Global Sales of Wood and Laminate Flooring Is Forecast To Surpass USD 111.6 Billion by 2032: Fact.MR Study

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.

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.

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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.

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.

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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

Global Wood and Laminate Flooring Market Segments

• By Product Type :
o Wood Flooring
o Laminate Flooring

• By End User :
o Residential
o Commercial
o Industrial

• By Construction Activity :
o Repair & Rehabilitation
o New Construction

• By Region :
o North America
o Latin America
o Europe
o East Asia
o South Asia & Oceania

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