What Does the Historical and Current Wood Flooring Market Size Trend Indicate?
The wood flooring market has seen considerable growth due to a variety of factors.
• In recent years, the size of the wood flooring market has experienced robust growth. It is projected to increase from $53.14 billion in 2024 to $56.39 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 6.1%. Several factors have contributed to this growth during the historical period, including the aesthetic appeal and natural appearance of wood flooring, ongoing housing construction and renovation projects, consumer desires for durable and long-lasting products, a growing awareness of environmental issues and sustainability, as well as evolving trends in interior design.
What Is the Forecasted Market Size and Growth Rate for The Wood Flooring Market?
The Wood Flooring market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, robust growth is anticipated in the wood flooring market. The market size is projected to reach $72.85 billion by 2029, registering a compound annual growth rate (CAGR) of 6.6%.
This growth could be credited to factors like growing demand for customization, adherence to green building norms and certifications, health-related concerns, the rise of e-commerce and online retail, economic factors, and the construction industry activity. During the forecast period, trends such as the preference for wide planks and unique textures, customization and personalization, the inclination towards reclaimed and vintage wood flooring, growing demand for engineered wood flooring, green labeling, and raised consumer awareness are expected to gain traction.
What Factors Are Driving Growth In The Wood Flooring Market?
The anticipated increase in disposable income is set to drive the expansion of the wood flooring market. This refers to the money that households or individuals have at their disposal to save or spend after the subtraction of mandatory deductions and income taxes from their total revenue. The factors that are causing an upsurge in disposable income include economic growth, lower rates of unemployment, and increased wages. Together, these factors intensify the monetary capacity of individuals for spending post-tax. Greater disposable income triggers a demand for wood flooring due to consumers' increased readiness to spend on premium home enhancements and renovations, placing importance on durability and aesthetics in their homes. As stated in a report released in June 2022 by the US-based government agency, Bureau of Economic Analysis, there was a $113.4 billion or 0.5 percent increase in personal income on a monthly basis in May 2022. Parallelly, disposable personal income (DPI) witnessed a rise of $96.5 billion, representing a 0.5% increase. Consequently, the surge in disposable income is a significant factor boosting the wood flooring market's growth.
What Are The Main Segments Of The Global Wood Flooring Market?
The wood flooring market covered in this report is segmented –
1) By Product: Solid Wood, Laminated Wood, Engineered Wood
2) By Distribution Channels: Home Centers, Flagship Stores, Specialty Stores, Online, Other Distribution Channels
3) By End Use: Residential, Commercial
Subsegments:
1) By Solid Wood: Oak, Maple, Cherry, Walnut, Ash, Birch, Other Species
2) By Laminated Wood: High-Pressure Laminate (HPL), Direct Pressure Laminate (DPL), Wood Grain Laminate, Commercial Laminate
3) By Engineered Wood: Multi-Layer Engineered Wood, Single-Strip Engineered Wood, Parquet Engineered Wood, Prefinished Engineered Wood, Unfinished Engineered Wood
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What Emerging Trends Are Influencing The Growth Of The Wood Flooring Market?
One significant trend that is garnering attention in the wood flooring market is the advancement of technology. To maintain their market share, significant players in the market are unveiling products that boast of innovative technologies. For instance, in April 2023, a flooring company from Sweden, Bjelin d.o.o., introduced its upgraded and enhanced hardened wood 3.0 floor range featuring updated colors, formats, and technologies. Additionally, these floors incorporate the groundbreaking 5G dry technology developed by Bjelin's subsidiary company, Välinge Innovation. This floor locking feature offers water resistance, ensuring an easy, durable installation with a waterproof joint. Further, these products also feature the company's proprietary Woodura technology, an inventive way to produce genuine wood floors that are more ecological. Using this technique, the wood floors that are created are up to three times more resilient than traditional wood floors, and they can be manufactured from the same amount of wood, resulting in a tenfold increase in output.
Who Are the Key Players In The Wood Flooring Market?
Major companies operating in the wood flooring market include:
• Mohawk Industries Inc.
• Beaulieu International Group
• Shaw Industries Group Inc.
• Mannington Mills Inc.
• Tarkett S.A.
• British Hardwoods Flooring
• Kährs Group
• E.P. Co. Inc.
• Wickes Ltd.
• Home Legend LLC
• Somerset Hardwood Flooring Inc.
• Provenza Floors Inc.
• Doma Flooring GmbH
• East Teak Fine Hardwoods Inc.
• Frank A. Edmunds & Co. Inc.
• Greenlam Industries Ltd.
• AHF Products
• UNILIN Group
• CLASSEN Group
• Pergo
• Flooring Innovations
• EGGER Group
• HomerWood Laminate Flooring
• Barlinek SA
• Brumark Corporation
• Goodfellow Inc.
• Bruce Evans Flooring LLC
What Is The Most Dominant Region In The Wood Flooring Market?
Asia-Pacific was the largest region in the wood flooring market in 2024. The regions covered in the wood flooring market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
