U.S. – The global Wood and Laminate Flooring market is expected to reach USD 92.64 billion by 2020, according to a new study by Grand View Research, Inc. a U.S. based market research and consulting company.

The new study reveals how technological advancements, that have led to the development of new innovative products, and do-it-yourself (DIY) installation techniques, have substantially widened the scope across residential as well as commercial flooring applications. Increasing demand in the new construction and home improvement sectors is expected to be the key driving force for the wood & laminate flooring market over the forecast period. Advancements in designing and printing technology have made laminated floors look more realistic which has surged their popularity among consumers worldwide.

Another finding of the report is how raw material costs have had a significant impact on the wood & laminate flooring industry. The volatile prices of wood and other raw materials and the increasing costs of production are expected to challenge wood & laminate flooring industry growth over the forecast period. Stringent laws and regulations against deforestation by governments across the globe and the consequent need of imports of raw materials have shrunk manufacturers’ profits to a large extent.