The market for wood flooring in China is primarily driven by customers who are looking for better flooring solutions to match their elegant lifestyle. The stabilized economic growth in the country, rising construction across rural and urban localities along with rapid urbanization is helping the real estate sector to grow. The wood flooring is the growing segment of the floor covering industry in China and accounted for around 39% of the floor covering industry during 2018. The whole floor covering market registered a revenue of RMB 71.6 billion during the year. The wood flooring companies in China marketed more than 400 million square meters of the wooden floor coverings of all variants during 2018. The growing residential sector is also contributing to this rising share of wood flooring segment of the floor covering market. China's wood flooring market is sophisticated with thousands of manufacturers. The key players of the market are focussing on initiatives to encourage manufacturing wood flooring products in an environmentally friendly manner without affecting the natural ecosystem of the country. They are also investing in improving technology to produce more durable flooring solutions at affordable prices in order to increase their market share.
Key Market Trends
The Residential Segment Occupied a Major Share of the Market
With the changing consumer dynamics, the residential segment of China wood flooring has been occupying a major share of the market. According to the statistics, the average penetration rate of wood flooring in the residential segment in large cities of China is more than 25%, and that in medium-sized cities is about 12%. The number of customers who opt for wood flooring is increasing owing to the advantages such as its thermal capabilities and adaptability according to temperature, easy to install, clean and maintain for a longer time, and the aesthetic richness that the wood flooring offers. The aesthetic feature has expanded its market share to the exterior application as well.
Engineering Wood is Fastest Growing Segment of the Market
China wood flooring market has been dominated by the solid wood floor segment occupying a major share of the revenue generated. Also, during the study period, the demand for engineered wood has started gaining more significance than before. Improving customer's interest in high living standards and the aesthetic appearance and availability of engineered wood in different shapes, sizes, and designs are the major factors that are contributing to the shift in preferences to engineered wood. Also, engineered wood comes with the easy installation procedure, and is more resistant to heat and strains. These factors are also helping the segment to capture more interest from the customers.
China wood flooring market is moderately consolidated and has more than 2,900 manufactures that are producing wooden floor coverings. The majority of these manufacturers are diversified their business into the manufacturing of other floors covering variants as well. The market is forecasted to register a markable growth rate with the rapid improvements happening in the printing technology stream that is allowing the manufacturers to combine various new designs with customizable textures.
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