The global wood flooring industry is expected to showcase a considerable growth by reaching USD 41,682.2 million by 2027. This is attributable to the increasing government support to promote wood products for construction activities and the surging demand for consumer-friendly building designs that propel the demand for advanced wood flooring solutions globally. This information is published by Fortune Business Insights, in its latest report, titled, “The report mentions that the market stood at USD 33,279.5 million in 2019 and is likely to exhibit a CAGR of 3.6% between 2020 and 2027.
DRIVING FACTORS
Increasing Government Support to Promote Wooden Products to Surge Demand
The extensive adoption of constructional products such as gravel, cement, steel, and plastic leads to environmental stress. The growing demand for the adoption of sustainable products is propelling the government to promote wood products that are natural and easily decomposable. This is expected to drive the demand for advanced wood flooring solutions across the globe. In addition to this, the adoption of consumer-friendly design that appeals aesthetically is anticipated to bode well for the growth of the global wood flooring market in the forthcoming years.
REGIONAL INSIGHTS
Favorable Government Policies to Promote Wood Products in Asia-Pacific to Aid Growth
Among all the regions, Asia-Pacific stood at USD 19,665.1 million in 2019 and is expected to hold the largest global wood flooring market share in terms of revenue in the forthcoming years. This is attributable to the favorable government policies that promote the adoption of wood as raw materials in the construction industry in the region.
The market in Europe is expected to experience a significant growth backed by the growing focus of companies to develop heat compatible wood flooring products in the region between 2020 and 2027.
COMPETITIVE LANDSCAPE:
Key Players Focus on Partnerships to Expand Their Product Portfolio
The global wood flooring market is fragmented by the presence of major companies that focus on establishing partnerships to expand their wood flooring portfolio and gain a competitive edge over their rivals. The other key players are adopting strategies such as collaboration, the introduction of new products, and merger and acquisition that will contribute to the market growth in the forthcoming years.
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