DUBLIN, Dec. 8, 2023 /PRNewswire/ — The “Thailand Wood Flooring Market: Market Forecast By Product Types, By Distribution Channel, By Application and Competitive Landscape” report has been added to ResearchAndMarkets.com’s offering.
Thailand Wood Flooring Market size is anticipated to grow at a CAGR of 4.8% during 2023-2029. The wood flooring market in Thailand is expected to witness substantial growth, primarily due to the increasing investments in the country’s residential and commercial sectors.
Prior to the COVID-19 outbreak, the Thailand wood flooring market was steadily growing, fueled by the increasing importance of aesthetic decor in both residential and commercial settings. However, the pandemic, which struck in 2020, caused a downturn in the country’s construction activities and led to adverse effects on various industries, including the wood flooring market.
As a result of the COVID-19 pandemic, several commercial construction projects, such as InterContinental Yao Yai Resort, Grand Mercure Windsor Bangkok, and Movenpick Hotel Kamala Beach Phuket, experienced delays or slowdowns. The impact was widespread, and the construction sector contracted by approximately 8.8% in 2020, making it one of the worst-hit sectors in the Thai economy.
Notably, CP Group, the largest conglomerate in Thailand, has announced plans to invest $1.5 billion in various projects in Bangkok over the next 5 years. These projects encompass a wide range of properties, including office buildings, hotels, serviced apartments, and condominiums. Additionally, Magnolia Quality Development Corporation (MQDC), a subsidiary of Magnolia Group, has ambitious investment plans of $1.2 billion for residential and commercial ventures in Bangkok and Pattaya over the next 3 years.
These projects would include luxury condominiums, hotels, and retail spaces, contributing to the overall demand for wood flooring in the region. Furthermore, Central Pattana PCL has set its sights on investing $500 million in commercial projects across Bangkok, Chonburi, and Phuket within the next 3 years.
The projects would involve the development of shopping malls, hotels, and office buildings, leading to generating the demand for wood flooring products in these properties. As a result of these significant investments, the wood flooring market is likely to experience growth as it caters to the requirements of these upcoming and ongoing residential and commercial developments in Thailand.
Market by Product Types
The engineered wood flooring segment in the Thailand wood flooring industry is expected to witness higher growth compared to solid wood flooring in the upcoming years. This is due to the increasing demand for durable and sustainable flooring options that offer design flexibility and require less maintenance.
Market by Distribution Channel
Retail stores should be the focused distribution channel as they would grow at the highest rate owing to the consumers’ preference as they are able to physically touch the products and choose from a diverse range of varieties.
Market by Application
Owing to the upcoming residential projects such as Bangna KM29, Omnoi, and Kallapaphruek, the demand for wood flooring would increase in the residential buildings in the coming years.
Key Highlights of the Report
- Thailand Wood Flooring Market Overview
- Thailand Wood Flooring Market Outlook
- Thailand Wood Flooring Market Forecast
- Historical Data and Forecast of Thailand Wood Flooring Market Revenues for the Period 2019-2029F
- Historical Data and Forecast of Thailand Wood Flooring Market Revenues, By Product Type, for the Period 2019-2029F
- Historical Data and Forecast of Thailand Wood Flooring Market Revenues, By Distribution Channel, for the Period 2019-2029F
- Historical Data and Forecast of Thailand Wood Flooring Market Revenues, By Application, for the Period 2019-2029F
- Market Drivers and Restraints
- Thailand Wood Flooring Market Trends
- Industry Life Cycle
- Porter’s Five Force Analysis
- Market Opportunity Assessment
- Thailand Wood Flooring Market Revenue Ranking, By Companies
- Company Profiles
- Key Strategic Recommendations
- German Standard Co, Ltd.
- Arrow Wood Co. LTD
- Asia Teak Wood Company Limited
- Thaweephan Wood Products CO., LTD
- Amber Wood Innovation (Thailand) Co., Ltd
- Areechai Woodtech Co.,Ltd.
- Siam Wood Floor Co., Ltd
- Pacificwood Co.,Ltd.
Market Scope and Segmentation
By Product Types
- Solid Wood
- Engineered Wood
By Distribution Channels
- Retail Stores
- Distributors and Wholesalers
- Builders and Contractors
- Others (Online, Direct Sales from Manufacturers, Interior Design Firms etc.)
For more information about this report visit https://www.researchandmarkets.com/r/1q6obf
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Originally published at https://www.prnewswire.com/news-releases/thailand-wood-flooring-market-outlook-report-2023-2029-with-historical-data-for-2019-2022-302010150.html
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