Market Trends of Global Wood Flooring Industry
This section covers the major market trends shaping the Wood Flooring Market according to our research experts:
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.
