North America Wood Flooring Market Size Worth $6.07 Billion By 2025

The North America wood flooring market size is projected to reach USD 6.07 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.1% during the forecast period. Increasing government spending on infrastructure development in non-residential structures is poised to boost the demand for the product over the forecast period.

Rising importance of durable flooring products with innovative designs, coupled with reduced cost, on account of increasing number of campaigns and advertisements in electronic media and e-commerce portals is likely to have a positive impact on the market. In addition, soaring demand for green building materials in residential and commercial structures is expected to stoke market growth.

Furthermore, growing concerns over greenhouse emissions in the manufacturing as well as corporate sectors along with stringent EPA policies aimed at reducing environmental pollution are estimated to compel buyers towards procuring wood flooring as green building materials.

Majority of industry participants are focusing on enhancing their distribution channels by renewing existing marketing contracts and forming new agreements with local distributors. However, spiraling demand for resilient floor covering products, including luxury vinyl tiles and vinyl composites with long-term benefits such as superior furnishing properties is anticipated to limit the application of wood flooring over the forecast period.

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Further key findings from the report suggest:

• Red Oak solid wood flooring demand is projected to rise at a CAGR of 5.5% in terms of value from 2018 to 2025 owing to superior properties including high durability and easy installation across applications, including leisure & hospitality, retail, and commercial
• The consumption of the product in commercial applications is likely to register growth at a CAGR of 5.5% from 2018 to 2025, owing to expansion of ultramodern offices and workspaces along with rapid urbanization and evolving consumer lifestyles
• The U.S. accounted for over 85.0% of the overall revenue in 2017 owing to emergence of the country as a production destination for shale gas and tight oils
• Rising demand for luxury furniture in hotels and home furnishing sectors in Canada is poised to increase the consumption of engineered wood at a CAGR of 4.7% in terms of revenue during the forecast period

Major players in the industry are focusing on new product launches, product expansion, and expanding distribution network to estimate existing as well as future demand patterns from emerging application sectors.