PUBLISHER: Grand View Research | PRODUCT CODE: 1611052
PUBLISHER: Grand View Research | PRODUCT CODE: 1611052
The global wood and laminate flooring market size is expected to reach USD 80.78 billion by 2030, expanding at a CAGR of 5.5%, according to a new report by Grand View Research Inc. Factors such as the natural look and feel offered by solid wood flooring coupled with the growing need for aesthetic improvements in the construction interiors is likely to augment the growth.
Solid wood flooring is commercially available in various wood species, patterns, and designs, thus is gaining traction in high-end construction applications. Engineered wood flooring is composed of multiple wood layers and can provide look and feel similar to solid wood floors. Durability, high-gloss and colored and textured finishes of laminate floors are some of the properties expected to drive the growth.
Improved acoustics, combined with ease of refinishing over a period of time are the major contributing factors for the growing demand for solid wood floorings. The pricing structure varies according to the wood species used. However, high cost associated with solid wood flooring is anticipated to divert the consumer base toward laminated variant.
The market is characterized by several multinational and a large number of domestic players engaged in the production and distribution of wood flooring. Prominent market players focus on providing installation and maintenance services to the customers to sustain in the highly competitive industry.