The North America wood flooring market was valued at USD 7,377.4 million in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 2.4% from 2023 to 2030. This growth is largely attributed to the increasing demand for highly durable and aesthetically appealing flooring options. Additionally, the rising investment in the renovation and remodeling of older homes is expected to significantly impact product growth in the region during the forecast period. The continued and robust expansion of high-end residential housing, coupled with the growing preference for single-family homes, is further driving the demand for wood flooring in North America. Furthermore, as the interior decoration and real estate industries continue to expand, floor-covering solutions, accessories, and related equipment have gained increasing importance. Wooden flooring products are anticipated to see rising demand over the next few years, thanks to their natural aesthetic and longer lifespan compared to traditional flooring alternatives.
In 2022, the engineered wood flooring segment held the largest share of the North American market. This product is particularly popular for deck flooring due to its enhanced properties such as reliability, abrasion resistance, and dimensional accuracy. The introduction of engineered wood has also notably reduced the cost of wood flooring, which has helped boost its adoption in the region.
Engineered wood flooring represented the largest product segment in 2022, accounting for 66.6% of the market share. This type of wood is less prone to expansion and contraction with changes in humidity and temperature compared to solid wood. Additionally, engineered wood is frequently used for deck flooring due to its superior reliability, abrasion resistance, and dimensional accuracy, factors that are expected to further fuel its demand in the region during the forecast period.
In 2022, red oak was the dominant wood type, holding a 35.2% share of the North American wood flooring market revenue. The segment’s growth is driven by the abundant domestic availability of red oak timber, its relatively low cost, and its moderate to heavy graining, all of which are expected to continue boosting demand in the region.
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The replacement segment led the market in 2022, contributing 53.6% of the total revenue, and is expected to grow at a CAGR of 2.6% throughout the forecast period. The rise in spending on the repair and renovation of existing buildings is a key factor driving this growth. Additionally, the replacement of older flooring materials, such as terrazzo, vinyl, and carpet, with wood flooring is expected to increase demand for the product during the forecast period.
The residential application segment was the largest in 2022, accounting for 77.9% of total revenue. The growth in the number of single-family homes in the U.S. following the Great Recession of 2008-2009 has significantly increased the use of wooden flooring in the residential sector. Moreover, the surge in renovation and refurbishment activities across North America to preserve the structural integrity of buildings and ensure resident safety has spurred numerous redevelopment projects in both the residential and commercial sectors, particularly in developed countries such as the U.S., Canada, and Mexico.
The U.S. was the dominant player in the North American wood flooring market, with a volume of 164.0 million square meters in 2022. The market in the U.S. is expected to grow significantly during the forecast period due to the increasing number of single-family homes and the continued demand for residential replacements.
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