North America Wood Flooring Market Size, Share & Trends Analysis Report By Product, By Wood Type, By Application, By End-use, By Country And Segment Forecasts, 2023 - 2030
North America Wood Flooring Market Size, Share & Trends Analysis Report By Product (Solid, Engineered), By Wood Type, By Application, By End-use, By Country, And Segment Forecasts, 2023 - 2030.
New York, March 14, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "North America Wood Flooring Market Size, Share & Trends Analysis Report By Product, By Wood Type, By Application, By End-use, By Country And Segment Forecasts, 2023 - 2030" - https://www.reportlinker.com/p06428261/?utm_source=GNW
North America Wood Flooring Market Growth & Trends
The North America wood flooring market size is expected to reach USD 8.95 billion by 2030, expanding at a CAGR of 2.4% during the forecast period. This growth can be attributed to Increasing demand for aesthetically, superior and durable floor covering solutions, and consumer trends in floor design.
The expansion of offices & workspaces, improving consumer lifestyle, and rapid urbanization are factors that have also contributed to the market growth in the region. Additionally, the significant & continual growth of high-end residential housing structures and the subsequent and growing preference for single-family housing structures are driving the demand for wood flooring in North America.
Factors such as the growing consumer demand for innovative buildings with modern technologies improved aesthetic appeal, and better energy efficiency are expected to drive the demand for flooring products for their use in residential construction during the forecast period. Furthermore, there is growth in the construction of green buildings in the U.S. and Canada owing to the rising awareness related to the energy efficiency of buildings and improved indoor air quality. This is projected to drive sustainable building construction activities in North America, which, in turn, is projected to have a positive impact on the demand for wood flooring products owing to their low VOC emission properties.
The residential application segment is expected to attract major demand for wood flooring in North America. The growth of residential construction is attributed to the growing population, rapid urbanization, and increasing rate of migration in various countries of North America such as the U.S. and Canada. Furthermore, rising spending on renovation, repair, and interior, is further expected to propel the demand for wood flooring in residential applications in North America.
Companies including Mohawk, Armstrong, Shaw Floors, Mannington Mills, and Pergo are some of the key manufacturers of flooring solutions in the North American market.The manufacturing process starts with tree selection.
The wooden logs obtained from the trees are closely inspected for their knots and grain pattern to obtain an aesthetically superior end product. Generally, the logs with fewer knots and tight grain patterns are selected for the production process.
North America Wood Flooring Market Report Highlights
• The maple wood type segment is expected to grow at a CAGR of 2.8%, based on volume, over the forecast period. Maple wood is widely used in flooring applications across North America owing to its minimal color variation and minimal grain pattern. Maple wood is highly scratch and dent resistant. As a result, it is highly suitable as a flooring material in high-footfall traffic areas such as theatres, gymnasiums, concert halls, indoor sporting arenas, and basketball courts
• The residential application segment is anticipated to grow at the highest CAGR of 2.6% during the forecast period. Growing employment rates, rising income levels, and easy availability of finance are some of the factors boosting the demand for residential structures, which in turn, is propelling the growth. Additionally, engineered wood flooring is increasingly replacing the traditional solid wood flooring in the residential sector owing to its cost-effective, ease of installation, and superior moisture resistance properties
• In North America, Canada wood flooring market accounted for a volume of 24.9 million square meters in 2022. An increasing number of service providers in Canada is expected to propel the demand for office spaces, thereby, fueling commercial construction sector growth. The rise in commercial construction activities in key provinces of the country is expected to further boost the consumption of flooring products over the forecast period. Additionally, the restoration of its domestic manufacturing sector is further anticipated to be the key factor driving the growth of the construction industry in the country
• The North America wood flooring industry is dynamic and competitive in nature. Investments and regional expansion are the key strategies adopted by various players to strengthen their presence in the market. However, fluctuations in raw material prices are expected to emerge as a key concern for the market players operating in North America
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