Hardwood Flooring Market Trends

Statistics for the 2023 & 2024 Hardwood Flooring market trends, created by Mordor Intelligence™ Industry Reports. Hardwood Flooring trend report includes a market forecast to 2029 and historical overview. Get a sample of this industry trends analysis as a free report PDF download.

Market Trends of Hardwood Flooring Industry

Largest Engineered Wood Segment

Demand for engineered wood is expected to remain high during the forecast period, as it is an apt alternative to concrete and hardwood. Architects, builders, code officials, and designers widely use engineered wood products. They also know about energy-efficient farming practices that conserve energy, speed up construction, cut labor costs, and reduce waste.

The segment is expected to move at a higher pace in North America and Europe, owing to high disposable income and widespread awareness of the benefits of engineered wood among the populace. The engineered wood floor segment contributed a large share of the total revenue in the current year. One of the advantages of engineered wood products is that they can be designed per the end-user's demand and custom specifications. Easy maintenance and the uniqueness of colorful design are among other features pushing the segment's growth.

Hardwood Flooring Market, Market Share by Product Type,  In %, 2022

Asia-Pacific is Anticipated to Grow at the Highest Rate

Asia-Pacific ranks as the fastest-growing market, with a significant growth rate likely to be witnessed over the forecast period. This growth is led by rapid urbanization and resulting housing and real estate development, preference for tropical wood flooring in rich, beautiful, and luxurious designs, the launch of affordable engineered wood flooring solutions, and expanding middle class and their changing attitude toward flooring decors. The region is famous for tropical wood growing in rainforests and moist broadleaf forests such as mahogany, teak, ebony, and rosewood.

Hardwood Flooring Market, Growing Market Region, 2022

Hardwood Flooring Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)