What's driving the Soft Covering Flooring Market Growth?

Posted by Mayur Yeole on February 19th, 2021

Market Overview

Market Research Future (MRFR) projects that the soft covering flooring market 2020 can achieve significant grounds over the review period, which is between 2019 and 2024. We will provide COVID-19 impact analysis with the report, offering detailed market developments following the coronavirus disease outbreak.

Top Boosters and Key Barriers

Escalating disposable income of the world population coupled with the surge in construction of commercial and residential infrastructure has helped the soft covering flooring market gain excellent impetus in recent years. Potential house owners are now more than ever interested in spending massively on aesthetically pleasing and affordable décor, while offices are opting for sophisticated materials that can help enhance the overall appeal. This is leading to higher demand for soft covering flooring as they lend a classy touch to the infrastructure, apart from the fact that these also facilitate noise reduction and heat insulation.

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Market Segmentation

The soft covering flooring industry has been segmented with respect to product and application.

The product-wise key segments mentioned in the report are carpet tiles as well as broadloom. Between these, the demand for broadloom is the highest, and therefore can be the leading segment during the assessment period. The key factors promoting its growth can be the soaring demand across educational & institutions, hospitality spaces, airports and healthcare facilities. But it is expected that the carpet tiles segment can procure the fastest expansion rate in the coming years.

The primary applications discussed in the study are commercial and residential. Out of these, the largest application in 2018 was the residential segment and it is anticipated to remain at the top spot throughout the review period. The accelerated demand for replacement and refurbishing activities worldwide in the residential sector is the key reason cited for the segment’s prominence in the market.

Regional Study

The soft covering flooring market has been geographically distributed into North America, Asia Pacific/APAC, Europe, and the Rest of the world/RoW.

In 2018, with the biggest share of close to 34%, North America became the global leader, with Europe and Asia Pacific close behind. MRFR experts project that North America can remain the highest gainer till 2024, thanks to the accelerating number of retail and commercial outlets in light of the high urbanization rate and the soaring demand for advanced construction materials. The soft covering flooring market in the region is lucrative also due to the escalating demand for green buildings, especially in the U.S, Mexico and Canada.

It is noteworthy that APAC can emerge as the fastest advancing market for soft covering flooring, as a result of the flourishing construction sector in emerging countries like South Korea, India and China. The rapid surge in the disposable incomes and the consequent increase in the number of home owners in urban locations have also added to the market growth speed in the region.

Top Vendors

The top vendors outlined in the soft covering flooring industry include Mohawk Industries (US), Trinseo S.A. (US), Interface, Inc. (US), Bentley Mills, Inc. (US), The Dixie Group, Inc. (US), Abbey Carpet & Floor (US), Mannington Mills Inc. (US), Engineered Floors LLC (US), Milliken & Company (US), Cargill Incorporated (US), Beaulieu International Group (Belgium), to name a few.

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