Global Wood Flooring Market Size

Wood Flooring Market Analysis

Increasing home renovation owing to increased disposable income and faster growth construction and non-construction activities, especially in developing countries, fuel the growth of the wooden flooring industry. Factors, like increased importance on the use of eco-friendly materials, such as wood, and fluctuation in foreign currencies affect profit margins, which are estimated to fluctuate the wooden flooring market. Fluctuating prices of raw materials coupled with stringent regulations and the increasing cost of wooden floorings act as restraints for the industry growth. By product, the market is segmented into solid wood and engineered wood. The engineered wood segment is expected to grow at a significant growth rate during the forecast period, due to the manufacturing of engineered wood products that require less energy in comparison to that of other flooring materials. The vendor companies adopted various strategies, including collaborations, mergers and acquisitions, partnerships, and joint ventures to build a sustainable business and gain a strong position in the global industry.