ROCKVILLE Md., Feb. 24 2022 (GLOBE NEWSWIRE) — According to the latest report from Fact.MR, the global wood and laminate flooring market is estimated to be worth USD 64.8 billion in 2022 and is expected to exceed USD 111.6 billion by 2032. , growing at a CAGR of 5.6% over the period 2022-2032.
Wood flooring sales are expected to outpace laminate flooring sales throughout the forecast period.
Green Image artifacts expected to drive demand for wood and laminate flooring
Green Image artifacts are expected to drive the demand for wood and laminate flooring in the coming years. The drastic environmental conditions in some regions necessitate the installation of wood products, as they remain open to dynamic environments.
The availability of budget options, such as textured and embossed laminate flooring, helps achieve the look of ceramic tile and hardwood. The introduction of printing technologies is also likely to support growth. Replacing older or worn carpets in residential and commercial buildings with hard surfaces, such as wood and laminates, is likely to propel growth.
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Which are the dominant countries in the global market for Wood and laminate floors?
Europe is one of the leading suppliers of wood and laminate flooring across the world due to the abundant availability of quality unfinished wood and a large number of leading manufacturers. The majority of the regional market is driven by hardwood due to an increase in residential applications. Additionally, rising investment in commercial construction is expected to support regional growth over the forecast period.
The development of various anti-slip and bacteria-resistant flooring solutions has increased the demand from the healthcare sector, which in turn has affected the industry, especially in the United States. In addition, the American National Standards Institute (ANSI) and California formaldehyde emission standards (the CARB standards) are expected to positively influence regional product demand in the coming years.
Segments of the global wood and laminate flooring market
- By product type:
- Laminate flooring
- Per end user:
- By construction activity:
- Repair & Rehabilitation
- New construction
- By region:
- North America
- Latin America
- East Asia
- South Asia and Oceania
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5 key insights from the report
- In terms of sales, wood flooring is expected to overtake laminate flooring sales throughout the forecast period. By the end of 2026, more than 1,130 million square meters of parquet are expected to be sold worldwide.
- The commercial end use of wood and laminate flooring is expected to witness the fastest volume growth over the forecast period. By the end of the forecast period, more than 880 million square meters of wood and laminate flooring will be used in commercial spaces. The end use of wood and laminate flooring in residential environments is expected to account for more than a third of global market volumes throughout the forecast period.
- Until 2026, wood and laminate flooring is likely to be used primarily for repair and rehabilitation activities. In 2017, more than 900 million square meters of wood and laminate flooring sold in the global market was used for the repair and rehabilitation of physical spaces.
- The majority of wood and laminate flooring will be manufactured in the Asia-Pacific ex-Japan (APEJ) region. The report estimates that the APEJ region will account for the highest contribution to the global wood and laminate flooring manufacturing during the forecast period.
- The report further reveals that Europe will be the largest market for wood and laminate flooring throughout the forecast period. By the end of 2026, nearly 790 million square meters of wood and laminate flooring are expected to be sold in European countries. Consumer preferences for finished flooring at affordable prices are expected to drive the growth of the European wood and laminate flooring market over the forecast period.
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Main participants operating in the Wood and laminate floors Industry
- Tarkett, Mannington Mills Inc.
- Mohawk group
- Abet Inc.
- Berkshire Hathaway Inc.
- Goodfellow Inc.
- Forbo Holding AG
- Armstrong Flooring
- Kronospan Limited
- Kahrs Holding AB
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