The global hardwood flooring market is projected to grow to $123 billion by 2026, a compound annual growth rate of 5.9%, according to market research by Reported Times.
The report credits the expansion in part to wood flooring’s sophisticated appearance compared to other flooring and its ease of maintenance. Increasing commercial construction is also expected to fuel the growth of both solid and engineered wood floors, according to the report.
“Engineered and solid wood flooring are widely used in residential and commercial structures to improve aesthetics,” the report states. “Demand for engineered hardwood flooring is growing due to easy customization and availability of a variety of wood effects such as oak and maple. The manufacture of engineered wood product requires lesser energy than that of other flooring materials, hence the segment is expected to grow at a significant pace.”
The full report can be purchased here and costs $2,900.
