Wood Flooring Market: Key Highlights
·
The
global wood flooring market was valued
at ~ US$ 73.4 Bn in 2018, and is anticipated to expand at a
CAGR of ~ 6% during the forecast period.
·
The
global wood flooring market is driven by the rise in the demand for home in
residential applications.
·
Europe
accounts for a prominent share of the global wood flooring market, led by an
increase in the demand for residential housing in the region, which is
supported by government schemes.
Residential Sector to Offer Attractive
Opportunities
·
In terms
of demand, the residential segment dominated the global wood flooring market.
This trend is likely to continue during the forecast period too. Wood flooring
is largely used in the residential sector to enhance aesthetic appeal. Wood
flooring offers a rich look to the home interiors.
·
Wood
flooring is made from organic material. It is non-electromagnetic in nature;
therefore, it attracts less dust. Hence, wood flooring is widely used in
residences for the safety of infants and children, and can last a lifetime.
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Risk of Substitution Coupled with Potential Health
Hazards to Hamper Market
·
The
availability of various substitutes such as ceramic tiles, carpets and rugs,
laminates, and cork flooring for wood flooring products is expected to act as a
major restraining factor for the global wood flooring market during the
forecast period. Costs involved in the production of wood flooring are higher
than those of other types of flooring. This is expected to hamper the demand
for wood flooring in the near future.
·
Substitutes
for wood flooring include:
o
Luxury
Vinyl Plank Flooring: Currently, this is one of the most innovative flooring
products available in the marketplace. Luxury vinyl planks look and feel
similar to real hardwood, but are waterproof. Hence, these are suitable for use
in areas that have moisture areas, such as kitchens, basements, and powder
rooms.
o
Wood-look
Tiles: These tiles are widely used in kitchens, entryways, mudrooms, bathrooms,
and basements. They are especially popular in countries with warm climates, as
they keep the spaces cooler. However, in cold climate, they can be cold for the
feet. Hence, these tiles are usually installed in smaller areas or over radiant
heat.
o
Laminate
Flooring: Laminate floors are less expensive than hardwood. Laminates can be
installed easily on the top of tile or concrete flooring.
o
Bamboo
Flooring: Bamboo flooring is an alternative for hardwood flooring. It is often
misclassified as hardwood, but bamboo is actually a type of grass. Bamboo
flooring is less expensive than solid hardwood. It is engineered and glued
together. Due to this, it acts similar to engineered wood, and can be glued
directly to concrete floors, which makes it highly versatile.
o
Cork
Flooring: Cork flooring has excellent insulation and sound absorption
properties, and it is also eco-friendly.
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Europe a Prominent Wood Flooring Market
·
In terms
of both, value and volume, Europe held a substantial share of the global wood
flooring market in 2018. The region is likely to maintain its dominance during
the forecast period. The housing industry has important macroeconomic and
macro-prudential implications for the European economy. The growing residential
sector in the region is expected to drive the wood flooring market in Europe
during the forecast period.
·
In
Germany, construction volume has risen by almost 9% since 2014. Wood flooring
is preferred in Europe. Additionally, increase in construction activities in
the region is likely to drive the wood flooring market in Europe.
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Top Five Players Accounted for ~ 50% Market Share
in 2018
The global wood flooring market is dominated by a few large and medium
players that operate across the globe. The top five players are Mohawk
Industries, Inc. Shaw Industries Group, Inc., Tarkett Group, Kährs Holding AB
(publ), and Armstrong Flooring, Inc.
Tarkett S.A. held a leading share of the global wood flooring market in
2018. The company provides more than 50 types of wood flooring products, and
its offices and manufacturing sites are located in almost every region across
the globe. It has one of the broadest portfolios of flooring products, which
comprises resilience carpets, rubber products, vinyl & linoleum products,
and wood & laminate products.
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Tarkett Group focuses on increasing productivity through its novel
manufacturing processes. The company constantly invests in R&D activities
to enhance customer experience through new products and services. It is
constantly strengthening its position in the market through accretive
acquisitions. For instance,
·
In February 2017, Tarkett Group acquired the assets of AlternaScapes, a North
America-based distributor and installer of landscape turf, through its EasyTurf
subsidiary. The acquisition of AlternaScapes’ assets has expanded EasyTurf’s
presence in Florida, and increased its installation capabilities.
·
In January 2015, Tarkett Group acquired Desso, a leading manufacturer of carpets and
designer of sports fields, based in the Netherlands, to expand its product
portfolio and increase its sales in Europe and the Middle East &
Africa.
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