Wooden floor: Key market research finding
- Increased use of technologies for wooden flooring
- Rising investments in hotel construction
Technavio has added released a new market research report on the global wooden floor market, which is expected to grow at a CAGR of 7% between 2016 and 2020. The booming construction industry and the rise in housing construction activities are major factors propelling the growth of this market. APAC leads the global market for wooden floors, accounting for 41%R of the total market share. Factors like rising disposable income and the increase in home ownership are expected to account for this region’s large market share during the forecast period.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“Of late, the vendors are using various technologies in the production of wooden flooring. For instance, Mohawk’s uses ArmorMax Finish technology, which offers maximum protection to hardwood floors that is five times more resistant to wear and tear than wooden floors that have a standard finish applied to them. Another technology used is Mohwak’s PureBond technology, which eliminates the formaldehyde emissions from UF adhesives, while producing engineered hardwood,” says Soumya Mutsuddi, Lead Analyst, Heavy Industry, Technavio Research.
Increasing investment in hotel construction is the key driver for the growth of this market. The advent of boutique like hotels is expected to promote growth in this market since much of the focus is laid on the interiors such as light fixtures and furnishings. The construction of luxury hotels, resorts, parks, and religious monuments in regions like UAE, Russia, and Kenya is also expected drive market growth as it involves the extensive use of wooden floors for aesthetical purposes.
The key vendors in the global wooden floor market include Armstrong, Mannington, Mohawk, Pergo, and Shaw Industries. This market is characterized by the presence of intense competition between the vendors and consists numerous local and regional players. Competition between the vendors is based on factors like product differentiation, portfolio, and pricing. Vendors that can innovate designs and technology used in the manufacturing of different types, shades, and styles of wooden floor are expected to gain maximum prominence in the market during the forecast period.
A more detailed analysis is available in the Technavio report, Global Wooden Floor Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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