Global Wood and Laminate Flooring Market

Wood and Laminate Flooring Market Size, Share, Growth Analysis, By Product(Wood Flooring, Laminate Flooring.), By Application(Residential, Commercial, and Industrial), By Region - Industry Forecast 2024-2031

Report ID: SQMIG20B2039 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 62 | Figures: 75

Wood and Laminate Flooring Market Dynamics

Drivers

Aesthetics and Versatility:

Consumers looking for attractive and affordable flooring solutions opted for laminate flooring which could copy the look of wood flooring. Wood flooring, in turn, was widely popular for its aesthetically elegant and timeless look. This market catered to both these different consumer tastes, driving market growth.

Renovation and Construction Activities:

The demand for wood and laminate flooring can be credited to the increase in new construction projects and remodeling activities that spanned across residential and commercial sectors.

Restraints

Maintenance Challenges:

The regular upkeep and refinishing of wood flooring incurred a hefty bill on the part of consumers. So despite their supposed convenient maintenance, this financial burden might inhibit market growth.

Price Sensitivity:

Laminate flooring may be affordable, but genuine wood flooring can be quite costly, which could potentially reduce its adoption rate among budget-conscious and financially-restrained consumers.

Wood and Laminate Flooring Market Report Snapshots

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Wood and Laminate Flooring Market size was valued at USD 60.99 billion in 2022 and is poised to grow from USD 64.53 billion in 2023 to USD 101.31 billion by 2031, growing at a CAGR of 5.8% in the forecast period (2024-2031).

A diverse blend of regional players, innovative new entrants, and renowned players make up the competitive landscape of the wood and laminate flooring market. Key leaders, like Shaw Industries Group, Mohawk Industries, and Tarkett Group, dominated the market, thanks to their diverse and expansive product portfolios and widespread reach. These industry giants offered a wide range of flooring options, from hardwood and engineered wood to laminate, catering to diverse consumer preferences. 'Mohawk Industries, Inc.', 'Shaw Industries Group, Inc.', 'Pergo (a brand of Mohawk Industries)', 'Mannington Mills, Inc.', 'Kaindl Flooring', 'Armstrong World Industries, Inc.', 'Tarkett Group', 'Beaulieu International Group', 'Somerset Hardwood Flooring', 'Goodfellow Inc.', 'Anderson Tuftex (a brand of Shaw Industries Group)', 'Quick-Step (a brand of UNILIN, a Mohawk Industries company)', 'Nature Home Holding Company Limited', 'Kronospan', 'USFloors (a subsidiary of Shaw Industries Group)', 'Faus Group (a brand of Kronospan)', 'Kahrs Group', 'Power Dekor Group Co., Ltd.', 'Formica Group', 'ELESGO (a brand of Kronospan)'

Consumers looking for attractive and affordable flooring solutions opted for laminate flooring which could copy the look of wood flooring. Wood flooring, in turn, was widely popular for its aesthetically elegant and timeless look. This market catered to both these different consumer tastes, driving market growth.

Sustainability and Eco-Friendly Materials: The globe has been affected by the climbing environmental concerns and the awareness of the situation. This has led to consumers demanding flooring made of sustainable materials. Following the change in preferences, wood and laminate floor makers are making changes in their process. They are using responsible and eco-friendly managed forests to source wood. In the case of laminate flooring, they are utilizing recycled materials in production.

North America sits at the top of the wood and laminate flooring market, with the United States contributing greatly to the production and adoption of these products. The thriving construction industry of the U.S., along with its favoritism towards wooden flooring, particularly in residential spaces, has driven market growth in this region. Additionally, the commercial field in the United States, that encompasses retail stores and offices, drove considerable demand for both wood and laminate flooring, helping it maintain market dominance.

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Wood and Laminate Flooring Market Size, Share, Growth Analysis, By Product(Wood Flooring, Laminate Flooring.), By Application(Residential, Commercial, and Industrial), By Region - Industry Forecast 2024-2031

Wood and Laminate Flooring Market Dynamics

Wood and Laminate Flooring Market Report Snapshots

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