The global wood floor market is forecast to reach $141.09 billion by 2025 from $90.63 billion in 2017, a compound annual growth rate of 5.9 percent, according to a market report by Allied Market Research (AMR).
Residential projects could see an increase of as much of 50 percent in the use of wood flooring by 2025, the report states.
The predicted growth is based on an upsurge in home renovation owing to an increased disposable income and faster construction and non-construction activities. Restraints on the wood floor industry’s growth include the fluctuating prices of raw material, as well as regulations and the increasing cost of wood flooring.
Engineered wood flooring contributed to two-third share of total revenue in 2017, and is predicted to continue to dominate in the global market by 2025, growing nearly 60 percent in terms of revenue during the period.
