Wood and Laminate Flooring Market: Important part of the building and construction industry having thermosetting resins manufacturing: Evolving Technology, Trends and Industry Analysis

Wood and Laminate Flooring Market: Important part of the building and construction industry having thermosetting resins manufacturing: Evolving Technology, Trends and Industry Analysis – 2023

Wood and laminateforms an important part of the building and construction industry. Wood is obtained from the forestry companies and government entities that are regulating forestry lands.Laminates are manufactured from the thermosetting resins that are cured with the help of chemicals such as acetaldehyde. The thermosetting resins used in the manufacturing of laminates include: polyester or vinyl ester, acrylic, and epoxy resins.

Based on product type, the wood and flooring market can be segmented into: wood and laminates. Wood product segment is further segmented as: white oak, red oak, maple, and others. The type of wood flooring includes: deck flooring, solid wood flooring, and engineered flooring. Engineered wood flooring is less vulnerable to shrinks and extensions that occur due to humidity and temperature changes. The segment has gained in demand during the last few years due to advantageous properties such as dimension stability and cost-effectiveness. Solid wood flooring held the largest share in the global wood and laminates market due to moderate prices and ease of installation.For niche applications, softwood and hardwood flooring is used.

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Deck flooring belongs to the premium class of wood flooring due to its enhanced properties such as abrasion and scratch resistance, dimension stability, and durability. Solid wood flooring offers products such as designs made from walnut, bamboo, and maple cork wood. Laminate flooring is expected to gain huge demand from the commercial application segment. Applications of the wood and flooring market include:residential, commercial, and industrial. Residential segment is expected to rise at the highest CAGR during the forecast period globally.

Rising demand for wood and laminate flooring in the building and construction industry is expected to drive the market further. Home improvement sector and new construction segments across the globe and specially contributing to the demand for wood and laminate flooring in the building and construction industry. Furthermore, the technological developments that have led to product innovation are fueling demand for wood and laminate flooring in the commercial and residential applications. Due to technological developments, do-it-yourself installation techniques are being developed that have widened the application area of these type of flooring in residential applications.

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However, factors such as availability of raw materials and their price volatility are expected to hamper growth of the wood and laminate flooring market.Wood is a major raw material for wood flooring whose availability is affected by the environmental regulations related to deforestation in the major wood-producing regions. Additionally, decreasing profit margins due to the rising cost of raw materials is expected to restrain the market growth. Increasing demand from emerging economies such as Brazil, South Africa, and Russia is expected to provide an important opportunity for the market’s growth.

Asia Pacific dominated the wood and laminate flooring market in terms of consumption and revenue. The region is experiencing strong growth in the building and construction industry which in turn,is driving the demand for wood and laminate flooring higher. The demand in the region is driven by increase in per capita income and changing lifestyle of the consumers. Asia Pacific was followed by North America and Europe in terms of demand. North America and Europe are expected to grow at a moderate growth rate during the forecast period.

The global wood and flooring market is moderately fragmented with no clear leaders.The major players are investing significantly in research and development activities to improve their manufacturing processes, and develop new productsin order to widen the application and end-use area of wood and laminates in flooring. Some of the key players operating in the wood and laminate flooring market include: Fausfloor, Home Legend, Millstead, Pergo, and Wickes.

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