The global is forecast to reach USD 95.63 Billion by 2027, according to a new report by Reports and Data. The market is witnessing a surge in demand owing to the rising investments in the real estate sector. Moreover, the durability, easy re-storability, and environmental profile are driving the demand for the market. However, the fluctuation in the price of raw materials along with rising concerns for health and the environment is hampering the demand.
Rapid urbanization has changed the lifestyle of the people and has led to people investing more in places, which are seen as a status symbol, such as their homes. Flooring, especially wood and laminate, is seen as a status symbol, and hence, there is an increase in the demand for it. Wood and Laminate Flooring offer benefits, such as easy maintenance and aesthetic appeal, thus increasing its demand among working populations.
Additionally, the increasing number of restoration and remodeling activities are driving the demand for the market, due to their increasing use in these activities. Engineered wood floors have undergone technological advancements, which has led to an increasing product demand. Another factor leading to an increase in demand is the ease in installation that the product provides, along with the lesser-skilled labor required to install.
The COVID-19 impact:
The COVID-19 Pandemic has led to lockdowns all around the globe. This has negatively affected the demand for the Wood and Laminate Flooring Market. All construction activities have temporarily been paused, leading to no requirements for the product in the current situation. Also, Since, most of the people are forced to sit in their houses all day, consumers are not buying the product even in the Do-It-Yourself (DIY) category.
It is expected that once the situation becomes normal again and the construction activities are resumed, the demand will go up again, leading to a growth in the market size. Moreover, the players involved in the manufacturing who are currently not able to make any sales are involved in extensive research, in terms of, innovation so as to be on top of the market when it opens. This is expected to drive the demand as more consumers will invest in newer technologies.
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Key participants include British Hardwoods, Barlinek SA, Tarkett SA, Shaw Industries Group Inc., Daiken Corporation, Boral Timber Flooring, Kahrs Group, Beaulieu International Group, Mohawk Industries, and Armstrong Flooring, among others.
Further key findings from the report suggest
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For the purpose of this report, Reports and Data have segmented into the global Wood and Laminate Flooring market on the basis of Application, Product Type, Distribution Channel, and Region:
Application Outlook (Volume, Million Square Meter; 2017-2027, Revenue, USD Billion; 2017-2027)
Product Type Outlook (Volume, Million Square Meter; 2017-2027,Revenue, USD Billion; 2017-2027)
Distribution Channel Outlook (Volume, Million Square Meter; 2017-2027,Revenue, USD Billion; 2017-2027)
The research study includes an in-depth analysis of the market using advanced research methodologies such as SWOT analysis and Porter’s Five Forces analysis. The report further explores the key business players along with their in-depth profiling, product portfolio, and strategic business decisions. The report has been formulated through extensive primary and secondary research and further validated by analysts, industry experts, and market professionals. The report also sheds light on the recent mergers and acquisitions, joint ventures, collaborations, partnerships, and product launches, among others.
Regional analysis covers assessment of import/export, production and consumption ratio, supply and demand, cost, price, estimated revenue and gross margins, and presence of key players in the region. The report also offers insights about revenue growth, market size, market share, technological advancements, and presence of key players in each region.
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Regional Bifurcation of the Wood and Laminate Flooring Market Includes:
· North America (U.S., Canada, Mexico)
· Europe (U.K., Italy, Germany, France, Rest of Europe)
· Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
· Latin America (Chile, Brazil, Argentina, Rest of Latin America)
· Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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