Floorings made of wood and laminates have a key role in enhancing the physical appearance of constructed spaces such as homes, apartments, restaurants, and offices. The demand for wood and laminate floorings continues to gain traction for being offered at low price point and at negligible maintenance costs. Fact.MR’s new forecast study offers comprehensive analysis on the expansion of the global wood and laminate flooring market for the assessment period, 2017-2026. According to the study, the global wood and laminate flooring market is expected to touch a valuation of US$ 8.8 Bn by the end of 2026. Over the forecast period, the global market for wood and laminate floorings is expected to expand at a CAGR of 4.8% in terms of volume.
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5 Key Insights from the Report
- In terms of sales, wood floorings are expected to outsell laminate floorings throughout the forecast period. By the end of 2026, more than 1,130 million sq. meters of wood floorings are expected to be sold globally.
- Commercial end-use of wood and laminate floorings is expected to register fastest volume growth during the forecast period. By the end of the forecast period, more than 880 million sq. meters of wood and laminate floorings will be used across commercial spaces. The end-use of wood and laminate floorings in residential settings is expected to account for more than one-third share of global market volumes throughout the forecast period.
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- Through 2026, wood and laminate floorings are likely to be used predominantly for repair and rehabilitation activities. In 2017, more than 900 million sq. meters of wood and laminate floorings sold in the global market were used for repair and rehabilitation of physical spaces.
- Majority of wood and laminate floorings will be manufactured in the Asia-Pacific excluding Japan (APEJ) region. The report estimates that the APEJ region will represent highest contribution to the global wood and laminate flooring manufacturing over the forecast period.
- The report further reveals that Europe will be the largest market for wood and laminate floorings throughout the forecast period. By the end of 2026, nearly 790 million sq. meters of wood and laminate floorings are expected to be sold across European countries. Consumer preferences towards finished floorings at affordable prices is expected to drive the growth of Europe’s wood and laminate flooring market during the forecast period.
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The report has profiled leading manufacturers of wood and laminate floorings, which include Tarkett, Mohawk Group, Mannington Mills, Inc., Berkshire Hathaway Inc., Abet Inc., Forbo Holding AG, Goodfellow Inc., Kronospan Limited, Armstrong Flooring, Bauwerk-Boen, and Kahrs Holding AB. These companies are expected to remain active in the expansion of the global wood and laminate flooring market through 2026. In the foreseeable future, majority of wood and laminate flooring manufacturers will focus upon increasing the durability of these floorings by using hybrid laminate materials and composite woods.