The global hardwood flooring market exhibited moderate growth during past few years. The global hardwood flooring market is expected to reach USD 123 billion by 2026, expanding at a CAGR of less than 6% during the forecast period, from 2021 to 2026.
The outbreak of the Coronavirus disease (COVID-19) acted as a massive restraint on the hardwood flooring manufacturing market in 2020. As supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally. The lockdown has restricted the construction of housing and building projects and t limited the new purchases of Hardwood Flooring. The market is anticipated to bounce back during the forecast period (2021-2026) with the changing situations and customers approach towards the pandemic.
Hardwood is a type of wood that comes from dicot flowering trees, including oak, teak, balsa, maple and walnut. Hardwood refers to a type of wood which is derived from dicot trees and manufactured using planks of a single piece of timber. As compared to softwood, hardwood has a more complex structure and higher density, owing to which it is widely utilized for flooring purposes across commercial and residential spaces. Hardwood flooring is produced in various styles, colors, cuts and species, thus offering versatile functions and designs to consumers. The unique appearance and texture of the wood provide an aesthetic appeal to the floor. Hardwood floors are highly durable in nature and last longer post-installation. Also, they are convenient to install and require little to no routine maintenance. They do not trap dust, mold pollen, particulates or other allergens in their fibers or grout lines, which helps in easy cleaning and enhancement of overall air quality.
The thriving construction industry is primarily driving the growth of the market. With rapid population expansion, housing facilities are experiencing significant demand. Moreover, manufacturers are launching innovative flooring designs with vibrant as well as soothing color combinations to cater to the diversified preferences of consumers
Key Market Trends
Largest Engineered Wood Segment
Engineered wood demand is expected to remain high during the forecast period, as it is an apt alternative to concrete and hardwood. Engineered wood products are widely used by architects, builders, code officials, and building designers aware of energy-efficient farming practices that conserve energy, speed-up construction, cut labor costs, and reduce waste. The segment is expected to move at a higher pace in North America and Europe, owing to high disposable income and widespread awareness of the benefits of engineered wood among the populace. The engineered wooden floor segment contributed a large share of total revenue in 2019. One of the advantages of engineered wood products is that it can be designed as per the demand and custom specifications of the end-user. Easy maintenance and uniqueness of colorful design are among other features, pushing the growth of the segment.
Asia-Pacific is Anticipated to Grow at Highest Rate
Asia-Pacific ranks as the fastest growing market with a significant growth rate over the forecast period, led by rapid urbanization and resulting housing and real estate development; preference for tropical wood flooring in rich, beautiful and luxurious designs; launch of affordable engineered wood flooring solutions; and expanding middle class and their changing attitude towards flooring decors. The region is famous for tropical wood growing in rainforests and moist broadleaf forests such as Mahogany, Teak, Ebony, Rosewood, and Narra.
The report covers major international players operating in the Hardwood flooring market. In terms of market share, few of the major players currently dominate the market. However, with technological advancement and product innovation, mid-size to smaller companies are increasing their market presence by securing new contracts and by tapping new markets.
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TABLE OF CONTENTS
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS AND DYNAMICS
- 4.1 Market Overview
- 4.2 Market Drivers
- 4.3 Market Restraints
- 4.4 Value Chain / Supply Chain Analysis
- 4.5 Porters 5 Force Analysis
- 4.5.1 Threat of New Entrants
- 4.5.2 Bargaining Power of Buyers/Consumers
- 4.5.3 Bargaining Power of Suppliers
- 4.5.4 Threat of Substitute Products
- 4.5.5 Intensity of Competitive Rivalry
- 4.6 Impact of COVID-19 on the Market
5 MARKET SEGMENTATION
- 5.1 By Product Type
- 5.1.1 Solid Wood
- 126.96.36.199 Red Oak
- 188.8.131.52 White Oak
- 184.108.40.206 Maple
- 220.127.116.11 Others
- 5.1.2 Engineered Wood
- 5.2 By End User
- 5.2.1 Residential
- 5.2.2 Commercial
- 5.3 By Distribution Channel
- 5.3.1 Offline Stores
- 5.3.2 Online Stores
- 5.4 By Geography
- 5.4.1 North America
- 5.4.2 Europe
- 5.4.3 Asia Pacific
- 5.4.4 South America
- 5.4.5 Middle East and Africa
6 COMPETITIVE LANDSCAPE
- 6.1 Company Profiles
- 6.1.1 Mohawk Industries
- 6.1.2 The Armstrong Flooring, Inc.
- 6.1.3 Mannington Mills, Inc.
- 6.1.4 Home Legend, LLC
- 6.1.5 Somerset Hardwood Flooring
- 6.1.6 Provenza Floors, Inc.
- 6.1.7 Beaulieu International Group
- 6.1.8 BerryAlloc
- 6.1.9 Classen
- 6.1.10 Egger
- 6.1.11 Formica
7 MARKET OPPORTUNITIES AND FUTURE TRENDS