August 30, 2022 07:00 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, Aug. 30, 2022 (GLOBE NEWSWIRE) -- According to Fortune Business Insights™, the global wood flooring market growth is expected to showcase considerable growth by reaching USD 41,682.2 million by 2027. This is attributable to the increasing government support to promote wood products for construction activities and the surging demand for consumer-friendly building designs that propel the demand for advanced solutions globally. The report mentions that the market stood at USD 33,279.5 million in 2019 and is likely to exhibit a CAGR of 3.6% between 2020 and 2027.
Wood flooring is a type of flooring that uses wood to fulfill the consumer’s demand for aesthetics, comfort, and looks during the construction of buildings or home spaces. The growing demand for sustainability in the construction sector, while designing buildings is propelling the adoption for wood parquets across the globe.
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Companies present in the Wood Flooring Market. They are as follows:
Report Scope & Segmentation:
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What does the Report Include?
The market report includes a detailed assessment of various drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Additionally, the report provides comprehensive insights into the regional developments of the market, affecting its growth during the forecast period. It includes information sourced from the advice of expert professionals from the industry by our research analysts using several research methodologies. The competitive landscape offers further detailed insights into strategies such as product launches, partnership, merger and acquisition, and collaborations adopted by the companies to maintain market stronghold between 2020 and 2027.
Increasing Government Support to Promote Wooden Products to Surge Demand The extensive adoption of constructional products such as gravel, cement, steel, and plastic leads to environmental stress. The growing demand for the adoption of sustainable products is propelling the government to promote wood products that are natural and easily decomposable. This is expected to drive the demand for advanced wood flooring solutions across the globe. In addition to this, the adoption of consumer-friendly design that appeals aesthetically is anticipated to bode well for the growth of the global market in the forthcoming years.
Residential Segment to Hold Major Market Share The residential segment, based on application, is expected to showcase significant growth owing to the increasing demand for lumber-based wood flooring products for residential projects across the globe.
Key Players Focus on Partnerships to Expand Their Product Portfolio The global wood flooring market size is fragmented by the presence of major companies that focus on establishing partnerships to expand their wood flooring portfolio and gain a competitive edge over their rivals. The other key players are adopting strategies such as collaboration, the introduction of new products, and merger and acquisition that will contribute to the market growth in the forthcoming years.
Favorable Government Policies to Promote Wood Products in Asia-Pacific to Aid Growth Among all the regions, Asia-Pacific stood at USD 19,665.1 million in 2019 and is expected to hold the largest global wood flooring market share in terms of revenue in the forthcoming years. This is attributable to the favorable government policies that promote the adoption of wood as raw materials in the construction industry in the region.
The market in Europe is expected to experience a significant growth backed by the growing focus of companies to develop heat compatible wood flooring products in the region between 2020 and 2027.
January 2020 - Junckers Industrier A/S announced its association with Turkish Airlines EuroLeague Final Four by becoming its official partner. The company informs that according to the partnership it will provide A3 Premium Portable Sports Wood Flooring that is produced by using beech timber and has received a FIBA Level 1 approval.
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