ROCKVILLE Md., Feb. 24, 2022 (GLOBE NEWSWIRE) -- According to the latest report published by Fact.MR, the global wood and laminate flooring market is estimated at USD 64.8 Billion in 2022 and is forecast to surpass USD 111.6 Billion by 2032, growing at a CAGR of 5.6% during 2022-2032.
Sales of wood floorings are expected to outsell laminate floorings throughout the forecast period.
Green Image artifacts are anticipated to drive the demand for wood and laminate flooring Industry
Green Image artifacts are anticipated to drive the demand for wood and laminate flooring in the forthcoming years. Drastic environmental conditions in some regions necessitate the installation of wooden products, as they remain candid to dynamic environments.
The availability of cost-effective options, such as texturing and embossing the laminate flooring helps accomplish the looks of ceramic and hardwood tiles. The introduction of printing technologies is also likely to support growth. Replacement of older or worn-out carpets from residential and commercial buildings with hard surfaces, such as wood and laminates, is likely to propel the growth.
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Which are the dominant countries in the global market for Wood and Laminate Flooring?
Europe is one of the major suppliers of wood and laminate flooring across the globe on account of abundant availability of quality raw timber and a large number of prominent manufacturers. The majority of the regional market is driven by hardwood owing to a rise in residential applications. Moreover, rising investments in commercial construction are expected to support regional growth over the forecast period.
Development of varied anti-slip and bacteria resistant flooring solutions has increased the demand from the healthcare sector, which in turn affected the industry, particularly in U.S. Moreover, the American National Standards Institute (ANSI) and formaldehyde emission standards in California (the CARB standards) are projected to positively influence the regional product demand in the forthcoming years.
Global Wood and Laminate Flooring Market Segments
- By Product Type :
- Wood Flooring
- Laminate Flooring
- By End User :
- Residential
- Commercial
- Industrial
- By Construction Activity :
- Repair & Rehabilitation
- New Construction
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
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5 Key Insights from the Report
- In terms of sales, wood floorings are expected to outsell laminate floorings throughout the forecast period. By the end of 2026, more than 1,130 million sq. meters of wood floorings are expected to be sold globally.
- Commercial end-use of wood and laminate floorings is expected to register fastest volume growth during the forecast period. By the end of the forecast period, more than 880 million sq. meters of wood and laminate floorings will be used across commercial spaces. The end-use of wood and laminate floorings in residential settings is expected to account for more than one-third share of global market volumes throughout the forecast period.
- Through 2026, wood and laminate floorings are likely to be used predominantly for repair and rehabilitation activities. In 2017, more than 900 million sq. meters of wood and laminate floorings sold in the global market were used for repair and rehabilitation of physical spaces.
- Majority of wood and laminate floorings will be manufactured in the Asia-Pacific excluding Japan (APEJ) region. The report estimates that the APEJ region will represent highest contribution to the global wood and laminate flooring manufacturing over the forecast period.
- The report further reveals that Europe will be the largest market for wood and laminate floorings throughout the forecast period. By the end of 2026, nearly 790 million sq. meters of wood and laminate floorings are expected to be sold across European countries. Consumer preferences towards finished floorings at affordable prices is expected to drive the growth of Europe’s wood and laminate flooring market during the forecast period.
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Key Participants Operating in the Wood and Laminate Flooring Industry
- Tarkett, Mannington Mills Inc.
- Mohawk Group
- Abet Inc.
- Berkshire Hathaway Inc.
- Goodfellow Inc.
- Forbo Holding AG
- Armstrong Flooring
- Kronospan Limited
- Kahrs Holding AB
- Bauwerk-Boen
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