The global wood flooring market value is expected to reach $89.3 billion by the end of 2031, according to a report by Transparency Market Research.
The global wood flooring market was valued at $47.5 billion in 2021 and is projected to grow at a compound annual growth rate of 5.9% from 2022 to 2031, the report says.
Increases in renovation and remodeling activity, along with rising disposable incomes allowing consumers to invest in premium flooring options like wood, are helping drive the increased value of the market.
Consumers are increasingly opting for wood flooring sourced from sustainably managed forests, as there is a growing demand for sustainable and eco-friendly materials, the report says.
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