The global wood flooring market size is expected to showcase 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 solutions globally. This information is published by Fortune Business Insights, in its latest report, titled, “Wood Flooring Market Size, Share & COVID-19 Impact Analysis, By Application (Residential and Commercial), and Regional Forecast, 2020-2027.” 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.
Refurbishment of Home Spaces amid COVID-19 to Augment Growth
The novel coronavirus has halted the construction activities owing to the government guidelines to maintain social distancing. With people confined at their home spaces, home renovation activities have gained momentum. This is expected to favor the growth of the global market in the forthcoming years.
What does the Report Include?
The market report includes a detailed assessment of various drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Additionally, the report provides comprehensive insights into the regional developments of the market, affecting its growth during the forecast period. It includes information sourced from the advice of expert professionals from the industry by our research analysts using several research methodologies. The competitive landscape offers further detailed insights into strategies such as product launches, partnerships, mergers and acquisitions, and collaborations adopted by the companies to maintain the market stronghold between 2020 and 2027.
Increasing Government Support to Promote Wooden Products to Surge Demand
The extensive adoption of construction 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 a consumer-friendly design that appeals aesthetically is anticipated to bode well for the growth of the global market in the forthcoming years.
Residential Segment to Hold Major Market Share
The residential segment, based on application, is expected to showcase significant growth owing to the increasing demand for lumber-based wood flooring products for residential projects across the globe.
Information source: https://www.fortunebusinessinsights.com/wood-flooring-market-104011