The global wood and laminate flooring market is estimated at USD 64.8 Billion in 2022 and is forecast to surpass USD 111.6 Billion by 2032, growing at a CAGR of 5.6% during 2022-2032.
The global wood and laminate flooring market contributed by providing around ~19% of the total revenue generated by global flooring market in 2021. The wood and laminate flooring business is estimated to provide an absolute $ opportunity of USD 46.8 Billion during the assessment period of 2022-2032.
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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.
• 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.
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• 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.
• 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.
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.
• 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.
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• Tarkett, Mannington Mills Inc.
• Mohawk Group
• Abet Inc.
• Berkshire Hathaway Inc.
• Goodfellow Inc.
• Forbo Holding AG
• Armstrong Flooring
• Kronospan Limited
• Kahrs Holding AB
Global Wood and Laminate Flooring Market Segments
• By Product Type :
o Wood Flooring
o Laminate Flooring
• By End User :
• By Construction Activity :
o Repair & Rehabilitation
o New Construction
• By Region :
o North America
o Latin America
o East Asia
o South Asia & Oceania
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