USD 60.99 billion
Global Wood and Laminate Flooring Market Size, Share, Growth Analysis, By Product(Wood Flooring, Laminate Flooring.), By Application(Residential, Commercial) - Industry Forecast 2024-2031
Report ID:
SQMIG20B2039 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
62 |
Figures:
75
Global Wood and Laminate Flooring Market Insights
Global 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).
The construction and interior design industry houses a thriving segment, the global wood and laminate flooring market, which is a robust and expanding category. Wood flooring, known for its perpetual elegance and natural appeal, coexists in the market alongside laminate flooring, known for its longevity and affordability.
This market has experienced steady growth, driven by various factors like the growing demand for sustainable and visually attractive flooring options. Consumers who want to invest in luxury while minimizing environmental impacts, opt for Wood flooring. Additionally, laminate flooring is a preferred choice among residential and commercial clients due to its cost-friendly and versatile nature.
The boosted demand for these flooring products can be attributed to increase in renovation budgets and the construction industry's expansion. Moreover, customers now have access to a diverse range of styles, finishes, and textures, thanks to advancements in manufacturing techniques which have made a variety of available products with improved quality.
Aligning themselves to the global trend of sustainability, consumers are choosing wood flooring that is manufactured from responsibly managed forests and laminate flooring that utilizes recycled materials. The low cost of maintenance and ease of installation have made laminate flooring quite popular among consumers.
However, competition from alternative flooring materials and the limited availability of quality wood resources can inhibit market growth. Still, the wood and laminate flooring market stays on the positive side of the global market, with innovations in sustainability, design, and performance driving further growth.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Laminate Flooring
Fastest Growth
Wood Flooring
Growth Rate
5.8% CAGR
Global Wood and Laminate Flooring Market ($ Bn)
Country Share for North America Region (%)
Global Wood and Laminate Flooring Market By Product ($ Bn)
Global Wood and Laminate Flooring Market By Product (%)
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Global Wood and Laminate Flooring Market Segmental Analysis
Based on Product the market is segmented as, Wood Flooring, Laminate Flooring. Based on Application the market is segmented as, Residential, Commercial, and Industrial. Regional the market is segmented as, North America, Asia Pacific, Latin America, and Middle East & Africa (MEA).
Analysis By Product
Laminate Flooring is the dominant product category in the market, thanks to its longevity, affordability, and versatility. Laminate flooring offers a range of benefits, including resistance to wear, moisture, and stains, and is a cost-effective alternative to wood flooring, driving its growth. Residential and commercial spaces are appealed by laminate flooring’s low maintenance, wide range of design options, and easy installation
However, in recent years, the Wood Flooring segment has taken the title of the fastest-growing market segment. This segment’s rapid growth can be attributed to rising consumer preference for natural and timeless beauty of genuine wood. A sense of warmth and luxury exudes from choosing wood flooring in interior design. The growing global focus on green and ecologically sound materials has surged the demand for wood flooring that is obtained from responsibly managed forests. As a result, particularly in high-end residential and premium commercial spaces, wood flooring has gone through a period of rapid growth.
Analysis By Application
The residential sector has long dominated the wood and laminate flooring market. Households and interior designers prefer these flooring options as a result of their warm and inviting aesthetics, variety of finishes, and natural appeal. In order to add elegance into their living areas, consumers sought wood flooring, particularly to furnish bedrooms, living rooms, and hallways. New construction activities and a heightened increase in remodeling projects drove the residential segment.
The commercial application segment was experiencing rapid growth in the market. Commercial spaces like retail stores, offices, and hospitality sectors were turning to wood and laminate flooring for their durability, convenient maintenance, and cost-friendliness. With its ability to give off wood's appearance, laminate flooring was widely appealing to commercial clients that sought aesthetics coupled with budget considerations.
Global Wood and Laminate Flooring Market By Product, 2023 (%)
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Global Wood and Laminate Flooring Market Regional Insights
North America sits at the top of the global 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.
Europe emerged as the second-largest market region, with Germany standing as the leading regional contributor. Germany established itself as a key player in the wood and laminate flooring market due to its strong commitment to sustainable construction practices and robust economy. Consumers in the European market preferred eco-friendly flooring options with superior quality. Germany, known for its innovative flooring creators that catered to these preferences, drove regional growth.
Global Wood and Laminate Flooring Market By Region, 2024-2031
- Largest
- Fastest
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Global 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.
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Global Wood and Laminate Flooring Market Competitive Landscape
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 global leaders, like Shaw Industries Group, Mohawk Industries, and Tarkett Group, dominated the market, thanks to their diverse and expansive product portfolios and widespread global reach. These industry giants offered a wide range of flooring options, from hardwood and engineered wood to laminate, catering to diverse consumer preferences.
Top Player’s Company Profile
- 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)
Recent Developments
-
In January 2023, Tarkett, a renowned French multinational corporation specializing in floor and wall coverings, unveiled its latest innovation: the Aqua+ water-resistant laminate flooring line. These new clothes are made of the latest technology thus they are water-resistant. Having such a characteristic, Aqua+ is an ideal flooring material to use in places with a high level of humidity, like kitchens and bathrooms.
-
In March 2023, Armstrong Flooring, a prominent manufacturer of exceptional flooring solutions for both residential and commercial needs, announced the upcoming introduction of its luxe vinyl flooring collection. This range dubbed Impressions covers the whole variety of flooring types: very realistic wood designs as well as stylish stone looks. The focus of Impressions will be on premium commercial and residential spaces, and it is likely to make a substantial difference in the market for flooring.
-
In February 2023, Mohawk Industries, a well-known American flooring manufacturer that operates in both the residential and commercial sectors, finalized an acquisition by buying Mannington Mills, a leading firm globally in fine residential and commercial flooring. Such a strategic move is expected to strengthen Mohawk's position in the flooring manufacturing on a global scale, and it will help the company to stay a major player on the market.
Global Wood and Laminate Flooring Key Market Trends
- 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.
- Luxury Vinyl Plank (LVP) Competition: There is a new product in the market which has transformed the wood and laminate flooring industry. The new innovation presents the luxury vinyl plank flooring. This is flooring material which mimics the look of wood while giving a better feel than laminate flooring. This product has emerged as a worthwhile competitor to traditional laminate and wood flooring. This is because it offers the same look and feel while offering water resistance and durability, as well as being easy on the wallets of consumers.
Global Wood and Laminate Flooring Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Component types team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to SkyQuest’s analysis, the global market for wood and laminate flooring will keep growing in coming years. It will continue serving a wide range of regional and consumer preferences. From the data acquired from 2021 insights, the regions that have made the largest contribution to the market are North America, Europe, and Asia-Pacific.
North America’s thriving residential sector boosted the demand for hardwood flooring. This is because the residential settings there favored the material for its timeless look. Germany led the European market. The country showed signs of requiring both types of products from the market. Conventional wood flooring for its warm finish and affordable laminates for its use of sustainable materials due to rising concerns about the environment. The APAC region was led by China. The regions had a high demand for strong and cost-effective laminates. The bulk of this demand came from the region’s commercial areas.
The market offers products like engineered wood and traditional hardwood, along with versatile laminate flooring. The two categories that lead the end-user segments in the market are the commercial and residential sectors. The continued market growth and expansion has been driven by several factors. One of them is the surge in remodeling and construction projects. Others include the rising demand for sustainable flooring options which are also pleasant to look at and the requirement for durable material which require less upkeep. Some regions and segments desired traditional wood for their all-time appeal. Some favored laminates for their adaptability and cost-effectiveness. Both have led to the market’s ongoing growth, which will continue in the future.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 60.99 billion |
| Market size value in 2031 | USD 101.31 billion |
| Growth Rate | 5.8% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Wood and Laminate Flooring Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Wood and Laminate Flooring Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Wood and Laminate Flooring Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Wood and Laminate Flooring Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Wood and Laminate Flooring Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Wood and Laminate Flooring Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Wood and Laminate Flooring Market Report Snapshots
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