The global wood flooring market has been forecast to reach a total of 8.2 billion square feet by 2018, driven by an increase in residential construction activity, demand from the renovation market, and increasing urbanisation in emerging markets.
Despite accounting for a minor share in the overall flooring market, wood flooring remains a popular flooring option worldwide. The high cost associated with wood flooring has been a major hurdle to its widespread adoption.
Wood flooring is any product manufactured from timber that is designed for use as flooring, either structural or aesthetic. Wood is a common choice as a flooring material due to its environmental profile, durability, and restorability.
Demand for wood flooring depends heavily on construction activity, which has taken a severe hit due to the recent economic downturn. While demand recovered quickly in Asia-Pacific and other emerging markets, growth remains sluggish in most developed markets.
Demand in traditional markets for wood flooring such as the US and Europe remains subdued due to the impact of economic crisis in these markets. Following significant turbulence during the past few years, the US economy appears to be stabilising.
Manufactured floors/engineered flooring is growing in popularity in comparison to solid wood floors. Major factors driving growth in demand for engineered flooring include rising demand for flooring options that can be used in a wider range of applications.
Besides, environmentalists are encouraging reduction in the consumption of forest and plantation resources, which is possible with the use of engineered floors. Demand is also increasing for pre-finished wood flooring products that eliminate the need for scrapping and rubbing at the installation site. Most of these products are designed with a self-lock capability to avoid messy glues that take time to cure.
Asia-Pacific represents the largest as well as the fastest growing market for wood flooring worldwide. Major Asian manufacturers and consumers of wood flooring include China and South-East Asian countries.
For more information on the global wood flooring market, see the latest research: Wood Flooring Market Research
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