Hardwood Flooring Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Hardwood Flooring Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Market Overview:

The global hardwood flooring market size reached US$ 47.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 61.1 Billion by 2028, exhibiting a growth rate (CAGR) of 3.9% during 2023-2028.

Hardwood is a type of wood that comes from dicot flowering trees, including oak, teak, balsa, maple and walnut. As compared to softwood, hardwood has a more complex structure and higher density, owing to which it is widely utilized for flooring purposes across commercial and residential spaces. Hardwood flooring is produced in various styles, colors, cuts and species, thus offering versatile functions and designs to consumers. The unique appearance and texture of the wood provide an aesthetic appeal to the floor. Hardwood floors are highly durable in nature and last longer post-installation. Also, they are convenient to install and require little to no routine maintenance. They do not trap dust, mold pollen, particulates or other allergens in their fibers or grout lines, which helps in easy cleaning and enhancement of overall air quality.

The thriving construction industry is primarily driving the growth of the market. With rapid population expansion, housing facilities are experiencing significant demand. This is consequently propelling the number of construction projects of residential spaces across the globe. In line with this, governments of various countries, along with private stakeholders, are investing heavily in the development of advanced infrastructural facilities, which is also providing a boost to the market growth. Furthermore, there is an increase in the inclination toward aesthetically appealing and sophisticated interiors, especially among the urban population, which is contributing to the bourgeoning sales of these floorings. Moreover, manufacturers are launching innovative flooring designs with vibrant as well as soothing color combinations to cater to the diversified preferences of consumers. The emerging trend of renovation and remodeling of the existing residential and commercial spaces, along with inflating disposable incomes and improving standards of living, are some of the other factors that are driving the market growth.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global hardwood flooring market report, along with forecasts at the global and regional level from 2023-2028. Our report has categorized the market based on end-use sector and raw material.

Breakup by End-Use Sector:

Residential Sector
Commercial Sector

At present, the commercial sector exhibits a clear dominance in the market.

Breakup by Raw Material:

Red Oak
White Oak
Maple
Others

Amongst these, red oak accounts for the majority of the total market share.

Regional Insights:

North America
Europe
Asia Pacific
Latin America
Middle East and Africa

On the geographical front, North America holds the leading position in the market, accounting for the largest market share.

Competitive Landscape:

The report has also analyzed the competitive landscape of the market. Some of the top hardwood flooring companies operating in the market include AHF, LLC, UNILIN, Beaulieu International Group, Classen, FRITZ EGGER GmBH & Co. OG and Formica Group.

Key Questions Answered in This Report:

How has the global hardwood flooring market performed so far, and how will it perform in the coming years?
What are the key regions in the market?
What has been the impact of COVID-19 on the global hardwood flooring market?
What is the market breakup based on the end-use sector?
What is the market breakup based on the raw material?
What are the various stages in the value chain of the market?
What are the key drivers and challenges in the market?
What is the level of competition in the market?
Who are the key players in the market?
What are the margins in hardwood flooring?
What are the raw material requirements for hardwood flooring?
What are the various unit operations involved in a hardwood flooring manufacturing plant?
What is the total size of land required for setting up a hardwood flooring manufacturing plant?
What are the machinery requirements for setting up a hardwood flooring manufacturing plant?
What are the packaging requirements for hardwood flooring?
What are the transportation requirements for hardwood flooring?
What are the utility requirements for setting up a hardwood flooring manufacturing plant?
What are the manpower requirements for setting up a hardwood flooring manufacturing plant?