South Asia & Oceania to Spearhead Sales in Wood and Laminate Flooring Market, Registering 5.3% CAGR through 2032
An exhaustive study on wood and laminate flooring market by the Fact.MR provides insights into governing factors facilitating the growth in the market. It also examines growth prospects in the market across various segments in terms product type, construction activity, and end user. The report also forecast the scope for expansion in developed and developing markets through 2032.
NEW YORK, March 2, 2022 /PRNewswire/ -- The global wood and laminate flooring market is projected to exceed US$ 111.6 Bn by the end of 2032. Growth in the market is underpinned by increasing applications of wood and laminate flooring in business and construction industry.
As the trend of urbanization continues to create deeper inroads, a significant rise in building and construction activities are being witnessed, especially across China, India, and Australia.
For instance, according to the India Brand Equity Foundation, the Indian Government plans to construct more than 100 smart cities across the country. The government also announced the allocation of US$ 868 Mn under its Smart City Mission for 2021-22. A multiplicity of such initiatives are projected to augment the growth in the market.
Driven by this, the sales in the global wood and laminate flooring market are estimated to total US$ 64.8 Bn by 2022, exhibiting growth at a CAGR of 5.6% over the forecast period (2022-2032).
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According to the study, sales of wood and laminate flooring are estimated to rise by 1.73X between 2022 and 2032. Increasing customer preference towards enhancing home aesthetics and growing inclination towards adopting wood-based products will augment the demand in the market.
Also, rising introduction of novel laminates and engineered wood floors providing sophisticated appearance and similar looks as natural solid timber floors are expected to elevate the sales.
Regionally, South Asia & Oceania is expected to emerge as a highly remunerative wood and laminate flooring market. Increasing resorting & rehabilitation activities of older infrastructures and presence of strong supply chain network for wood-based products is augmenting growth in the region.
Report Attributes | Details |
Base Year Value (2021A) | US$ 64.2 Billion |
Estimated Year Value (2022E) | US$ 64.8 Billion |
Projected Year Value (2032F) | US$ 111.6 Billion |
Global Growth Rate (2022-2032) | CAGR 5.6% |
Key Takeaways:
- The U.S is expected to account for a dominant share in North America market, owing to the increasing application in construction industry.
- Japan is estimated to register robust growth in East Asia market, exhibiting growth at 6.3% CAGR over the assessment period.
- India wood and laminate flooring market is projected to create an incremental opportunity of US$ 10.5 Bn by 2032, expanding at 5.5% CAGR between 2022 and 2032.
- On the basis of product type, the laminate flooring segment is forecast to expand at a CAGR of 5.6% through 2032.
- In terms of end user, the residential segment is anticipated to account for nearly 1/3rd of the global sales during the forecast period.
Growth Drivers:
- Growing advancements in printing and designing technologies have assisted in making laminated floors look more realistic, which is in turn, favoring the sales across the laminate flooring segment.
- Increasing government emphasis on constructing hotels, restaurants, and corporate offices for development of commercial and tourism sectors is estimated to propel the demand in the market.
Key Restraints:
- Growing environmental concerns pertaining to volatile organic compound (VOC) emission during lamination flooring operations are hampering the growth in the market.
- Implementation of stringent regulations regarding deforestation across North America, Europe, and East Asia is expected to impede the growth in the market.
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Competitive Landscape:
Leading players in the wood and laminate flooring market are focusing on developing and launching novel products to expand their product portfolio and gain competitive edge.
For instance,
- In April 2021, Span Floors, an Indian designer wooden flooring announced its new exquisite collection of 3-in-1 laminate flooring. The floorings offers high-quality real wood look and feel and are made in a state-of-the-art plant in Europe. This will assist the company to strengthen its footprint in the market.
Key Companies
- Tarkett, Mannington Mills Inc.
- Mohawk Group
- Abet Inc.
- Berkshire Hathaway Inc.
- Goodfellow Inc.
- Forbo Holding AG
- Armstrong Flooring
- Kronospan Limited
- Kahrs Holding AB
- Bauwerk-Boen
More valuable Insights on Wood and Laminate Flooring market
Fact.MR, in its report, offers a market analysis on the global wood and laminate flooring market, providing compelling insights concerning major growth dynamics, including drivers, trends, and opportunities for the forthcoming decade. This survey reveals the growth of technology in the wood and laminate flooring market with detailed segmentation on the basis of:
- By Product Type:
- Wood Flooring
- Laminate Flooring
- By Construction Activity:
- Repair & Rehabilitation
- New Construction
- By End User:
- Residential
- Commercial
- Industrial
- By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
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Key Questions Covered in the Wood and Laminate Flooring Market Report
- What will be the global wood and laminate flooring market outlook?
- What is the demand outlook for wood and laminate flooring market during the forecast period?
- What was the CAGR for the wood and laminate flooring market between 2017 and 2021?
- Who are the prominent players in the global wood and laminate flooring market?
- Which is the most lucrative region in the wood and laminate flooring market?
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