Floor Covering Market Technology Innovation, Analysis Application
Floor covering products are made with felts, textiles, rubber, resins, or other artificial or natural substances applied or fastened on the base level surface.
Floor coverings are installed in rooms to provide durability, comfort, decoration, and safety.
Key Drivers of the Global Floor Covering Market
Growth in the housing industry at the global level is a favorable factor driving the floor covering market, as a result of consumer demand for smooth surface flooring.
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Rugs and carpets are popular among consumers due to their aesthetic and functional properties which can cover the floor as well improve the overall home or office décor appeal. Rising consumer spending on home décor products to bring aesthetic improvements is also driving the market growth.
Technological advancement in floor cover installation is driving the market growth. Key players are investing on advance equipment which helps companies to install the product on a shorter timeline.
Enforcement of government regulations regarding disposal of waste and carbon emission have significant influence on the broadloom and carpet tile manufacturing industry. As a result, tile manufacturers are working on a product recycle process with more focus on a reverse distribution model to promote return of carpet tiles.
Growth in Residential and Commercial Construction Industry
Rising residential and commercial construction in urban and rural areas is set to drive the sale of floor covering products. Construction industry is growing at a fast pace. In 2018, construction spending in New York City was over 70 billion. High spending on construction is likely to result in rising sale of flooring products.
Average home décor product cost is increasing at a high pace which is driving consumers to purchase floor covering products which is comparatively budget friendly.
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High Cost of Production to Hamper the Market
During the manufacturing of textile floor coverings (including carpets and rugs), non-degradable waste is manufactured, which is expected to become a challenge to the market growth.
Production cost of textile floor covering is comparatively high which works as a market restraint.
Asia Pacific to Hold Major Share of the Global Floor Covering Market
Asia Pacific is the dominant floor covering market as a result of extensive residential usage. Increasing middle class population in developing countries such as China and India is expected to have a huge impact on the floor covering market.
Rising textile production in India and China will further work as a favorable factor. Furthermore, rising residential construction is anticipated to enhance the market growth.
Demand for floor covering is also observed in North America and Europe. Demand for tile flooring is significantly high in developed countries including the U.S., U.K., Germany, and France.
Key Players Operating in the Global Market
Large number of small and large local and global players are present in the floor covering market. Companies adopt different strategies such as product innovation & development, geographical expansion, and merger & acquisition, helping them to increase their market share. A few of the key players operating in the global floor covering market are:
Dixie Group, Inc.
Home Depot Inc.
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