The global Wood Flooring market is projected to reach 8.2 billion square feet by 2018, driven by increase in residential construction activity, demand from renovation market, and increasing urbanization in emerging markets.
Despite accounting for a minor share in the overall flooring market, wood flooring remains a popular flooring option worldwide. High cost associated with wood flooring has been a major hurdle to its widespread adoption. Demand for wood flooring depends heavily on construction activity, which has a taken a severe hit due to the recent economic downturn. The global market for wood flooring witnessed significant declines during the recession-hit years. 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, US economy appears to be stabilizing. The stable economy augurs well for the growth of the wood flooring market. As such, the market witnessed a recovery in 2010, driven primarily by replacement demand. Meanwhile, the European market has been witnessing mixed fortunes, with some markets registering growth while others reeling under tough economic conditions.
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. Wood flooring is witnessing significant competition from laminate flooring. However, much of the impact of growth in popularity of laminate has been on mosaic wood flooring.
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. China represents the largest as well as the fastest growing market for wood flooring in Asia-Pacific.
For more information on the global wood flooring market, see the latest research: Wood Flooring Market Research
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