Significant growth forecast for hardwood flooring market

The global hardwood flooring market size reached US$ 47.4 billion in 2022 and is set to reach $ 61.1 billion by 2028, exhibiting a compound annual growth rate (CAGR) of 3.9 percent during 2023 to 2028, says a report from ResearchandMarkets.com. Hardwood flooring comes in a wide range of styles, colours, cuts, and species, offering versatile options and designs to consumers. They are highly durable and have a long lifespan after installation. They are also convenient to install and require minimal routine maintenance. The thriving construction industry plays a pivotal role in driving market growth. With rapid population growth, there is a significant demand for housing facilities, leading to a surge in residential construction projects worldwide. Manufacturers are responding to this trend by introducing innovative flooring designs with vibrant and soothing colour combinations to cater to diverse consumer preferences.

Another significant factor driving market growth is the emerging trend of renovating and remodeling existing residential and commercial spaces. This trend, coupled with rising disposable incomes and improving living standards, contributes to market expansion. Currently, North America leads the market, holding the largest market share.