Wooden Floor Market growth
Wooden floors are natural hardwood from birch, maple, oak, and teak trees. It is in higher demand due to its durability and longevity. The wooden floors are maintained easily without the need for any advanced tools. The core can absorbs liquids and spills and prevents dirt from liquids and spills from getting into the wood texture. The wooden planks are easily accessible to more homeowners. The convenient and easy installation of wooden floors is chiefly driving the Wooden Floor Market globally.
The increased rate of the home renovation along with higher disposable income is a key driver of the market. The rise in construction and non-construction activities in both developed and developing countries is propelling the Wooden Floor Market demand.
The importance and inclination toward using eco-friendly materials are estimated to drive the wooden flooring market. The support from the government for the usage of decomposable and natural products for the construction of buildings and renovation activities is accelerating the market’s growth. The industrial players are adopting strategies like mergers and acquisitions, collaborations, partnerships, and joint ventures, which will lead to sustainable business and will gain a superior position in the competitive world.
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Market Segments
The Wooden Floor Market is segmented into type, application, and end-user.
The type fragment of the market is segregated into Hardwood floor, Engineered floor, Bamboo floor, Laminate floor, and Others.
The hardwood flooring sub-holds the largest wooden floor market share. Many construction companies use hardwood flooring.
The application section of the market is further divided into Floor, Walling, Railing, and Others.
The end-users fragment is further divided into Residential and Non-residential.
The residential sub-segment will occupy the greatest market share. It will also cover the highest growth rate in the forecast period.
Regional Analysis
The Wooden Floor Market is showing its growth in major regions around the world, such as the North American region, European Union, Asia-Pacific region, and other regions.
The North American region occupies the highest market share. The region is followed by European Union, which holds the second-largest share value. The Asia-Pacific region is in third place respectively.
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Due to cost-effective measures, the North American region is receiving higher demand for flooring products. The US is the greatest consumer of wooden flooring in the North American region.
The European Union is significantly growing due to the rise in the number of repair and reconstruction projects in this region. The Asia-Pacific region is propelling due to the massive construction of residential and commercial buildings and infrastructure projects.
The rest of the world regions are showing significant growth in the forecast period. The Middle East is showing the highest growth in the market. Changes in lifestyles and new construction projects integrated with renovation accelerate the regional market.
Industry News
In May 2022, Local studio Mesh Architectures completed Timber House, a condominium in Brooklyn. The Brooklyn Home Company claimed as the largest mass timber building in New York City. Timber House is a glue-laminated timber and structurally engineered wood used for timber structures. It has become the largest mass-timber project in New York City.
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