Engineered Wooden Flooring Market Size, Share, Growth, and Industry Analysis, By Type (Three Layers Engineered Wooded Flooring, Multilayer Engineered Wooded Flooring), By Application (Residential, Commercial), Regional Insights and Forecast to 2031

Updated On: 22 April 2024

ENGINEERED WOODEN FLOORING MARKET REPORT OVERVIEW

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The global engineered wooden flooring market size was USD 6681.9 million in 2019 and the market is projected to touch USD 9355.6 million by 2026, exhibiting a CAGR of 4.9% during the forecast period.

Engineered wooden flooring refers to a type of flooring composed of multiple layers of wood pressed and glued together to create a stable and durable product. The top layer, known as the wear layer, consists of a real wood veneer, providing the authentic appearance of solid hardwood. Beneath the wear layer, there are multiple layers of plywood or high-density fiberboard (HDF) that are cross-layered and fused to enhance stability. It is often chosen for its aesthetic appeal, as it replicates the natural beauty of hardwood while being more cost-effective. It can be installed using various methods, including glue-down, nail-down, or floating installations, providing flexibility in application.

The engineered wooden flooring market is experiencing robust growth as a result of several key factors driving demand in the construction and interior design sectors. Rising urbanization and an increasing focus on modern, eco-friendly construction practices have propelled the demand for engineered wooden flooring. This type of flooring offers enhanced stability and moisture resistance, making it suitable for a variety of environments, including residential and commercial spaces. Additionally, advancements in manufacturing technologies have led to the production of engineered wood flooring with improved performance characteristics, such as scratch resistance and easy maintenance.

COVID-19 Impact: Market Growth Hampered By Pandemic Due to Disruptions in Supply Chains

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The market for engineered wooden flooring has faced significant challenges due to the impact of the COVID-19 pandemic. The construction and home improvement sectors experienced disruptions as lockdowns, supply chain interruptions, and economic uncertainties affected consumer spending. With restrictions on movement and construction activities, demand for engineered wooden flooring witnessed a downturn as projects were delayed or postponed. Additionally, the economic strain on consumers led to reduced discretionary spending, impacting the overall market. Supply chain disruptions, including manufacturing slowdowns and transportation restrictions, hampered the availability of raw materials and the production of engineered wooden flooring. This, coupled with labor shortages and social distancing measures, further impeded the industry's ability to meet market demands.

LATEST TRENDS

"Innovative Designs and Finishes to Drive Market Growth"

A key trend in the market is the introduction of innovative designs and finishes. Engineered wooden flooring is now available in a wide range of textures, colors, and patterns, allowing consumers to personalize their spaces. This customization trend is driven by a desire for unique, aesthetically pleasing flooring solutions. The market is witnessing a surge in demand due to a growing emphasis on sustainability. Consumers are increasingly opting for eco-friendly flooring options, and engineered wood, being a sustainable choice, is gaining popularity. Manufacturers are responding by sourcing wood from responsibly managed forests and adopting eco-friendly production processes. The industry is experiencing a technological shift with the integration of advanced manufacturing techniques. Precision engineering and cutting-edge technologies are enhancing the quality and durability of engineered wood flooring. This trend is contributing to the market's growth as consumers seek long-lasting and low-maintenance flooring solutions.

ENGINEERED WOODEN FLOORING MARKET SEGMENTATION

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• By Type

Based on type the global market can be categorized into Three Layers Engineered Wooded Flooring, Multilayer Engineered Wooded Flooring.

Three Layers Engineered Wood Flooring: It typically consists of three distinct layers. The top layer, known as the wear layer, is crafted from high-quality wood veneer, providing the aesthetic appeal of real wood. The middle layer, or the core, is composed of softer wood materials, often in a crisscross pattern, enhancing stability and strength. The bottom layer, called the backing, is usually made from plywood and serves as additional support.

Multilayer Engineered Wood Flooring: It incorporates more layers for increased durability and versatility. The top layer remains a veneer of real wood, offering a natural appearance. Below this, multiple core layers, often made from plywood or HDF (High-Density Fiberboard), contribute to the flooring's strength and resistance to moisture. The use of different materials in these layers minimizes the potential for expansion and contraction due to environmental changes, making it a suitable choice for various climates.

• By Application

Based on application the global market can be categorized into Residential, Commercial.

Residential: In residential settings, homeowners appreciate its warmth and natural beauty, creating a cozy and inviting atmosphere in living rooms, bedrooms, and even kitchens. The engineered construction, with layers of wood pressed together, provides enhanced stability and durability, making it suitable for high-traffic areas in busy households.

Commercial: In commercial applications, engineered wooden flooring is valued for its durability and easy maintenance. It is often chosen for offices, retail spaces, and hospitality environments where a sophisticated and professional appearance is desired. The engineered structure ensures resistance to moisture and temperature fluctuations, making it a reliable option for spaces with varying environmental conditions.

DRIVING FACTORS

"Durability and Aesthetic Appeal to Boost the Market Growth"

Engineered wooden flooring is engineered to be more stable than solid wood, making it less susceptible to changes in temperature and humidity. This results in a flooring option that is more durable and less prone to warping or cracking, especially in environments with varying climate conditions. It is known for its high aesthetic appeal, mimicking the natural beauty of solid hardwood. Its diverse range of wood species and finishes allows consumers to choose flooring that complements their interior design preferences, contributing to engineered wood flooring market growth. Engineered wood flooring often comes with click-lock or tongue-and-groove systems, facilitating easier and quicker installation. This appeals to both professionals and DIY enthusiasts, contributing to its market growth as a convenient and accessible flooring option.

"Cost-Effectiveness and Compatibility with Underfloor Heating to Expand the Market"

Compared to solid hardwood flooring, engineered wooden flooring tends to be more cost-effective. This affordability factor appeals to a broader consumer base, including homeowners and businesses looking for a high-quality flooring solution without the premium price tag associated with solid hardwood. The ability of engineered wood flooring to work well with underfloor heating systems enhances its appeal, especially in regions with colder climates. This compatibility makes it a sought-after choice for modern heating solutions, driving market demand. Engineered wooden flooring can be installed over a variety of subfloors, including concrete, plywood, and existing flooring surfaces. This adaptability expands its application possibilities, making it a versatile choice for renovations and new construction projects. Ongoing advancements in manufacturing technologies and materials used in engineered wood flooring contribute to improved performance characteristics. These innovations, such as enhanced wear layers and finishes, attract consumers seeking the latest and most advanced flooring options.

RESTRAINING FACTORS

"Costs and Limited Refinishing Potential to Impede Market Growth"

Engineered wooden flooring, while more affordable than solid hardwood, can still be expensive compared to other flooring options. The initial investment cost may serve as a deterrent for budget-conscious consumers. Unlike solid hardwood, engineered wood has a thinner layer of real wood on its surface. This limits the number of times it can be refinished. Excessive wear or damage may necessitate replacement rather than refinishing, reducing the longevity of the flooring.

ENGINEERED WOODEN FLOORING MARKET REGIONAL INSIGHTS

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"North America to Dominate in the Market due to Presence of a Large Consumer Base"

"The market is segmented into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa."

North America has emerged as the most dominant region in the engineered wooden flooring market share. In this region, particularly in the U.S. and Canada, a strong emphasis on home improvement and remodeling projects has contributed to the increased adoption of engineered wooden flooring. The market's growth is further driven by the region's economic prosperity, leading to higher disposable incomes and an elevated standard of living. Additionally, the awareness of the environmental impact of traditional hardwood flooring has fueled the preference for engineered options, as they often utilize recycled or sustainable materials.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market through Innovation and Market Expansion"

The Engineered wooden flooring market is significantly influenced by key industry players that play a pivotal role in driving market dynamics and shaping consumer preferences. These key players possess extensive retail networks and online platforms, providing consumers with easy access to a wide variety of wardrobe options. Their strong global presence and brand recognition have contributed to increased consumer trust and loyalty, driving product adoption. Moreover, these industry giants continually invest in research and development, introducing innovative designs, materials, and smart features in engineered wooden flooring, catering to evolving consumer needs and preferences. The collective efforts of these major players significantly impact the competitive landscape and future trajectory of the market.

List of Market Players Profiled

• Armstrong (U.S.)

• Shaw (U.S.)

• Mannington (U.S.)

• Mohawk (U.S.)

• Beaulieu (U.S.)

• Bauwerk (Switzerland)

• Kahrs (Sweden)

INDUSTRIAL DEVELOPMENT

August 2023: Johnson Hardwood announced in August 2023 that The R.A. Siegel Company will represent it in the Southeast areas of Alabama, Florida, Georgia, North Carolina, South Carolina, and eastern Tennessee. Johnson's comprehensive floor coverings, including SPC/rigid core, high-performance laminate, and premium hardwood flooring, will now be available via the R.A. Siegel Company.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.