kitchen in newly constructed luxury home
Overview and Scope
Hardwood flooring refers to any timber-based product, whether functional or aesthetically pleasing, made with hardwood to provide strength and shear strength to the surface. Hardwood flooring is highly attractive, low-cost, and offers a premium finish over the other flooring materials.
Sizing and Forecast
The hardwood flooring market size has grown strongly in recent years. It will grow from <b>$50.87 billion in 2023 to $53.7 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. </b> The growth in the historic period can be attributed to increased demand for aesthetic appeal, increased residential construction, durability and longevity, real estate market, architectural trends.
The hardwood flooring market size is expected to see strong growth in the next few years. It will grow to <b>$68.43 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. </b> The growth in the forecast period can be attributed to sustainable sourcing and certification, increasing aging population, customization and personalization, luxury and premium segments, rising emerging markets. Major trends in the forecast period include engineered hardwood flooring, exotic and unique wood species, digital visualization tools, matte and low-gloss finishes, herringbone and chevron patterns.
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Segmentation & Regional Insights
The hardwood flooring market covered in this report is segmented –
1) By Product Type: Solid Wood, Engineered Wood
2) By Raw Material: Red Oak, White Oak, Maple, Other Raw Materials
3) By Design Outlook: Plank, Strip, Parquet, Other Designs
4) By Distribution Channel: Offline Stores, Online Stores
<b>North America</b> was the largest region in the hardwood flooring market in 2023. <b>Asia-Pacific</b> is expected to be the fastest-growing region in the forecast period. The regions covered in the hardwood flooring market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
The rapid inclination toward aesthetically appealing and sophisticated interiors by residential and commercial building customers is driving the growth of the hardwood flooring market. Residential and commercial building customers are increasingly focused on redefining the interiors with a major focus on improving air quality, thermal comfort, quality of internal lighting, using recyclable materials, and chemical-free materials. According to the study published by Pinterest, 60% of users have used social visual networks to make decisions on home décor purchases. The change in customer preferences is expected to boost the usage of hardwood flooring in interior design in different sectors across the globe.
Key Industry Players
Major companies operating in the hardwood flooring market include <b> AHF Products, Armstrong Flooring Inc., Beaulieu International Group, BerryAlloc NV, Bruce Evans Flooring LLC, Classen Group, Egger Group, Formica Corporation, Harris Wood Ltd., Anderson Group of Companies Ltd., Boral Ltd., Brumark Enterprises Inc., Duchateau LLC, Eco Timber Ltd., Flooring Innovations Inc., Gerflor SAS, Goodfellow Inc., Hartco Inc., Mohawk Industries Inc., Mannington Mills Inc., Home Legend LLC, Somerset Hardwood Flooring Inc., Provenza Floors Inc., Shaw Industries Group Inc., Pergo LLC, Mullican Flooring, Mirage Floors, Lauzon Distinctive Hardwood Flooring Inc., Wickham Hardwood Flooring, Mercier Wood Flooring, IndusParquet Indústria de Pisos Ltda </b>
The hardwood flooring market report table of contents includes:
1. Executive Summary
2. Hardwood Flooring Market Characteristics
3. Hardwood Flooring Market Trends And Strategies
4. Hardwood Flooring Market – Macro Economic Scenario
5. Global Hardwood Flooring Market Size and Growth
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26. South America Hardwood Flooring Market
27. Brazil Hardwood Flooring Market
28. Middle East Hardwood Flooring Market
29. Africa Hardwood Flooring Market
30. Hardwood Flooring Market Competitive Landscape And Company Profiles
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