Wood Flooring Market Share

Global Wood Flooring Market Overview

Wood Flooring Market Size was valued at USD 55187.49 Million in 2023. The wood flooring industry is projected to grow from USD 58216.2 Million in 2024 to USD 100607.1 Million by 2032, exhibiting a compound annual growth rate (CAGR) of 7.08% during the forecast period (2024 - 2032). Increasing construction activities in developing countries, and many benefits of wood flooring are the key market drivers supports the wood flooring market growth during the forecast period.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Wood Flooring Market Trends

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  Attracting interest to indoor sports to drive the market growth

  
  

Due to the limitations imposed by many governments, particularly on outdoor and team-based athletic events, the spread of coronavirus has drastically reduced sporting activity. People have turned to indoor sports like badminton, tennis, basketball, volleyball, and squash to satisfy the desire for an active lifestyle and keep a healthy profile. These sporting venues need flooring materials with strong impact resistance and moisture resistance. Wooden floors are a fantastic choice for use in indoor sporting domes and stadiums since they not only satisfy these requirements but also have a very nice appearance. Leisure activities including bowling, shooting, and futsal have exploded in popularity across the globe due to the growing purchasing power of the public. Thus, the demand for flooring made of wood is increasing.

Additionally, the number of indoor sports facilities in the level are increasing year by year which is mentioned in the below graph. According to the U.S. officials after the COVID-19 pandemic the sports complexes are increases due to adoption of sports and healthy lifestyle by individuals. Therefore, such developments for sports complexes are support the growth of wood flooring market CAGR across the globe in recent years.

Greenlam acquired a laminate manufacturing facility in Gujarat for $4.39 million in June 2022. Green Lam now produces 24.5 million sheets after this purchase making it the leading company in the market for laminates. Offering various types of floorings including those made up of wood materials.

Unilin Technologies launched its patented Pressed Bevel Technology for resilient flooring among other licensing partners during the year 2021. This unique technology was started and awarded patents by Unilin Technologies more than 10 years ago and it makes resilient floors appear much more similar to the real wood than in the past.

Figure 1: Number of Indoor Sports Facilities in the U.S.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Furthermore, the residential building sector is forecast to grow as urbanization accelerates, which is anticipated to boost consumer demand. By 2030, it is anticipated that more than 50% of the population in Tamil Nadu, Maharashtra, Karnataka, Gujarat, and Punjab will live in urban areas.

However, to cater the demand there has been significant advances in the wood flooring. For instance, there has been a number of inaugurations of indoor sports stadiums is another factor driving the growth of the wood flooring market revenue.

Wood Flooring Market Segment Insights

Wood Flooring Product Insights

The  wood flooring market segmentation, based on product, includes solid wood, and engineered wood. The engineered wood segment held the majority share in 2021 contribution to around 60-70 in respect to the  wood flooring market revenue. Due to the benefits it offers, engineered wood is expected to dominate the market. Engineered wood is less susceptible to swelling and contracting as a result of changes in humidity and temperature. Additionally, it is within the price range for a sizable residential customer base and adds visual appeal wherever it is installed. The decking and cladding industries frequently employ engineered wood because it offers advanced and improved abrasion resistance, dimensional precision, and reliability attributes. Along with these elements, the most recent technological developments are assisting in improving designing and printing procedures to give the flooring a realistic appearance.

December 2022: Maverick Design, Wedgewood Homes' multi-award-winning in-house design and creative firm, today announced it will offer its approachable, high-level design knowledge to customers across the nation. With a focus on sustainability, rehabilitating homes, and celebrating old architecture, Maverick hopes to assist others in realising the same vision it has developed for Wedgwood.

Wood Flooring Application Insights

The  wood flooring market segmentation, based on application, includes residential, commercial, and industrial. The residential segment dominated the  wood flooring market data in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. The element of interiors that interacts with inhabitants the most and takes up the most space is the flooring. Through the use of diverse color and materials, wood flooring is employed in numerous interior designs to produce different aesthetic trends. Wood floors may make a room feel softer, provide depth to the visual layers, and give our feet a chance to experience the comfortable wood grain.

Wood flooring is easier to maintain and less likely to sustain harm. The cost of maintenance and repair will probably decline over time. Additionally, hardwood floors are extremely durable and can last for many generations; as a result, they are a cost-effective option for flooring. Hence, rising use of wood flooring positively impacts the market growth.

Figure 2:  Wood Flooring Market, by Application, 2021 & 2030 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Additionally, by 2030, it is anticipated that the worldwide residential construction business will generate US$ 15.5 trillion in revenue. In 2021, China, the United States, and India together accounted for 57% of the  sector. In comparison to China, the U.S. construction industry is predicted to expand quickly during the next 15 years. The southern states of the U.S. are expected to have significant growth in the construction industry.

Wood Flooring Regional Insights

By Region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. North America wood flooring market accounted for USD 20.64 billion in 2021 and is expected to exhibit a 43.20% CAGR growth during the study period. This is attributed to the growing residential construction activities with the adoption of wood flooring across the region.

Further, the major countries studied in the market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3:  WOOD FLOORING MARKET SHARE BY REGION 2021 (%)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

The Asia-Pacific wood flooring market is expected to grow at the fastest CAGR from 2022 to 2030. This is due to increased population, expanding projects in India, China, and other Asia-Pacific countries. Moreover, China wood flooring market held the largest market share, and the India wood flooring market was the fastest growing market in the Asia-Pacific region.

North America wood flooring market accounts for the largest market share due to the availability of many big giant companies, and the world’s most costly residential real estate industry is present in the United States. Further, the United States wood flooring market held the largest market share, and the Canada wood flooring market was the fastest growing market in the North American region.

Wood Flooring Key Market Players & Competitive Insights

Major market players are spending a lot of money on expansion to increase their footprints in the  level, which will help the wood flooring market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the wood flooring industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

One of the primary business strategies adopted by manufacturers in the  wood flooring industry to offer attractive designs to the customers and expand the market sector is to manufacture locally to reduce operating costs. The wood flooring market major player such as The Armstrong Flooring Inc. (US), Mannington Mills Inc. (US), Mohawk Industries (US), Pergo (US), Shaw Industries Group Inc. (US), E.P. Co.Inc., Wickes Ltd (US), Home Legend LLC, Somerset Hardwood Flooring, Provenza Floors Inc., and others are working to expand the wood flooring industry demand by investing in research and development activities.

One of the biggest flooring firms in the world, Mohawk Industries, Inc., was established in 1988 and is headquartered in Georgia, United States. For both home and commercial applications, they offer flooring products. A broad variety of flooring items are available from them, such as ceramic tile, carpet for homes and businesses, rugs, laminate flooring, luxury vinyl tile, sheet vinyl, wood flooring, and countertops. For instance, in June 2022, Mohawk Industries, Inc. disclosed that it has reached a deal to acquire Grupo Industrial Saltillo's (GIS) Vitromex ceramic tile business for around $293 million in cash.

Also, AHF, LLC is a 2004-founded American business that specializes in hardwood flooring, product research, manufacturing, and servicing. They carry the Bruce, Hartco, and Homerwood wood flooring brands. Under the trademarks Parterre, Armstrong Flooring, and AHF Contract, they also offer commercial flooring services. The business runs nine production sites in total, eight of which are in the US and one in Cambodia. For instance, in July 2022, AHF Products stated that it has completed the acquisition of a number of assets from Armstrong Flooring, Inc., including the licence for the use of the Armstrong Flooring brand name and three U.S. manufacturing plants in Kankakee, Illinois, Lancaster, and Beech Creek, Pennsylvania.

Key Companies in the wood flooring market includes

• The Armstrong Flooring Inc. (US)


• Mannington Mills Inc. (US)


• Mohawk Industries (US)


• Pergo (US)


• Shaw Industries Group Inc. (US)


• P. Co.Inc.


• Wickes Ltd (US)


• Home Legend LLC


• Somerset Hardwood Flooring


• Provenza Floors Inc., among others

Wood Flooring Industry Developments

December 2023: Mohawk Group and Milwaukee, Wisconsin-based smart flooring firm Scanalytics entered into a partnership to reduce emissions from the built environment.

August 2023: Johnson Hardwood announced that The R.A. Siegel Company would act as representation in the Southeast territories, including Florida, Georgia, Alabama, South Carolina, North Carolina and eastern portions of Tennessee. On offer are all of Johnson’s complete floor coverings, such as SPC/rigid core, high-performance laminate and premium hardwood flooring by The R.A. Siegel Company.

In BAU 2023, one of the world’s top laminated flooring manufacturers and polyvinyl chloride (PVC) -free wall and floor coverings producers, The CLASSEN Group introduced four breakthrough ideas. It is Uberwood®, which represents a new generation of floors with sound-absorbing pad features without the need for any underlays anymore.

In 2022, AHF Products completed its purchase of certain assets from Armstrong Flooring Inc., increasing its position as a leader in resilient floor covering solutions and expanding its presence to include industry-leading commercial & residential products like hardwoods, resilient and laminates for its customers.

In March 2022, Lucknow SuperGiants confirmed their partnership with Greenply Industries Limited as an associate partner of the franchise—the first-ever Uttar Pradesh team in the T20 league. Companies that have been able to produce wooden flooring using eco-friendly practices have become more sustainable, thereby outperforming their rivals.

Wood Flooring Market Segmentation

Wood Flooring Product Outlook

• Solid Wood


• Engineered Wood

Wood Flooring Application Outlook

• Residential


• Commercial


• Industrial

Wood Flooring Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America