Hardwood Flooring Global Market Report 2024: Market Size To Reach $68.4 Billion By 2028

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How Does the Hardwood Flooring Market Size and Growth Rate Projected to shown for 2024?

The hardwood flooring market size has shown strong growth in the past term. It is projected to grow from $50.87 billion in 2023 to $53.7 billion in 2024, showcasing a Compound Annual Growth Rate CAGR of 5.6%. This growth can be attributed to the increased demand for aesthetic appeal, the surge in residential construction, durability and longevity, developments in the real estate market, and architectural trends.

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What Are The Anticipated growth Factors For The Hardwood Flooring Market?

The strong growth in the hardwood flooring market size is projected to continue in the forthcoming years. It is expected to reach $68.43 billion by 2028, with a CAGR of 6.2%. This growth can be credited to the sustainable sourcing practices and certification, an increase in the aging population, personalization and customization, premium and luxury segments, and emerging markets.

Interestingly, the market is likely to be positively impacted by the evolving architectural trends such as engineered hardwood flooring, unique and exotic wood species, digital visualization tools, matte and low-gloss finishes, and herringbone and chevron patterns. A rapid shift towards aesthetically pleasing and sophisticated interiors by residential and commercial building customers is invigorating the growth of the hardwood flooring market.

Customers, both residential and commercial, are increasingly focused on redefining their interiors with a major emphasis on improving air quality, thermal comfort, quality of internal lighting, and the use of recyclable, chemical-free materials. A study from Pinterest suggests that 60% of users have utilized social visual networks to make decisions on home décor purchases. This change in customer preferences is set to amplify the usage of hardwood flooring in interior design across various sectors around the globe.

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Who Are Key Players in The Hardwood Industry?

Key industry players in the hardwood flooring market include AHF Products, Armstrong Flooring Inc., Beaulieu International Group, BerryAlloc NV, Bruce Evans Flooring LLC, Classen Group, Egger Group, Formica Corporation, Harris Wood Ltd., Anderson Group of Companies Ltd., Boral Ltd., Brumark Enterprises Inc., Duchateau LLC, Eco Timber Ltd., Flooring Innovations Inc., Gerflor SAS, Goodfellow Inc., Hartco Inc., Mohawk Industries Inc., Mannington Mills Inc., Home Legend LLC, Somerset Hardwood Flooring Inc., Provenza Floors Inc., Shaw Industries Group Inc., Pergo LLC, Mullican Flooring, Mirage Floors, Lauzon Distinctive Hardwood Flooring Inc., Wickham Hardwood Flooring, Mercier Wood Flooring, IndusParquet Indústria de Pisos Ltda.

What Are the Recent Advancements in the Hardwood Flooring Market?

Technological advancements are introducing an array of innovative products and contributing significantly to the growth patterns of the hardwood flooring market. Several manufacturers are launching products to offer high-performance hardwood flooring that can withstand various external factors. For instance, Mannington Mills, Inc., a US-based flooring solutions manufacturer, launched TimberPlus in February 2022. This innovative solution provides easy installation, reduced operational costs, and minimal maintenance requirements.

How Is the Market Segmented?

The hardwood flooring market, as covered in this report, is segmented as follows:
1 By Product Type: Solid Wood, Engineered Wood
2 By Raw Material: Red Oak, White Oak, Maple, Other Raw Materials
3 By Design Outlook: Plank, Strip, Parquet, Other Designs
4 By Distribution Channel: Offline Stores, Online Stores

What Are the Regional Insights about the Hardwood Flooring Market?

North America was the largest region in the hardwood flooring market in 2023, while Asia-Pacific is anticipated to be the fastest-growing region in the forecast period. The regions covered in the hardwood flooring market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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