The global Wood and Laminate Flooring market is forecast to reach USD 95.63 Billion by 2027, according to a new report by Reports and Data. The market is witnessing a surge in demand owing to the rising investments in the real estate sector. Moreover, the durability, easy re-storability, and environmental profile are driving the demand for the market. However, the fluctuation in the price of raw materials along with rising concerns for health and the environment is hampering the demand.
Rapid urbanization has changed the lifestyle of the people and has led to people investing more in places, which are seen as a status symbol, such as their homes. Flooring, especially wood and laminate, is seen as a status symbol, and hence, there is an increase in the demand for it. Wood and Laminate Flooring offer benefits, such as easy maintenance and aesthetic appeal, thus increasing its demand among working populations.
Additionally, the increasing number of restoration and remodeling activities are driving the demand for the market, due to their increasing use in these activities. Engineered wood floors have undergone technological advancements, which has led to an increasing product demand. Another factor leading to an increase in demand is the ease in installation that the product provides, along with the lesser-skilled labor required to install.
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Key participants include
British Hardwoods, Barlinek SA, Tarkett SA, Shaw Industries Group Inc., Daiken Corporation, Boral Timber Flooring, Kahrs Group, Beaulieu International Group, Mohawk Industries, and Armstrong Flooring, among others.
Further key findings from the report suggest
The residential segment occupied 71.7% of the overall market in 2019, and it is forecasted to grow at a CAGR of 4.6% in the forecast period. The primary reason behind this is that the product is mostly used in homes, especially in the North America region, where the trend of single-family homes is on the rise.
The wood flooring market occupied 89.5% of the share in 2019 and is forecasted to grow at a CAGR of 4.5%, mainly due to the easy customization and installation, and because of the enhancement of aesthetics due to a variety of species of wood.
Europe is the market leader when it comes to the product demand, and occupied 37.7% of the share in 2019. This is because of the vast availability of high-quality timber and a considerable number of manufacturers in the region.
An elite segment of the product is Deck Flooring, which is known to have qualities such as dimensional accuracy, resistance to abrasion and reliability, and an increase in commercial constructions using Deck Flooring is driving the demand for the market. Also, since natural materials such as teak, maple, oak, and walnut are used in the manufacturing of the wood, they offer a high range of versatility.
In the Asia Pacific region, the market is forecasted to grow at a CAGR of 5.8%, due to newer innovations in the technology, machinery, and materials. Also, competitive pricing because of the involvement of many players, has led to a surge in demand.
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For this report, Reports and Data have segmented into the global Wood and Laminate Flooring market on the basis of resin type, composite phases, industry vertical, and region:
Application Outlook (Volume, Million Square Meter; 2017-2027, Revenue, USD Billion; 2017-2027)
Product Type Outlook (Volume, Million Square Meter; 2017-2027,Revenue, USD Billion; 2017-2027)
Distribution Channel Outlook (Volume, Million Square Meter; 2017-2027,Revenue, USD Billion; 2017-2027)
Regional Outlook (Volume, Kilo Tons; 2018-2028 and Revenue, USD Million; 2018-2028)
- North America
- Asia Pacific
- Latin America
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