The global wood & laminate flooring market is expected to reach USD 92.64 billion by 2020. Technological advancements have led to the development of new innovative products and do-it-yourself (DIY) installation techniques, which has substantially widened the scope across residential as well as commercial flooring applications.
Increasing demand in the new construction and home improvement sectors is expected to be the key driving force for the wood & laminate flooring market over the forecast period.
The volatile prices of wood and other raw materials and the increasing costs of production are expected to challenge wood & laminate flooring industry growth over the forecast period.Stringent laws and regulations against deforestation by governments across the globe and the consequent need of imports of raw materials have shrunk manufacturers’ profits to a large extent. Increasing concern over environmental impact has considerably affected the wood & laminate flooring market.
Further key findings from the study suggest:
Engineered wooden floors have gained prominence over the last few years owing to favorable characteristics such as cost-effectiveness, exclusiveness, and dimensional stability. Solid wood constitutes a significant market share owing to its moderate price, albeit installation and finishing considerably increase the total time and cost requirements.
Although a vast majority of the market is comprised of hardwood species, softwood flooring is used in niche applications.
Wood & laminate flooring is primarily preferred in residential applications with residential replacement generating significant demand. Residential new construction and commercial sectors such as retail have increasingly adopted wood & laminate flooring solutions.
Owing to their ability to sustain high traffic, laminate flooring has witnessed a surge in demand from commercial sectors.
Increased demand from the BRIC countries (Brazil, Russia, India, and China) is expected to open up new avenues for wood & laminate flooring market growth over the forecast period. Changing lifestyles coupled with increasing construction activity in Asia Pacific are expected to propel market growth in the region.
Wood flooring demand in regions experiencing perennially cold climatic regions such as the U.S. and majority of the European countries is expected to be augmented as wood helps to maintain warmth.
Key wood & laminate flooring market players include Shaw Industries, Pergo, Mohawk Industries, Millstead, Mannington Mills, Interface, Bruce, and Armstrong. Emerging market players have innovated to make their presence felt in the industry.
Some of the recent trends include Smith & Fong Corporation’s side-ways flooring and Columbia Forest Products’ & Teragren’s PureBond technology flooring.
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The article Explore Global wood and laminate flooring market that is expected to reach USD 92.64 billion by 2020 is republished from limerick.expertsanding.ie