The worldwide wood and laminate flooring market is estimated to attain a size of about USD 92.5 billion by 2020. It is predicted to experience remarkable expansion in the years ahead. This is on account of modifying lifestyles and rising demand for wood and laminate flooring in the sector of housing construction.
Augmented demand for wood and laminate flooring in the segments of home enhancement and new construction is projected to be the most significant driver of the wood and laminate flooring market. Innovations in technology have led to the coming up of new products and do-it-yourself fixing procedures.
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These have greatly broadened the prospects of wood and laminate flooring with respect to business and housing applications.
Features Of Wood And Laminate Flooring
Wood and laminate flooring has been witnessing increased popularity. This is due to its resilience and ecological nature. It also looks refined and is simple to maintain. These factors propel the market further. The comfort factor and demand for lesser skillful labor in the setting up of this flooring also work in favor of the wood and laminate flooring market and steer it forward.
Wood and laminate flooring is simple to lay. This is yet another reason owing to which it is preferred over others. The aforementioned characteristics of this flooring augur well for the wood and laminate flooring market and drive it further.
Innovations in printing technology and designing have made laminate flooring appear increasingly realistic. This has flown further demand for wood and laminate flooring across the globe. The flooring is present in various designs and colors. It improves the beauty of interiors wherein it is set up. Augmentation in the aesthetic appeal of interiors on account of wood and laminate flooring is also projected to drive the wood and laminate flooring market ahead.
The twenty first century has undergone an essential transformation to obligatory home centric goods from specialty ones. This has also stimulated growing demand for the wood and laminate flooring market. Growing concerns over ecological impact have significantly affected the market. Changing inclinations of business and clients and amplified infrastructural spendings are also estimated to positively affect the wood and laminate flooring market.
The costs of unrefined materials have had a considerable impact on the worldwide market. The unsteady prices of wood and unprocessed materials and rising manufacturing costs of wood and laminate floorings are anticipated to serve as the prime hindrances of the wood and laminate flooring market.
The market is trifurcated on account of three categories. These are applications, products and regions. The applications market includes commercial, residential and industrial. Escalating demand for wood and laminate flooring in all these sectors is likely to raise the demand for the wood and laminate flooring market. The products market consists of laminate flooring and wood flooring.
The regions market is sliced into Asia Pacific, North America, rest of the world and Europe. Escalating demand for wood and laminate flooring in BRIC nations is estimated to open growth prospects for the market. Rising construction operations and altering lifestyles in Asia Pacific are also expected to steer the wood and laminate flooring market ahead.
Information Source: Grand View Research