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Supportive Government Policies Promoting the Utilization of Wooden Products will boost the Wood And Laminate Flooring Market Growth

HYDERABAD, TELANGANA, INDIA, December 23, 2022 /EINPresswire.com/ -- IndustryARC, in its latest report, predicts that Wood And Laminate Flooring Market size is forecast to reach $87.3 billion by 2026, after growing at a CAGR of 4.8% during 2021-2026. Wood floorings and laminate floorings are being increasingly used in residential and commercial structures to enhance the aesthetics of the structure. Increasing usage in the commercial, as well as residential sector, rising preferences of wood-based floorings, surging level of investment for the development of airports and hotels, are some of the key factors that will accelerate the growth of the wood and laminate flooring market during the forecast period. Increasing urbanization and industrialization will further fuel numerous opportunities that will contribute to the growth of the wood flooring and laminate flooring industry. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.

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Key takeaways:

This IndustryARC report on the Wood And Laminate Flooring Market highlights the following areas -

1. Asia-Pacific dominates the wood and laminate flooring market, owing to the increasing construction activities in the region. Government initiatives such as “Housing for All” and “One Belt, One Road” are flourishing the residential and commercial building sectors in the region.

2. In developing countries, urbanization, industrialization, and changing habits have led to a rise in building activities. The growth of the construction industry has contributed to this factor, which in turn has a positive effect on the wood and laminate flooring market.

3. The factors expected to drive the demand for wood and laminate flooring are the ease of installation and the need for comparatively less skilled labor compared to the installation of alternative materials.

4. In addition, the high-density fiberboard laminated flooring market is likely to be supported by increasing construction activities in the industrial sector, such as work floors, assembly points, and collection facilities. Growing trends for single-family housing units would likely further fuel demand growth.

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Segmental Analysis:

1. The oak segment held the largest share in the wood and laminate flooring market in 2020. Due to its resistance to wear, oak is an extremely durable flooring material. For high traffic areas at home, this makes it the ideal option. White oak is especially liquid permeation resistant and is therefore suitable for flooring in the kitchen and bathroom. Both red and white oak handles well for gluing, drilling, and machine cutting, allowing flooring to be easily mounted.

2. Asia-Pacific region held the largest share in the wood and laminate flooring market in 2020 up to 38%, owing to spiraling demand for solid timber floors and high density fiberboard laminated flooring from the residential sector. This is attributed to the growing population in emerging economies, such as China, India, and Thailand, which in turn drives the demand for residential buildings. The residential construction sector is thriving, mainly driven by the government’s efforts to sustain the demand of the increasing population.

3. The engineered wood flooring segment held the largest share in the wood and laminate flooring market in 2020 and is growing at a CAGR of 5.2% during 2021-2026, as it is an appropriate alternative to concrete floorings. Architects, code regulators, and building planners who are aware of energy-efficient farming practices that save energy speed up construction cut labor costs, and minimize waste are commonly using engineered wood products.

4. The medium density fiberboard laminate flooring (MDF) segment held the largest share in the wood and laminate flooring market in 2020. It is made from wood waste fibers compressed under heat and pressure along with resin or glue. It is equivalent but denser than particle board. MDF, which is higher than many hardwoods, has a density of 600-800 kg/m3. It also doesn't quickly warp or swell in areas such as toilets or washrooms with high humidity.

5. The residential segment held the largest share in the wood and laminate flooring market in 2020 and is growing at a CAGR of 5.6% during 2021-2026. Wood flooring provides a natural feeling to the interiors of the house and is ideal for living areas, bedrooms, hallways, and dining rooms. Solid timber floors are highly durable and resistant to everyday wear and tear, owing to which it is largely used in the residential construction. It also has properties such as good resistance to impact & scratch and can withstand small amounts of spillage that occur in common households.

Competitive Landscape:

The top 5 players in the Wood And Laminate Flooring Industry are -

1. Tarkett,
2. Mannington Mills, Inc.,
3. Mohawk Group,
4. Abet Inc.,
5. Berkshire Hathaway Inc.,

Click on the following link to buy the Wood And Laminate Flooring Market Report:
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Related Reports:

A. Flooring Market
https://www.industryarc.com/Report/18860/flooring-market

B. Wood Coatings Market
https://www.industryarc.com/Report/11720/wood-coatings-market.html

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