Opportunities & Threats for Wood Flooring Market
The times are a little tight for the market of hardwood flooring and wooden floor tiles. The capability to make further inroads for the floor coverings market for the United States is being hindered by the expanded competition from the tile plans with a shape of wood and ceramic, new and improved luxurious vinyl tile (LVT), and flooring plans constructed from the composite products of plastic.
The organizations engaging the wood type of floorings are developing to take optimum share from the manufacturers of hard and engineered wood flooring. The marketing trends for wood and flooring are being damaged by the slow growth rate in the housing and construction industry, which is known to be the primary producer and manufacturer for the sales of wooden floors.
The market for wood flooring internationally is expected to surpass 10.3 billion square feet by the end of 2020 due to increased urbanization in the developing markets and with the expansion in the renovation and construction department. Pacific Asia is considered as the biggest and the most emerging market for wood flooring and wooden products all over the world.
China, being the dominating country for manufacturing and producing as well as the most significant consuming country along with other South-East Asian countries like Indonesia, Malaysia, Vietnam, and Taiwan.
According to an estimated report, the flooring sales of wood are expected to be increased by nearly 3.1 percent and 3.6 percent sq. feet by 2016. The sales of wooden products reached an approximated figure of $3.8 billion and nearly 1.7 billion sq. feet. These significant changes in the industry in comparison to the 12.5 percent of the growth annually in dollars and almost 9.4 percent in the sq. feet between the years of 2011-2015. The sales were quite big during these times.