Market Segmentation
The North America wood flooring market is expected to witness growth opportunities owing to the ongoing exponential growth in the construction sector. The construction industry is witnessing a rapid growth on account of rising public and private investments in infrastructure development activities. Additionally, growing population, along with a rise in per capita income in the countries such as U.S. and Mexico, is leading to rapid urbanization. As a result, it is expected to bolster residential and nonresidential construction projects. Mexico is also experiencing a rapid increase in the development of commercial and residential spaces owing to surging demand for them from its continuously growing population. The growing consumer demand for innovative buildings with modern technologies, improved aesthetic appeal, and better energy efficiency are expected to drive the demand for flooring products for their use in residential construction over the forecast period.
The North America wood flooring market is anticipated to be driven by the rising demand for aesthetically pleasing flooring products. Growing demand from the residential construction and replacement segment has been the major driving force behind this increase in demand. Commercial establishments lay high emphasis on the interior & exterior design and decor to provide superior experience to consumers leading to a growth in the demand for hardwood floorings. Wood flooring manufacturers are involved in the production of a wide portfolio of flooring products in various designs, grain patterns, surface finish, and operational properties leading to increasing demand from consumers. These products are being offered with high level of customization leading to their increasing application in commercial and residential settings. The durability of hardwood flooring varies with the type of wood species used. Maple, Hickory, and oak are some of the most commonly used hardwood species used for flooring applications in the North America region. Wood flooring exhibit an extended lifespan and require low maintenance when installed on well-prepared base. Additionally, it can be easily sanded over and repaired easily to preserve its finish and looks.
The markets for solid wood & engineered wood flooring are expected to be affected by the presence of substitute materials such as ceramic tiles, stone floorings, luxury vinyl tiles, and vinyl floorings. These flooring materials are the principal low-cost substitutes for wooden flooring materials in the North America region. Over the years, ceramic tiles have emerged as one of the principal alternatives to wood flooring owing to their low cost, versatility, and easy-to-install property. Ceramic tiles are extremely easy to repair and replace in case of damage. In comparison with wood flooring, ceramic tiles are available in a wide variety of designs, patterns, and shapes, thus offering more choice to the consumer. Additionally, the advent of digital printing technology has enabled the ceramic tile manufacturers to replicate the natural grain pattern and texture of the wood flooring materials, thereby offering a low cost substitute for the actual wood flooring. Wooden floors are generally not preferred for application in wet parts of household such as kitchen, bathrooms, and laundry rooms. As a result, the luxury vinyl tiles (LVTs) have rapidly emerged as a low cost substitute for the hardwood flooring on account of their water resistant property.
This section will provide insights into the contents included in this North America wood flooring market report and help gain clarity on the structure of the report to assist readers in navigating smoothly.
Industry overview
Industry trends
Market drivers and restraints
Market size
Growth prospects
Porter’s analysis
PESTEL analysis
Key market opportunities prioritized
Competitive landscape
Company overview
Financial performance
Product benchmarking
Latest strategic developments
Market size, estimates, and forecast from 2018 to 2030
Market estimates and forecast for product segments up to 2030
Regional market size and forecast for product segments up to 2030
Market estimates and forecast for application segments up to 2030
Regional market size and forecast for application segments up to 2030
Company financial performance