Hardwood Flooring Market Size
|Study Period||2019 - 2028|
|Base Year For Estimation||2022|
|CAGR||< 6.00 %|
|Fastest Growing Market||Asia Pacific|
|Largest Market||North America|
*Disclaimer: Major Players sorted in no particular order
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Hardwood Flooring Market Analysis
The Hardwood Flooring Market generated a revenue of USD 64.8 billion in the current year and is expected to register a CAGR of less than 6% during the forecast period.
The hardwood flooring market is growing steadily for the past few years and is expected to continue in the coming years. The demand for hardwood flooring is driven by increasing residential and commercial construction activities, rising demand for eco-friendly and sustainable options, and a growing preference for aesthetically pleasing flooring solutions.
The Asia-Pacific region is the largest market for hardwood flooring, with China and India being the major contributors to growth. The region is expected to continue to dominate the market, driven by rapid urbanization, increasing disposable incomes, and a growing middle-class population. North America and Europe are also significant markets for hardwood flooring, with the United States being the largest market in North America. Europe, Germany, the UK, and France are the major markets for hardwood flooring.
The Coronavirus disease (COVID-19) was a massive restraint on the hardwood flooring manufacturing market in 2020. Supply chains were disrupted due to trade restrictions, and consumption declined due to lockdowns imposed by governments globally. The lockdown restricted the construction of housing and building projects and limited the new purchase of hardwood flooring. Due to the changed situations and customers ' approach towards the pandemic, the market is anticipated to bounce back during the forecast period.
Hardwood Flooring Industry Segmentation
Wood flooring involves any product manufactured from timber designed for structural or aesthetic flooring. This report covers a complete background analysis of the wood flooring market. It includes an assessment of the emerging trends by segments and regional markets, significant changes in market dynamics, and a market overview.
The Hardwood Flooring Market Report is segmented by products type (solid wood (red oak, white oak, maple, and other solid wood) and engineered wood), end-user (residential and commercial), distribution channel (offline stores and online stores), and geography (North America, South America, Europe, Asia-Pacific, and Middle East & Africa). The report offers the market sizes and forecasts in value (USD million) for all the above segments.
|Middle East & Africa|
Hardwood Flooring Market Trends
Largest Engineered Wood Segment
Demand for engineered wood is expected to remain high during the forecast period, as it is an apt alternative to concrete and hardwood. Architects, builders, code officials, and designers widely use engineered wood products. They also know about energy-efficient farming practices that conserve energy, speed up construction, cut labor costs, and reduce waste.
The segment is expected to move at a higher pace in North America and Europe, owing to high disposable income and widespread awareness of the benefits of engineered wood among the populace. The engineered wood floor segment contributed a large share of the total revenue in the current year. One of the advantages of engineered wood products is that they can be designed per the end-user's demand and custom specifications. Easy maintenance and the uniqueness of colorful design are among other features pushing the segment's growth.
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Asia-Pacific is Anticipated to Grow at the Highest Rate
Asia-Pacific ranks as the fastest-growing market, with a significant growth rate likely to be witnessed over the forecast period. This growth is led by rapid urbanization and resulting housing and real estate development, preference for tropical wood flooring in rich, beautiful, and luxurious designs, the launch of affordable engineered wood flooring solutions, and expanding middle class and their changing attitude toward flooring decors. The region is famous for tropical wood growing in rainforests and moist broadleaf forests such as mahogany, teak, ebony, and rosewood.
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Hardwood Flooring Industry Overview
The report covers major international players operating in the hardwood flooring market. In terms of market share, few of the major players currently dominate the market. However, with technological advancement and product innovation, mid-size to smaller companies are increasing their market presence by securing new contracts and tapping new markets.
Hardwood Flooring Market Leaders
The Armstrong Flooring, Inc.
Mannington Mills, Inc.
Home Legend, LLC
Somerset Hardwood Flooring
*Disclaimer: Major Players sorted in no particular order
Hardwood Flooring Market News
- Nov 2022: Floorcloud, a technology platform developed to improve job site quality control, partnered with the National Wood Flooring Association (NWFA) to add hardwood acclimation monitoring to its software. The equilibrium moisture content (EMC) calculator will help installers and contractors determine if the hardwood flooring is acclimated for that specific job site at that exact time.
- June 2022: Junckers, a leading solid hardwood-flooring brand in Denmark, recently opened its India office and exclusive Design Studio in the upscale area of Greater Kailash in New Delhi.
Hardwood Flooring Market Report - Table of Contents
1.1 Study Deliverables and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Value Chain / Supply Chain Analysis
4.5 Porter's Five Forces Analysis
4.5.1 Bargaining Power of Suppliers
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Threat of New Entrants
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
4.6 Insights on Technological Advancements in the Industry
4.7 Impact of COVID-19 on the market
5. MARKET SEGMENTATION
5.1 Product Type
5.1.1 Solid Wood
188.8.131.52 Red Oak
184.108.40.206 White Oak
220.127.116.11 Other Solid Woods
5.1.2 Engineered Wood
5.2 End-User Type
5.3 Distribution Channel
5.3.1 Offline Stores
5.3.2 Online Stores
5.4.1 North America
5.4.4 South America
5.4.5 Middle East & Africa
6. COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 Mohawk Industries
6.2.2 The Armstrong Flooring, Inc.
6.2.3 Mannington Mills, Inc.
6.2.4 Home Legend, LLC
6.2.5 Somerset Hardwood Flooring
6.2.6 Provenza Floors, Inc.
6.2.7 Beaulieu International Group
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Hardwood Flooring Market Research FAQs
What is the current Hardwood Flooring Market size?
The Hardwood Flooring Market is projected to register a CAGR of less than 6% during the forecast period (2023-2028).
Who are the key players in Hardwood Flooring Market?
Mohawk Industries, The Armstrong Flooring, Inc., Mannington Mills, Inc., Home Legend, LLC and Somerset Hardwood Flooring are the major companies operating in the Hardwood Flooring Market.
Which is the fastest growing region in Hardwood Flooring Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2023-2028).
Which region has the biggest share in Hardwood Flooring Market?
In 2023, the North America accounts for the largest market share in the Hardwood Flooring Market.
Hardwood Flooring Industry Report
Statistics for the 2023 Hardwood Flooring market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Hardwood Flooring analysis includes a market forecast outlook to for 2023 to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.