Soft Covering Flooring Market Is Projected To Expand At A Healthy Growth Rate By 2025
Market Synopsis
The Global
Soft Covering Market is estimated to expand with a CAGR of 3.0% during the
review period from 2019 to 2024. The global soft covering flooring market 2020
has experienced a robust growth due to the rising demand for green building
materials along with the increased expansion of the commercial replacement market.
The expansion of the tourism and hospitality industry along with increased
construction of residential and commercial buildings in emerging economies such
as India, South Korea, and China are further estimated to affect the demand for
soft covering flooring markets. The expanding research and development
activities by the established producers for unique and innovative designs and
service is acknowledged to fuel the demand for soft covering flooring market.
Moreover, the recycled nylon material is estimated to witness high demand in
the flooring industry owing to the fact that manufacturers are using 100%
recycled materials to reduce the environmental footprint. However, the prices
of raw material keep fluctuating and are likely to act as act obstacle to the
growth of the global soft covering flooring market.
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The Soft Covering Flooring Industry is very
competitive with several players in the market. The key players have adopted
several tactics to create a global presence. some of the strategies adopted by
these key players include securing contracts, expansions, acquisition, and
investment.
With the research, the North American
market is speculated to be the most dominating region across the globe. In the
context of the fastest growth, the Asia-Pacific region is estimated to be the
fastest-growing market.
Global
Soft Covering Flooring Market Segmentation
The Soft Covering Flooring Industry has
been segmented on the basis of region, application, and product.
Geographically, the global soft covering
market has been segmented Asia-Pacific, North America, Europe and the Rest of
the World.
On the basis of application, the market is
classified into the commercial and residential segments. The residential
segment is held the largest market share in 2018 and is expected to maintain
the position by the end of 2024. This is credited to the rising demand for
replacement and refurbishing activities across the globe.
On the basis of product, Soft Covering
Flooring Industry is classified into broadloom and carpet tiles. The broadloom
segment has emerged as the most massive segment is estimated to maintain its
position by 2024. The credit can be acknowledged to the rising demand from
applications such as airports, hospitality spaces, educational and institutions,
and healthcare facilities which propels the demand for soft covering flooring.
This variety of flooring is a demanded requirement among manufacturers and
customers, both. However, the carpet tiles segment is expected to experience
the highest rate during the review period.
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Regional
Analysis
Geographically, the global soft covering
flooring market is divided into Asia-Pacific, Europe, and the Rest of the
World. In 2018, North America held the largest market share of around 34%,
followed by Europe and Asia-Pacific. Additionally, North America is anticipated
to maintain its position until 2024.
Owing to the fast growth and expansion of
the developing countries in the APAC region, it is exp[ected that the APAC
region will show the maximum growth rate. Countries such as India, South Korea,
and China are expected to lead the APAC region. The rapid expansion of the global
soft covering flooring market is expected to increase the demand for soft
covering flooring in the forthcoming years.
Key
Players
Some of the distinguished key players
competing in the global soft covering flooring market are Interface, Inc (US),
Abbey Carpet and floor (US), Bentley Mills, Inc. (US), The Dixie Group, Inc.
(US), Engineered Floors LLC (US), Trinseo S.A (US), Cargill, Incorporated (US),
Beaulieu International Group (Belgium), Mannignton Mills, Inc. (the US),
Milliken and Company (US), Mohawk Industries (US), and others.
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