Portland, April 03, 2019 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global wooden floor market garnered $90.63 billion in 2017 and is expected to reach $141.09 billion by 2025, registering a CAGR of 5.9% from 2018 to 2025. The report provides an in-depth analysis of the key winning strategies, drivers & opportunities, market share, key segments, and competitive landscape.
Rise in construction activities across different parts of the world, increased spending on home enhancement and renovation, growing consumer demand for eco-friendly materials, and the wide range of benefits offered by wooden flooring drive the wooden floor market. However, unstable prices of wood and other raw materials as well as threat of substitute products are factors that impede the market growth. On the other hand, rise in disposable income in emerging economies is expected to provide opportunities for the growth of the market.
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Among products, the engineered wood segment captured two-thirds of the market share in 2017 and is likely to remain dominant in terms of revenue through the study period, 2018-2025. The same is expected to attain the fastest CAGR of 6.3% through 2025. Engineered wood flooring is seen as an attractive substitute to solid wood flooring as it looks analogous and is capable to survive high levels of moisture and variations in temperature, making it an ideal solution for underfloor heating.
Among applications, the residential segment accounted for the largest market share of 59% in 2017 and would remain the lead revenue contributor through 2025. This is because wooden flooring is widely adopted in residential construction as they offer many benefits such as easy maintenance and high durability. However, the non-residential segment is likely to achieve the fastest growth of 6.2% during the forecast period.
The market in Europe contributed half of the total market share in 2017 and is anticipated to continue its dominance during the forecast period. However, Asia-Pacific would grow at the fastest CAGR of 7.0% from 2018 to 2025. This is due to rapid urbanization, strong economic growth, and increase in population in the region.
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The key market players analyzed in the report include Armstrong, Beaulieu International Group, Berkshire Hathaway, Boral Limited, Brumark Corporation, Khrs Holding AB, Mannington Mills, Mohawk Industries, Nature Home Holding Company Limited, and Tarkett. They have implemented various strategies including expansions, mergers & acquisitions, partnerships, joint ventures, collaborations, and others to gain a stronghold in the industry.
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