Trusted Business Insights presents the Latest Study on North America Wood Flooring Market 2019-2025. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Abstract, Snapshot, Market Analysis & Market Definition: North America Wood Flooring Market
The North America wood flooring market size was estimated at USD 4.09 billion in 2017. It is anticipated to register a CAGR of 5.1% over the forecast period. Advantages of wood flooring over traditional building materials, such as concrete, owing to reduced carbon dioxide emissions and fossil fuel consumption have kept their demand high in the region.
Booming residential construction industry in the U.S., owing to increasing number of apartment buildings and single-family houses post-recession, is projected to boost product demand. Furthermore, improvements in the tourism sector of Canada, on account of rising number of travel visits by U.S. citizens, is poised to promote the adoption of wooding flooring in hospitality & leisure, thereby driving the market.
Rising importance of maintaining good hygiene and aesthetics flooring in hospitals and clinical institutes in order to reduce the impact of external or microbial contamination is likely to promote the usage of the product as a durable material over the forecast period. Furthermore, increasing importance of wood-plastic composites as lightweight product in the U.S. flooring industry is expected to escalate the growth of the market.
Development of green buildings is estimated to be one of the key trends of the commercial flooring materials market. In addition, sustainable building construction is anticipated to provide scope for the installation of lightweight materials such as hardwood and engineered wood that have good thermal insulation, emit low VOC content, and provide acoustic comfort.
Expansion of ultramodern workspaces and offices, coupled with evolving consumer lifestyles and rapid urbanization, are stimulating the growth of the market. Excellent insulation properties of fiberglass, owing to presence of reinforced materials, is projected to stir up their demand over the forecast period, thereby inhibiting the growth of the market.
Changing consumer preferences, coupled with increased options for decorative floors in commercial buildings such as offices and business centers, are poised to encourage the growth of various wood floor coverings over the forecast period. However, strong market presence of vinyl sheets and carpets as decorative flooring products in the U.S. is likely to adversely affect the adoption of products over the projected period.
Market Segmentation, Outlook & Viewpoint: North America Wood Flooring Market
Product Market Segmentation & Outlook (Volume, Million Square Meters; Revenue, USD Million, 2014 – 2025)
Application Market Segmentation & Outlook (Volume, Million Square Meters; Revenue, USD Million, 2014 – 2025)
Leisure & Hospitality
End-use Market Segmentation & Outlook (Volume, Million Square Meters; Revenue, USD Million, 2014 – 2025)
Repair & Maintenance
Key Players, Recent Developments & Regional Insights: North America Wood Flooring Market
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Engineered wood, also known as composite wood, consists of a variety of products manufactured by fibers, binding particles, veneers, and wood strands together with adhesives to form composite materials. They are modeled to supreme design requirements as per specifications of end users or clients and are tested in order to meet international and national standards.
Solid wood is a common choice for flooring on account of environmental profile, restorability, and durability associated with it. Hardwood flooring is a product manufactured from deciduous trees and broadleaf evergreen trees. It is designed for flooring applications. White oak and red oak floorings accounted for a cumulative share of just over 70.0% of the total revenue in 2017 owing to dynamic applicability and high durability of the products.
White oak hardwood flooring is more water resistant as compared to other product types, making it a good option for use in kitchens along with entryways, dining rooms, and bedrooms. Furthermore, these products are available in a smooth and homogenous texture, thereby aiding in increasing their market share in the North America market over the forecast period.
The ability of red oak products to provide polished surface along with protection against stains is expected to fuel its demand over the same period. In addition, introduction of new designs with excellent decorative features in red oak products is estimated to shape the future of the market.
The demand for wood flooring in new construction is anticipated to witness a CAGR of 5.5% in terms of value from 2018 to 2025 on account of rising construction activities in the region. Increasing building construction expenditures along with growing per capita incomes are projected to augment the demand for the product in the region for new building construction.
Rising middle-class population in Mexico is poised to escalate the demand for shops, offices, factories, and homes, thereby benefitting the growth of the construction industry. Increasing penetration of wood flooring in the construction of new structures, owing to its properties such as high durability, wear resistance, and less installation time, is likely to drive the demand for wooden floorings in the new construction segment at a CAGR of 6.8% during the forecast period.
The construction industry in Canada is expected to expand primarily due to rising population, urbanization, and increased immigration rate. Increasing number of service providing firms in the country are estimated to bolster the establishment of offices, thereby supporting commercial construction. Flourishing construction industry in the country is anticipated to propel the North America wood flooring market.
Shifting consumer trends towards aesthetic interiors for existing residential structures in the region are projected to spur the demand for wood flooring coverings in repair & maintenance of construction over the forecast period. In addition, increasing safety standards by EPA in the industrial sector are poised to contribute to the growth of the repair and maintenance segment.
The product is increasingly finding applications in schools and educational institutes on account of rising importance of providing hygienic atmosphere to students through the usage of floor covering with excellent properties including stain resistance, easy maintenance, and bacteria resistance.
Population growth, rising disposable income, and growing urbanization in Mexico are anticipated to contribute majorly to increasing number of supermarkets and wholesale-retail outlets. Rising importance of durable flooring in mass merchant shops, grocery stores, hospitals, and restaurants in the U.S., on account of extensive brand campaigns in electronics media and e-commerce portals, can boost the demand for the product in the retail sector.
Strong foothold of corporate offices in the U.S., owing to availability of skilled labor coupled with high penetration of strategic business units in sectors including information technology, automotive, and oil & gas industries, is likely to work in favor of the overall market.
Public buildings are expected to post a CAGR of 5.0% in terms of value from 2018 to 2025 owing to increased use of broadloom and carpets as decorative materials in corporate offices and government places. However, innovation in carpet designs by flooring companies is estimated to hamper growth prospects.
Favorable government policies in Mexico, including National Infrastructural Plan (NIP) for infrastructure improvement, are anticipated to stoke the growth of the market over the forecast period. In addition, flourishing automotive industry in Mexico is projected to fuel the demand for wood floorings in manufacturing facilities and commercial offices over the coming years.
Surging demand for luxury furniture in hotels and home furnishing sectors in Canada, on account of increasing number of advertisements and discount offers by e-commerce portals is expected to boost the consumption of engineered wood fortified with plastics composites. In addition, increasing availability of white oak flooring products in variants of grey color in Canada through advertisements in electronic media and e-commerce portals is poised to spur market growth.
The demand for wood flooring in new construction segment in Canada is likely to exhibit a CAGR of 5.1% in terms of revenue during the forecast period. The growth can be attributed to rising number of processing facilities for convenience foods including frozen baked goods, amid burgeoning domestic sales. Furthermore, high popularity of sports activities, such as ice hockey, in the country is expected to augment the penetration of stadiums, thereby boosting product demand in the leisure & hospitality industry.
Improvements in the U.S. economy, post great recession of 2008, coupled with expansion of the automotive and oil & gas sectors are estimated to increase the number of commercial and residential buildings, which in turn can foster the growth of the market in North America.
North America Wood Flooring Market Share Insights
The key players involved in the market include Armstrong Flooring Inc.; Shaw Industries; Mohawk; and Mannington Mills. These key manufacturers are adopting various growth strategies to keep up with rising demand from various end-use applications. Furthermore, companies are focusing on forward integration in value chain to expand their reach.
Manufacturers in the industry are focused on achieving strong market position and optimum business growth through implementation of various strategies such as collaborations, acquisitions, and strengthening of distribution network across the region. In addition, emerging and existing application scenarios are anticipated to provide promising opportunities for companies operating in the market.
Key Insights Covered: North America Wood Flooring Market
1. North America, Europe, Asia Pacific, Middle East & Africa, Latin America market size (sales, revenue and growth rate) of North America Wood Flooring industry.
2. major manufacturers’ operating situation (sales, revenue, growth rate and gross margin) of North America Wood Flooring industry.
3. major countries (United States, Canada, Germany, France, UK, Italy, Russia, Spain, China, Japan, Korea, India, Australia, New Zealand, Southeast Asia, Middle East, Africa, Mexico, Brazil, C. America, Chile, Peru, Colombia) market size (sales, revenue and growth rate) of North America Wood Flooring industry.
4. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of North America Wood Flooring industry.
5. market size (sales, revenue) forecast by regions and countries from 2019 to 2024 of North America Wood Flooring industry.
Research Methodology: North America Wood Flooring Market
- Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
- Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
- Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among other
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