As per a new research report available on Radiant Insights, Inc., the worldwide and China wood flooring market is estimated to showcase rapid development over the forecast period (from 2017 to 2022). Rapid urbanization in various developing regions is one of the major factors responsible for the growth of this market. An increased number of renovation and new construction activities is also estimated to boost market growth over the next few years. Rising focus on infrastructure development in developing regions is also projected to augment market demand in future.
Innovation in production technologies is likely to promote the global wood flooring market over the coming years. High demand for pre-finished wood flooring products and rising popularity of manufactured or engineered flooring will prove to have a positive impact on the overall market growth. Moreover, wood items are useful as a source of recycled product, which is another factor driving this market.
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Favorable policies by the Chinese government, such as sales tax exemption for ordinary housing loan and decreased down payment amount for second home loans, have enabled the steady recovery of the commercial housing market. This is also expected to spur the demand for wood flooring over the coming years. However, various environmental concerns such as growing deforestation may hamper overall demand. Availability of wood flooring substitutes such as ceramic tiles, vinyl, and carpet is also likely to hinder market growth.
A team of experts at the University of Wisconsin-Madison recently introduced an innovative technology that could turn homes into energy-generating spaces. The developers have found a new means to create wood flooring that generates electricity from steps. The cellulose nanofibers in wood pulp can be used to create an electrical charge. These nanofibers have also been used in more eco-friendly and safer batteries. The team used these nanofibers in wood flooring to design electricity-producing floors. According to the developers, these floors can power a home’s lights and many other less power consuming appliances. In addition, they are being offered at competitive prices as wood pulp is a widely and easily available product.
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Prominent types of wood flooring include laminate wood flooring, bamboo flooring, solid wood flooring, and engineered wood flooring. Laminate wood floorings have exhibited high sales volume in the past. Bamboo and engineered floorings are also anticipated to witness significant demand in future due to various properties such as high cost-to-performance ratio and environment friendliness. Raw materials used in wood flooring can be categorized into oak, walnut, birch, maple, birch, hickory, and beech. Among these, oak has exhibited major demand due to its durability, hardness, low cost, and easy availability.
Based on region, the market is divided into Asia Pacific (APAC), North America, Middle East & Africa (MEA), Europe, and China. The APAC region is a prominent and fast-growing market. China and several Southeast Asian countries are leading manufacturers as well as consumers of wood flooring.
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Some of the leading companies in the global wood flooring market are Nature Home Holding Co. Ltd.; Power Dekor (S) Pte Ltd.; Der International Flooring Co., Ltd.; Tubaobao Co. Ltd.; and Sichuan Shengda Forestry Industry Group Co., Ltd. New product or technology launch is a key strategy undertaken by market players to attract more customers. Other growth strategies include mergers and acquisitions and regional business expansion.
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