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COVID-19 Pandemic Impact on Soft Covering Flooring Market 2020 Global Industry Size, Share, Growth, Analysis, Scope And Industry Forecast To 2025
Soft Covering Flooring Market
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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.
Furthermore, the rapid introduction of premium products worldwide has also been favorable, in terms of demand and sales of soft covering flooring. Carpet tiles are currently the most preferred soft covering flooring types and are therefore observing escalated sales in the global market. The growing emphasis on extensive research and development by leading innovators to develop advanced products and the advancing manufacturing technologies can also be favorable for the market in the oncoming years.
Sensing the huge opportunity, many of the renowned vendors are integrating eco-friendly materials in their floor-covering, as this trend is picking up pace in the wake of rising environmental concerns. The exhilarating pace at which the hospitality and tourism industries are growing, plus the thriving construction industry across emerging countries India, South Korea and China, the soft covering flooring market is bound to note even better growth in the near future. Stringent regulations pertaining to the carbon emissions as well as the right way of disposing the waste materials has boosted the recycling of carpets, which can be a major growth opportunity for the market.
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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List Of Tables
Table 1 Global Soft Covering Flooring Market, By Region, 2019–2024
Table 2 North America: Soft Covering Flooring Market, By Country, 2019–2024
Table 3 Europe: Soft Covering Flooring Market, By Country, 2019–2024
Table 4 Asia-Pacific: Soft Covering Flooring Market, By Country, 2019–2024
Table 5 RoW: Soft Covering Flooring Market, By Country, 2019–2024
Table 6 Global Soft Covering Flooring Market, By Product, By Region, 2019–2024
Table 7 North America: Soft Covering Flooring Market, By Product, By Country, 2019–2024
Table 8 Europe: Soft Covering Flooring Market, By Product, By Country, 2019–2024
Table 9 Asia-Pacific: Soft Covering Flooring Market By Product, By Country, 2019–2024
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List Of Figures
FIGURE 1 Research Process Of MRFR
FIGURE 2 Top-Down And Bottom-Up Approach
FIGURE 3 Market Dynamics
FIGURE 4 Impact Analysis: Market Drivers
FIGURE 5 Impact Analysis: Market Restraints
FIGURE 6 Porter’s Five Forces Analysis
FIGURE 7 Value Chain Analysis
FIGURE 8 Global Soft Covering Flooring Market Share, By Product, 2017 (%)
FIGURE 9 Global Soft Covering Flooring Market, By Product, 2019–2024 (USD MILLION)
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