Global Wood Engineered Floors (Parquet) Market - 2023-2030

Overview

Global Wood Engineered Floors (Parquet) Market reached US$ 50.8 billion in 2022 and is expected to reach US$ 78.3 billion by 2030, growing with a CAGR of 5.6% during the forecast period 2023-2030.

Two of the primary factors driving the parquet floor market are the durability and longevity of hardwood floors. High-quality hardwood floors are strong to heavy foot traffic in homes, workplaces and other public areas because they are manufactured, polished and installed following strict quality standards. Compared to solid wood, parquet is comparatively more affordable. The mixture of materials used in production is the main reason behind the affordability which is driving the market growth.

North America hold more than 36.4% in 2022 and is expected to grow even further in countries like U.S. and Canada due to rising residential and commercial building construction and decoration. Furthermore, presence of key players in the region who are continuously investing in boosting the product's growth is another factor that creates future growth prospects for the market.

Dynamics

High Durability and Longevity

Wood-engineered floors, such as parquet, are a popular option for many businesses and homeowners due to their key attributes of longevity and durability. Parquet and other wood-engineered flooring are built with several layers: plywood or high-density fiberboard (HDF) for the core layers and a top layer of hardwood veneer. Because of its construction, the flooring is more resilient to common problems like warping and shrinking and hence a popular choice among various end-users.

Since real wood tops engineered floors, scratches are possible, though they require a lot of work to remove. However, companies provide scratch repair kits, so scratches don't have to stay permanent which increases the floor's life. Furthermore, one major benefit of engineered flooring which is driving its market is that it can be refinished and sanded down in the event of damage.

Rising Product Launch

The arrival of new products with the latest technology and properties is a major factor creating growth prospects for wood-engineered floors. Companies are expanding their product range to target a higher percentage of customers leading to drive the product's market.

For instance, on 24 April 2019 Under the Linton collection, Stories Flooring UK, a supplier of flooring and flooring accessories, introduced a range of solid and engineered wood floors. In UK, this flooring collection will be offered to both residential and commercial clients.

With more than 25 years of experience in the flooring business, Stories Flooring UK hopes to provide a product that is created with a thorough understanding of the needs of its clients and a wide-ranging professional network, all of which have influenced the creation of the new line.

Furthermore, On August 23, 2021, LM Flooring, which is renowned for its stylish and superior hardwood floors, is announcing the biggest new product launch in its 20-year history. The includes the addition of four unique collections and extensions to four of its best-selling lines, for a total of an amazing 55 new SKUs that will go on sale in the autumn of 2021.

Competition from Alternative Flooring

Compared to wood-engineered parquet, many alternative flooring options, like laminate, vinyl and ceramic tile, are available in the market and have been a popular choice among the consumer due to their affordability. Customers on a tight budget might choose these options instead, especially in certain circumstances.

Customers have options because there are numerous flooring options available. Customers have different tastes and with the competition from other flooring options, some might decide to forego engineered wood parquet in favor of other materials, which could hinder market expansion.

Furthermore, the production of alternative flooring materials has benefited from technological advancements that have enhanced their ease of installation, durability and aesthetics. Customers now find alternative flooring options attractive, which may cause demand for engineered wood parquet to decline.

Segment Analysis

The global wood engineered floors (Parquet) market is segmented based on type, material, end-user and region.

Stability, Toughness and Resilience of the Parquet wood flooring

Parquet wood flooring in wood engineered floors (Parquet) is a growing market based on type and is expected to cover more than 40.9% market share in the forecast period. One distinctive feature of parquet wood flooring is its complex geometric patterns. Little wood blocks or strips are arranged in different configurations, like herringbone, chevron, brick bond and basketweave, to create these patterns. The patterns give interior spaces a classic and eye-catching element.

Real wood veneers are usually used to create parquet flooring, which has the warmth and genuineness of real wood. Hardwood species like oak, maple, walnut or exotic woods, which offer a variety of aesthetics, typically make up the top layer. The stability, toughness and resilience of the flooring to moisture and temperature changes are all improved by this construction leading to an increase in the growth prospects for the segmental growth.

Geographical Penetration

North America's Renovation Projects, the Desire For Long-Lasting and Environmentally Friendly Flooring Options

The market for wood engineered floors or parquet, in North America is expanding gradually and has cover nearly 33.3% in 2022. The growth is attributed to several factors, including renovation projects, the desire for long-lasting and environmentally friendly flooring options and the demand for flooring that is aesthetically pleasing.

There are many different wood species, patterns and finishes available in the market for parquet wood flooring products. Customers can choose flooring that complements their unique interior design preferences and tastes due to this diversity.

In the North American market, sustainability and environmental friendliness are becoming more and more important. Many customers and companies look for parquet flooring that is finished with eco-friendly materials and comes from wood that is sourced sustainably which is further adding value to the growing market.

COVID-19 Impact Analysis

Global supply chains were thrown off balance by the pandemic, which also had an impact on manufacturing procedures and raw material availability. The resulted in higher production costs and production delays for parquet flooring.

Renovations to flooring were among the less popular non-essential home improvement projects as a result of the pandemic's economic uncertainty. Financial concerns caused many homeowners to postpone or abandon such projects. Furthermore, the cost of making parquet flooring was impacted by fluctuations in the price of wood and other raw materials. Manufacturers needed to control these swings to keep their prices competitive.

Flooring installations were delayed as a result of ongoing lockdowns and uncertainty in construction and renovation projects. The postponement of projects affected the demand for flooring materials.

Russia-Ukraine War Impact Analysis

Supply chains have been affected by the conflict, especially it has an impact on locations where raw materials for parquet flooring are sourced. Interruption to the wood, adhesive or finish supply caused production delays and raise costs.

Economic uncertainty brought on by geopolitical conflicts undermines consumer and company confidence. Uncertain economic conditions could cause consumers and businesses to put off renovation and construction projects, which would reduce demand for non-essential products like parquet flooring.

Geopolitical tensions have the potential to affect the import and export of parquet flooring products between nations by imposing trade restrictions or sanctions. International trade relations may be harmed by this. Uncertainty and economic volatility can influence consumer behavior. Consumers may grow more picky about flooring materials as a result of price concerns, which could have an effect on the market for parquet flooring.

By Type

• Solid Wood Flooring
• Parquet Wood Flooring
• Laminated Wood Flooring
• Wood Effect Vinyl Flooring
• Others

By Material

• Oak
• Maple
• Walnut
• Cherry
• Ebony
• Bamboo
• Teak
• Others

By End-User

• Residential
• Commercial

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Rest of Europe
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
• Middle East and Africa

Key Developments

• On August 23, 2021, LM Flooring, which is renowned for its stylish and superior hardwood floors, is announcing the biggest new product launch in its 20-year history. The includes the addition of four unique collections and extensions to four of its best-selling lines, for a total of an amazing 55 new SKUs that will go on sale in the autumn of 2021.
• On September 27, 2022, The NWFA Engineered Wood Flooring Refinishable Programme was introduced by the National Wood Flooring Association (NWFA) to identify engineered wood flooring products that have wear layers thick enough to be sanded and refinished. To support producers, distributors, specifiers and end users in their decision-making processes, the program certifies genuine engineered wood floors.
• By November 24, 2021, According to a press release from Hymmen, Engineered Floors is the first American manufacturer to acquire a Hymmen JUPITER digital printing line. Additionally, Engineered Floors and i4F have inked a license agreement for digital printing technologies. Through their patent partnership, Hymmen and i4F grant i4F exclusive licensing rights to all of Hymmen's digital printing patents and flooring production technologies.

Competitive Landscape

major global players in the market include: Weitzer Parkett Vertriebs GmbH, Shaw Industries Group, Inc., EGGER, Tarkett, SWISS KRONO Group, Bjelin Sweden AB, BARLINEK SA, Q.E.P. Co., Inc, BAUWERK GROUP SCHWEIZ AG and Hamberger Industriewerke GmbH.

Why Purchase the Report?

• To visualize the global wood engineered floors (Parquet) market segmentation based on type, material, end-user and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of wood engineered floors (Parquet) market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The global wood engineered floors (Parquet) market report would provide approximately 61 tables, 63 figures and 212 Pages.

Target Audience 2023

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies