Global Wood Flooring Market to Reach $70.2 Billion by 2026
SAN FRANCISCO, May 27, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Wood Flooring - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 17; Released: May 2021
Executive Engagements: 2412
Companies: 274 - Players covered include A&W (Shanghai) Woods Co., Ltd.; Anderson Tuftex; ARK Floors Inc.; Barlinek SA; Beaulieu International Group; Boa-Franc, Inc.; Boral Limited; British Hardwoods Flooring; Dalian JiaYang Wood Products Co., Ltd.; Engineered Floors LLC; Kährs Group; Kronospan; Mannington Mills, Inc.; Mohawk Industries, Inc.; Mullican Flooring, LP; Nature Home Holding Company Limited; Pergo; Power Dekor Group Co., Ltd.; Shaw Industries Group, Inc.; Somerset Hardwood Flooring; Tarkett S. A.; Weyerhaeuser Company and Others.
Coverage: All major geographies and key segments
Segments: Product Segment (Engineered Wood, Solid Wood); End-Use (Residential, Industrial, Commercial)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.
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ABSTRACT-
Global Wood Flooring Market to Reach $70.2 Billion by 2026
Among the flooring types, wood floors are considered environment friendly, durable, and easy to clean. Wood floors are available in a wide range of wood materials with durable wear layers that withstand frequent maintenance and heavy stamping. Amid the COVID-19 crisis, the global market for Wood Flooring estimated at US$50.8 Billion in the year 2020, is projected to reach a revised size of US$70.2 Billion by 2026, growing at a CAGR of 5.5% over the analysis period. Engineered Wood, one of the segments analyzed in the report, is projected to grow at a 6% CAGR to reach US$47.6 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Solid Wood segment is readjusted to a revised 4.8% CAGR for the next 7-year period. This segment currently accounts for a 37.5% share of the global Wood Flooring market.
The U.S. Market is Estimated at $14.2 Billion in 2021, While China is Forecast to Reach $14.8 Billion by 2026
The Wood Flooring market in the U.S. is estimated at US$14.2 Billion in the year 2021. The country currently accounts for a 26.94% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$14.8 Billion in the year 2026 trailing a CAGR of 9% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3% and 4.4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.9% CAGR while Rest of European market (as defined in the study) will reach US$16.2 Billion by the end of the analysis period.
Myriad attributes of wood that are driving widespread adoption by homeowners and commercial establishments include its aesthetic appeal, environmental profile, and restorability and durability features. Also, wood is more sustainable flooring choice and have economic benefits for construction as it can be recycled, reclaimed or repurposed into various usable products. Wooden floors are available in various shapes such as planks, strips and parquet. The principal raw materials used in manufacturing wood flooring include oak, birch, ash, walnut, maple, beech and birch. Oak, particularly red oak is currently the most widely used raw material for wood flooring due to its widespread availability, low cost, durability and appearance. More
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