Increasing consumer awareness and preference for eco-friendly and sustainable flooring products, innovations in manufacturing technology, such as digital printing and improved embossing techniques, and the ongoing growth in residential and commercial construction drive the market growth.
WILMINGTON, Del., Aug. 7, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Flooring Wood Panels Market by Panel Type (Solid Wood and Engineered Wood), End User (Residential and Non-Residential): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the flooring wood panels market [https://www.alliedmarketresearch.com/flooring-wood-panels-market-A10396] was valued at $72.5 billion in 2023, and is estimated to reach $114.8 billion by 2033, growing at a CAGR of 4.7% from 2024 to 2033.
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Prime determinants of growth
Increasing consumer awareness and preference for eco-friendly and sustainable flooring products, innovations in manufacturing technology, such as digital printing and improved embossing techniques, and the ongoing growth in residential and commercial construction drive the market growth. However, fluctuations in the cost of raw materials, such as timber, can significantly impact the pricing of wood flooring products. On the other hand, emerging markets, particularly in Asia-Pacific and Latin America, present significant growth opportunities due to rapid urbanization and increasing disposable incomes.
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Report coverage & details:
Report Coverage Details Forecast Period 2024-2033 Base Year 2023 Market Size in 2023 $72.5 billion Market Size in 2033 $114.8 billion CAGR 4.7 % No. of Pages in Report 207 Segments Covered Panel Type, End User, and Region. Drivers -- Increasing consumer awareness and preference for eco-friendly and sustainable flooring products -- Innovations in manufacturing technology, such as digital printing and improved embossing techniques -- Ongoing growth in residential and commercial construction Opportunities -- Emerging markets, particularly in Asia-Pacific and Latin America, present significant growth opportunities due to rapid urbanization and increasing disposable incomes. Restraint -- Fluctuations in the cost of raw materials, such as timber, can significantly impact the pricing of wood flooring products.
Segmental Overview
By panel type, the engineered wood segment held the highest market share in the flooring wood panel market in 2023. The flexibility, ease of installation, and lower cost of engineered wood have made it more popular among a broad range of consumers, from homeowners to commercial property developers. This has led to a larger market share for engineered wood flooring in recent years . However, the solid wood segment is expected to grow at the highest CAGR during the forecast period. Solid wood is popular, particularly in the luxury segment and among purists who prefer traditional hardwood.
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By end user, the residential segment held the highest market share in terms of revenue in 2023. The continuous demand for home improvement, coupled with the construction of new residential buildings, ensures that the residential sector remains the dominant market for wood flooring. This sector benefits from consumer trends towards DIY projects, aesthetic upgrades, and the overall higher volume of residential spaces requiring flooring. On the other hand, the non-residential segment is also expected to grow at the higher CAGR. Its demand for wood flooring is more variable and often supplemented by other flooring types suitable for high-traffic and specialized environments.
Asia-Pacific to maintain its dominance by 2033
Asia-Pacific is expected to maintain its dominance in the flooring wood panel market by 2033. The Asia-Pacific region is experiencing unprecedented urbanization, with countries like China, India, and Southeast Asian nations expanding their urban infrastructure rapidly. This urban growth fuels demand for residential and commercial buildings, consequently driving the need for flooring wood panels.
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Players
-- Mohawk Industries, Inc.
-- Armstrong Flooring, Inc.
-- Kährs Group
-- Bona AB
-- Tarkett
-- Gerflor
-- Barlinek Group
-- Mannington Mills, Inc.
-- Junckers Industrier A/S
-- Nature Home Holding Company Limited
The report provides a detailed analysis of these key players in the global flooring wood panel market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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