The wood flooring market 2020 can make considerable headway at a projected rate of 4.6% CAGR from 2019 to 2024 (assessment period), confirms Market Research Future (MRFR). We will provide covid-19 impact analysis with the report. The COVID-19 impact on the market has been studied in the report, which offers an in-depth analysis post the coronavirus disease outbreak.
One sector in the construction industry that has been severely jolted by the COVID-19 outbreak is the wood flooring market. MRFR reports confirm that the closing of manufacturing across China has had a domino effect throughout the wood flooring market, as contractors, customers, importers, distributors and manufacturers are now uncertain about the economy’s fate. The novel coronavirus induced lockdown has led to increased fragility of the supply chain, with lack of raw materials as the pandemic has caused shutdown of borders and factories.
Moving ahead, despite the SARS-CoV-2 impact, experts anticipate that the wood flooring market can remerge stronger on account of the rising preference for green buildings and the surge in the development of residential buildings. The emerging trend of maintenance and repair along with new construction projects also boost the demand for wood flooring. Moreover, many of the leading companies in the market have increased their strategic plans to sustain in the market following the pandemic, armed with marketing hacks like acquisitions, securing contracts, investments and partnerships.
To illustrate, in June 2020, Bruce Flooring (U.S) partnered with Barnwood Builders’ TV Host Mark Bowe to introduce a new range of solid hardwood flooring, the Barnwood Living Collection. The partnership embodies a congenial approach to a genuine hardwood design that combines Bruce’s craftsmanship with the aesthetics of Bowe’s Barnwood.
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Top Boosters and Main Barriers
Wood flooring has emerged as a quintessential solution with respect to trendy flooring choices for consumers. The eco-friendly and sustainability quotient of wood flooring has remained a chief booster of its adoption, despite the opposition from alternatives such as vinyl, tiles and laminates. The provision of longer durability and hygiene, along with load resistance properties of wood flooring has led to its high demand among customers worldwide.
The increasing per capita income of the consistently growing middle-class populace has led to more number of people willing to expend significantly on premium goods for home renovation, which complements the sales of wood flooring in the market. Leading stakeholders are modifying their strategies with respect to the unstable raw material prices, and also according to the restrictions on wood cutting.
Hardwood flooring is the latest fad that has boosted the wood flooring market size in recent years, given the high versatility and flexibility attributes in terms of patterns and colors. The unparalleled aesthetic allure of hardwood flooring stands as a prime USP that accelerates its uptake among commercial and residential customers. The increasing commercial application of hardwood flooring in departmental stores, universities, hospitals, specialty stores, offices, grocery stores, drug stores, schools and restaurants can be a big plus point for the wood flooring market in the following years.
Some of the notable vendors proactively seeking ways to enhance their position in the wood flooring market include Provenza Floors, Inc, Mohawk Industries (US), Wickes Ltd (US), Shaw Industries Group, Inc. (US), Mannington Mills, Inc. (US), Somerset Hardwood Flooring, The Armstrong Flooring Inc. (US), Pergo (US), Home Legend, LLC, Q.E.P. Co., Inc., to mention a few.
The wood flooring industry has been considered for product and application.
The products detailed in the market study include engineered wood and solid wood. The solid wood market is the largest out of these segments and can remain so till 2024, given the reasonable price of this type of wood. The engineered wood market can note the highest growth rate on account of its features such as cost-effectiveness and dimensional stability that are the top requirements of the manufacturers.
The applications of wood flooring are commercial, industrial and residential. In 2018, the bigger share in the market belonged to the residential segment and can continue to lead all through the review period. The segment’s high market coverage is the result of the exploding population across emerging countries like India, Brazil and China, which has given a rise to the construction of residential buildings.
Wood flooring market share as well as size has been evaluated across the key regions of Europe, North America, APAC/Asia Pacific, and ROW/rest of the world.
In 2018, close to 50% share of the global market belonged to APAC, and is also presumed to grasp the fastest expansion rate in the coming years. The APAC market mainly profits from the surging expenditure on construction projects within the private and public sectors in India and China. The commercial renovation sector in the region has been expanding steadily, and can note further growth in the years to come, because of the ageing buildings and the increasing need for maintenance, renovation, remodeling and repair.
The same year, North America had been identified as the second leading regional market, with a large influence of the massive number of renowned players present in the U.S/United States.
Europe’s share in the global market in 2018 was evaluated at close to 23%, thanks to the thriving construction industry in the commercial, industrial and residential sectors. The market outlook is also boosted by the rising construction of lower priced housing combined with the mounting number of healthcare and education projects that demand diverse types of wood flooring.
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