The growth of the construction industry with rapid urbanization, rising remodeling & renovation activities, and increasing investment in infrastructure are driving the demand for the market.
Market Size – USD 88.16 Billion in 2019, Market Growth – CAGR of 3.3%, Market Trends – Growing demand from developing nations.
The global Soft Covering Flooring market is forecast to reach USD 112.28 Billion by 2027, according to a new report by Reports and Data. Increase in people’s incomes globally, along with the growing construction of residential and commercial structures, have given a boost to the demand for the market. Aspiring homeowners not only buy new ones but also spend on their furniture in a liberal way. The same goes for improvements to the office to give them a more stylish look.
Key participants include –
- Mannington Mills, Inc.
- Venture Carpets, Inc.
- Mohawk Industries, Inc.
- Abbey Carpet & Floor
- Beaulieu International Group
- AFI Licencing
- Interface Inc.
- Shaw Industries, Inc.
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Synthetic fibers like nylon, polyester, triexta, and polypropylene are used as primary raw materials for the production of carpet tiles and broad looms. The abundant supply of such raw materials is projected to drive the demand for soft cover over the forecast period. Carpets are also produced from organic fibers, thus expanding the overall cost of the product.
For the purpose of this report, Reports and Data have segmented into the global Soft-covering Flooring market on the basis of product, application, distribution channel, and region:
Product Outlook (Revenue, USD Billion; 2017-2027)
- Carpet Tiles
Application Outlook (Revenue, USD Billion; 2017-2027)
Distribution Channel Outlook (Revenue, USD Billion; 2017-2027)
- Retailer Distribution Channel
- Wholesaler & Distributor Business Trend
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Asia Pacific
- Latin America
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The constant production of creative and flexible flooring products is driving the growth of the global market due to the various developments in digital printing technology. Growth in the construction sector and growing urbanization are also some of the factors that drive global demand. Due to the events in digital printing technologies, continuous production for the manufacture of flexible and innovative flooring products is expected to have a positive effect on the overall industry growth. The difference in the design and size of the product offered by the manufacturers is expected to have a positive market impact.
Developing nations across the globe have concentrated on increasing spending in the building industry as well as improving infrastructure, thus increasing flooring demand potential. Rapid urbanization and industrialization are impacting the rapid demand growth in the Asia-Pacific region.
The COVID-19 impact:
The outbreak raised concern on the value of anti-bacterial safe flooring. The market has experienced a downturn over the weeks, which may continue over the next few months. This pandemic has affected the Asia Pacific region the most, with China at the center of the outbreak. Most initiatives have come to a temporary halt in multiple countries. The production, as well as supply, has been put on hold, causing losses to the manufacturers, dealers as well as consumers. The market might be facing a downside for the period. Still, with rising urbanization and industrialization, the demand would be hitting the roof as soon as there is a development in the condition.
Further key findings from the report suggest
- In North America, the residential segment accounted for 62.8% of the revenue share in 2019 and is anticipated to grow from USD 20.51 billion in 2019 to USD 26.31 billion. This can be due to their growing use in the region’s residential settings.
- Developing the nation’s government has promoted and invested in infrastructural development and creative I.T construction, SEZs, parks, and more. This has culminated in the commercial segment being upgraded to 3.2% CAGR per and increasing further with an emphasis on urbanization and industrialization.
- The carpet tiles segment due to various advantages is expected to increase in the following years. Carpet tiles with a variety of prints and designs are available in a wide selection. Such tiles can be used as wall tiles, floor coverings, and for longer life; they often need limited maintenance.
- The rising need for eco-friendly products is intended to generate new opportunities for industry growth because of increasing health and environmental issues about many flooring solutions. Technological developments such as the growing use of VR technology to create finished goods are expected to see strong growth over the projected timeframe.
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Table of Content –
Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.4. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2019-2027
Chapter 3. Indicative Metrics
Chapter 4. Soft Covering Flooring Market Segmentation & Impact Analysis
4.1. Soft Covering Flooring Market Material Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
18.104.22.168. Growth in construction industry
22.214.171.124. Increasing investments in infrastructure
126.96.36.199. Rising remodeling & renovation activities
4.2.3. Market restraints analysis
188.8.131.52. Superior alternatives
4.3. Technological Insights
4.4. Regulatory Framework
4.5. ETOP Analysis
4.6. Porter’s Five Forces Analysis
4.7. Competitive Metric Space Analysis
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