sizable market share, North America is a major participant in the worldwide wood and laminate flooring market. Several factors contribute to the region's market dominance, such as a thriving building industry, a home remodelling culture, and a penchant for high-quality, aesthetically beautiful flooring options. The demand is driven by both the residential and commercial sectors in North America, with the United States and Canada accounting for a considerable portion of the market share. Commercial locations such as corporate workplaces, retail stores, and lodging facilities also fulfil North America's need for wood and laminate flooring. The market share of wood and laminate flooring is further enhanced by the focus on eco-friendly materials and sustainable building methods, as customers in North America prioritize making environmentally friendly decisions more and more frequently.
The laminate segment is expected to grow at the highest CAGR during the forecast period.
The type segment includes wood and laminate. The laminate segment is expected to grow at the highest CAGR during the forecast period. Laminate flooring, a synthetic substitute made from recycled wood, has a sizable and expanding market share in the global wood and laminate flooring market. Over time, this model has changed dramatically, providing an affordable option without sacrificing performance or looks. Technological developments have significantly shaped the way laminate flooring is placed in the market. Modern manufacturing techniques make vibrant color possibilities, enhanced durability, and realistic wood grain patterns possible. As manufacturing companies focus on product innovations and developments, the laminate flooring market share is expected to grow substantially.
The commercial segment is expected to grow at the highest CAGR during the forecast period.
The application segment is bifurcated into residential, industrial and commercial. The commercial segment is expected to grow at the highest CAGR during the forecast period. The commercial sector holds a notable share of the global wood and laminate flooring market. Flooring material selection is influenced by specific requirements found in commercial areas, such as offices, retail stores, hotels, and educational institutions. In commercial environments, flooring made of wood or laminate can be used to suit different requirements and design practices. Opportunities exist in the business sector for flooring solutions that satisfy particular needs, including improved acoustics in office spaces or adherence to safety regulations in healthcare facilities. Options for customization, such as branding and logo integration, give manufacturers a way to meet the specific design requirements of business customers.
The online sales segment is expected to grow at the highest CAGR during the forecast period.
The distribution channel segment is bifurcated into online sales and offline sales. The online sales segment is expected to grow at the highest CAGR during the forecast period. The wood and laminate flooring market has transformed due to the growth of e-commerce, with online sales accounting for a substantial market share. Online storеs provide customers with the ease of perusing, contrasting, and buying flooring materials from the comfort of their homes. The market share of online stores is significantly influenced by specialized online stores selling flooring products. These websites frequently offer comprehensive product catalogues, in-depth product details, and intuitive user interfaces. Customers can install different laminate and wood flooring options, refine their structure based on professionals, and make well-informed choices. Well-known international e-commerce sites provide a vast range of goods, including laminate and wood flooring.
Recent Developments:
• In 2020: The purchase of DESSO, a Dutch flooring manufacturer focused on carpets and carpet tiles, was announced by Tarkett S.A. The acquisition aimed to fortify Tarkett's position in the European flooring market and broaden its range of products.
• In 2021: The U.S.'s top cabinet manufacturer, Norcraft Companies, will be acquired by Mohawk Industries Inc. The acquisition aimed to increase Mohawk's market share in the U.S. and strengthen its line of products.
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Market Dynamics
Driver: Growing Trend of Home Renovation and Remodelling
Consumer preferences for aesthetically beautiful and functional interiors drive the demand for wood and laminate flooring in the home repair and remodelling industry. Flooring options are crucial for customizing and improving homeowners' living spaces. Wood and laminate flooring are popular in the renovation and remodelling industry because of their classic, natural aesthetic, ease of installation, and upkeep. The desire for aesthetically beautiful interiors is one of the main elements driving the demand for laminate and wood flooring. The demand for wood and laminate flooring is driven by factors other than aesthetics. Due to their resistance and entrepreneurship, both solutions are appropriate for residential environments with frequent visitors. This factor is boosting the market growth and development.
Restraint: Impact of Global Economic Downturns
The market for wood and laminate flooring is extremely sensitive to downturns in the world economy, as demonstrated by its performance during recessions. Consumer expenditure on non-essential products, such as flooring upgrades for homes, can be greatly impacted by economic concerns. As such, there could be a slowdown in the building sector, which would impact the demand for flooring materials. Consumers typically prioritize the needed spending over discretionary purchases during periods of economic turmoil. Home renovation is among the industry’s most significantly impacted by this shift in consumer behaviour that pertains to non-essential spending. As a result of homeowners delaying or reducing renovation projects, the demand for wood and laminate flooring is increasing. Further, new construction projects tend to decline during economic downturns. This factor is restraining the makrut growth and development.
Opportunity: Growing Environment and Sustainability Concerns
The need for sustainable practices and growing awareness of environmental issues have resulted in a major shift in flooring selections toward eco-friendliness. Manufacturers of laminate and wood flooring are embracing recycled materials, sustainable sourcing methods, and obtaining certifications from regulatory organizations such as the Forest Stewardship Council (FSC). The FSC accreditation guarantees that the manufacturing process is socially and environmentally responsible and that wood and wood products originate from responsibly managed forests. An important element in promoting eco-friendly flooring techniques is focusing on green building techniques. Sustainable and energy-efficient flooring solutions are in high demand as more builders and developers prioritize these factors in their projects. Not only are environmentally friendly flooring options like cork and bamboo sustainable, but they also act as insulation and can lower energy costs.
Some of the major players operating in the wood & laminate flooring market are:
• Tarkett, Mannington Mills Inc.
• Mohawk Group
• Abet Inc.
• Berkshire Hathaway Inc.
• Goodfellow Inc.
• Forbo Holding AG
• Armstrong Flooring
• Kronospan Limited
• Kahrs Holding AB
• Bauwerk-Boen
• Armstrong World Industries Inc.
• Greenlam Industries Ltd.
• Notion Flooring
• Quick - Step Flooring
• Surfaces India Flooring Pvt. Ltd.
• Westwood Flooring
• Avant Flooring
• Parkay Floors
• EGO Flooring Private Limited
Key Segments Cover in the Market:
By Type:
• Wood
• Laminate
By Application:
• Residential
• Industrial
• Commercial
By Distribution Channel:
• Online Sales
• Offline Sales
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channel analysis.
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