Dublin, Aug. 01, 2023 (GLOBE NEWSWIRE) — The “North America Wood Flooring Market Size, Share & Trends Analysis Report By Product (Solid, Engineered), By Wood Type, By Application, By End-use, By Country, And Segment Forecasts, 2023 – 2030” report has been added to ResearchAndMarkets.com’s offering.
The North America wood flooring market size is expected to reach USD 8.95 billion by 2030, expanding at a CAGR of 2.4%
The North American market for wood flooring is experiencing significant growth, driven by various factors. One of the key drivers is the increasing demand for aesthetically superior and durable floor covering solutions, reflecting consumer trends in floor design.
The expansion of offices, workspaces, and improving consumer lifestyles due to rapid urbanization are also contributing to the market’s growth in the region. Furthermore, the continuous growth of high-end residential housing structures and the growing preference for single-family homes are fueling the demand for wood flooring in North America.
With consumers seeking innovative buildings with modern technologies, improved aesthetic appeal, and better energy efficiency, the demand for flooring products in residential construction is expected to rise. Additionally, the construction of green buildings is on the rise, driven by the growing awareness of energy efficiency and improved indoor air quality.
This trend is expected to positively impact the demand for wood flooring, which boasts low VOC emission properties, in North America’s sustainable building construction activities.
The residential application segment is expected to attract major demand for wood flooring in North America. The growth of residential construction is attributed to the growing population, rapid urbanization, and increasing rate of migration in various countries of North America such as the U.S. and Canada.
Furthermore, rising spending on renovation, repair, and interior, is further expected to propel the demand for wood flooring in residential applications in North America.
Companies including Mohawk, Armstrong, Shaw Floors, Mannington Mills, and Pergo are some of the key manufacturers of flooring solutions in the North American market. The manufacturing process starts with tree selection.
The wooden logs obtained from the trees are closely inspected for their knots and grain pattern to obtain an aesthetically superior end product. Generally, the logs with fewer knots and tight grain patterns are selected for the production process.
North America Wood Flooring Market Report Highlights
The maple wood type segment is expected to grow at a CAGR of 2.8%, based on volume, over the forecast period. Maple wood is widely used in flooring applications across North America owing to its minimal color variation and minimal grain pattern. Maple wood is highly scratch and dent resistant. As a result, it is highly suitable as a flooring material in high-footfall traffic areas such as theatres, gymnasiums, concert halls, indoor sporting arenas, and basketball courtsThe residential application segment is anticipated to grow at the highest CAGR of 2.6% during the forecast period. Growing employment rates, rising income levels, and easy availability of finance are some of the factors boosting the demand for residential structures, which in turn, is propelling the growth. Additionally, engineered wood flooring is increasingly replacing the traditional solid wood flooring in the residential sector owing to its cost-effective, ease of installation, and superior moisture resistance propertiesIn North America, Canada wood flooring market accounted for a volume of 24.9 million square meters in 2022. An increasing number of service providers in Canada is expected to propel the demand for office spaces, thereby, fueling commercial construction sector growth. The rise in commercial construction activities in key provinces of the country is expected to further boost the consumption of flooring products over the forecast period. Additionally, the restoration of its domestic manufacturing sector is further anticipated to be the key factor driving the growth of the construction industry in the countryThe North America wood flooring industry is dynamic and competitive in nature. Investments and regional expansion are the key strategies adopted by various players to strengthen their presence in the market. However, fluctuations in raw material prices are expected to emerge as a key concern for the market players operating in North America
Key Attributes:
Report AttributeDetailsNo. of Pages92Forecast Period2022 – 2030Estimated Market Value (USD) in 2022$7377.4 MillionForecasted Market Value (USD) by 2030$8950 MillionCompound Annual Growth Rate2.4%Regions CoveredNorth America
Market Dynamics
Market driver analysis
Growth of the construction industryRising demand for aesthetically pleasing, durable products
Market restraint analysis
Threat of low-cost substitutes
Business Environment Analysis
Porter’s AnalysisPESTEL Analysis
Consumption Patterns Prevailing Among Buyers
Company Profiles
Mohawk Industries, Inc.Shaw Industries Group, Inc.Mannington Mills, Inc.PergoFlooring InnovationsEGGER GroupGoodfellow, Inc.Home Legend, LLCDuChateauProvenza Floors, Inc.Bruce Evans Flooring, LLCSomerset Hardwood Flooring, Inc.Launstein Hardwood FloorsQ.E.P. Co., Inc.
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North American Wood Flooring Market
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Publish date : 2023-08-01 03:00:00
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