According to the Regional Research Reports (RRR), the global engineered wooden flooring market size is expected to reach USD 33.41 million by 2030, registering a CAGR of 10.86% during the forecast period (2023-2030). Due to the high popularity of this product/service in North America and Asia, the growth trend of engineered wooden flooring in recent years and the growth of consumers’ demand is expected to drive the global engineered wooden flooring market.
Engineered Wooden Flooring Market Definition:
Engineered wooden flooring is a composite material consisting of multiple layers of wood, with a top layer of hardwood veneer. It is designed to be more resistant to moisture and temperature changes than traditional solid wood flooring. The multiple layers are joined together with a strong adhesive, ensuring stability and durability. Engineered wood flooring is suitable for installation in any room, including basements, and it is also much easier to install than solid wood flooring. Additionally, it can be sanded and refinished several times, which makes it a great choice if you plan on living in the same home for a long period of time.
Scope of the Engineered Wooden Flooring Market Research Report:
By Type,
- Three Layers Engineered Wooded Flooring
- Multilayer Engineered Wooded Flooring
By Application,
- Residential
- Commercial
By Region,
- North America (US, Canada, Mexico)
- Europe (Germany, UK, France, Italy, Spain, Russia, Switzerland, Poland, Belgium, the Netherlands, Norway, Sweden, Czech Republic, Slovakia, Slovenia, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Thailand, Malaysia, Vietnam, Singapore, Australia & New Zealand, Rest of Asia Pacific)
- South America (Brazil, Argentina, Peru, Colombia, Rest of South America)
- The Middle East & Africa (UAE, Saudi Arabia, South Africa, Egypt, Qatar, Northern Africa, Rest of MEA)
Asia-Pacific is the largest regional market for engineered wooden flooring, accounting for over 40% of the market share in 2022. This is primarily due to the increasing demand for engineered wooden flooring in the residential sector in countries such as India, China, Japan, and South Korea. Additionally, the infrastructure development in the region is driving the demand for engineered wooden flooring in the commercial sector.
The thriving construction industry is primarily driving the growth of the hardwood flooring market. Asia-Pacific is also expected to grow at the highest rate in the market, followed by North America and Europe.
The key players are focusing on achieving optimal operational costs, enhancing product quality, maximizing production output, and the acquisition of small players to sustain the competition. These players are increasingly focusing on mergers & acquisitions, joint ventures, and agreements.