Global Wood Flooring Market » was valued at US$ 90.77 Bn in 2019 and is expected to reach US$ 157.1 Bn by 2026, at a CAGR of 6.28% during a forecast period.
The report includes the analysis of impact of COVID-19 lock-down on the revenue of market leaders, followers, and disrupters. Since lock down was implemented differently in different regions and countries, impact of same is also different by regions and segments. The report has covered the current short term and long term impact on the market, same will help decision makers to prepare the outline for short term and long term strategies for companies by region.
Based on product type, engineering wood segment is expected to hold the largest share in the market during the forecast period due to the manufacturing of engineered wood products that require less energy. In addition, it results in few greenhouse gases and other air pollution emissions are also propel the market growth. On the basis of application, the residential segment is expected to hold the largest share in the market during the forecast period owing to increasing construction activities in the residential sector.
Major driving factors of the market are changing living standards of the consumers, increasing investment in hotel construction, and growing construction activities and renovation of existing buildings in the commercial and residential sector among globe. The growing demand for interiors such as light fixtures & furnishings is expected to boost the wood flooring market in the forecast period. In addition, increasing spend on luxury products and increasing the construction of luxury hotels, parks, and resorts across globally are also expected to propel the market growth. However, raised emphasis on the use of green and eco-friendly material, such as wood, and fluctuation in foreign currencies affect profit margins, which are expected to act as restraints to the global wood floor market.
In terms of region, Asia Pacific is expected to hold the largest share in the market during the forecast period owing to rising demand for wood flooring as improving living standards of consumers and increasing middle-class population in developing countries of this region such as in India and China. Growing affordability of middle-class population in India is boosting the market growth in this country. Europe is expected to generate the highest CAGR during the forecast period.
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