Million Insights - World's Fastest Growing Market Research DatabaseAccording to new report available with Million Insights, services in hospitality and expanding tourism market are expected to drive the soft covering flooring industry over the forecast period.
The global Soft Covering Flooring Market size was valued at USD 110.09 billion in 2013 and is anticipated to exceed USD 152.5 billion by 2020, with a CAGR of about 5.2%. Better choices available for residential floor replacements and increasing home improvement needs are anticipated to fuel market growth over the forecast period. Soft covering floors provide distinctive benefits such as noise-reduction, dust-binding characteristics, comfort and insulation together with attractive aesthetics. Besides, enhancing the visual appeal in offices and at homes and covering floors, carpets tiles and rugs offer a protecting layer to floors. In cold countries, these products are used widely to prevent the floor from getting too cold.
U.S and other developed countries witness a huge demand for rugs and carpets. However, with rising number of consumers willing to spend on floor coverings to improve the aesthetic appeal at home and in offices, the demand for rugs and carpet tiles is anticipated to diminish Soft covering floors consist of rugs & carpets and broadloom which provide good insulation and have an appeal of a luxurious exterior. Nevertheless, resilient floors including vinyl tiles are gaining momentum in present times in residential as well as commercial applications. This may impede market growth and deter market demand.
Full Research Report On Global Soft Covering Flooring Market Analysis available at: https://www.millioninsights.com/industry-reports/soft-covering-flooring-market
Growth opportunities for new entrants in the soft covering flooring market majorly can be anticipated in the manufacturing technology and research & development domains. In addition, growing awareness regarding the advantages of spending on eco-friendly materials in floor covering manufacturing can be beneficial by utilizing easy availability of key suppliers in the industry.
Major sales and distribution channels include online shopping, furniture stores, departmental stores and catalogs that maintain rug and carpets. Additionally, bi box discount stores and home centers are important channels for a wide range of products from mid-priced to promotional rugs.
One of the key issues in present times is the waste disposal problem. Although the industry is growing at a steady rate, huge amount of waste id created due to used rugs, broadlooms and rugs. Improper and lacking waste-disposal solutions are anticipated to draw the attention of regulatory bodies and environmentalists.
Application Insights
The replacement and residential new construction segment contributed to nearly 70% of the total revenue in 2013. Robust construction activity in developing countries has been on a rise in the past few years and this has propelled demand for construction materials including wall coverings and flooring. Demand for non-residential segment is expected to be impacted by commercial, institutional, and office, construction. Growing interest of consumers and shifting preference towards rugs and carpets for home décor to maintain better homes coupled with increasing investments in commercial real estate has boosted market demand for flooring solutions. Services in hospitality and expanding tourism market are expected to drive the soft covering flooring industry over the forecast period.
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Product Insights
Soft covering flooring comprises of broadloom, area rugs and carpet tile. While carpet tiles are installed across the complete room or places such as lobbies and stairs, area rugs conceal only a part of a room. On the other hand; broadlooms are carpet woven on a wide loom. It can be used efficiently in commercial and domestic applications.
Carpet tiles segment emerged as the dominant player in the industry demand in 2013, accounting for over 70% of the total shipments. Increasing popularity of carpets available in a wide-range of fiber systems provide consumers with an enhanced luxurious experience in addition to offering retailers to step up customers at a higher price point in order to achieve bigger margins. Popular variants of floorings such as polyester carpets and soft handed carpets benefit manufacturers in that they gain better market share.
Regional Insights
North America soft covering flooring market emerged as the market leader in 2013, in terms of revenue and accounted for 35% of the market, followed by Asia Pacific. Manufacturers have been continuously focusing on the development of sustainable and environment friendly carpets in the region thereby resulting in market growth owing to demand for such flooring solutions, particularly in Europe and the U.S.
Emerging economies such as China and India are anticipated to grow at a rapid pace over the next six years. This growth can be ascribed to the increased expenditure in home improvement and renovation in the region coupled with capital investments which have favorably influenced regional market growth.
Competitive Insights
Key market players in the soft covering flooring industry include AstroTurf LLC, Abbey Carpet Company Inc, Bentley Mills Inc, Beaulieu Group LLC, Cargill Inc, Engineered Floors LLC, Dixie Group Inc, Mannington Mills Inc, Mohawk Industries Inc, Milliken & Company, Trinseo SA and Royalty Carpet Mills Inc.
In order to expand globally and enter new markets, companies are increasingly concentrating on mergers and acquisitions. As an instance: The Tarkett acquired Desso; Floors N More LLC acquiring ALJ Regional Holdings; and the purchase of Atlas Carpet MillsbyDixie Group.
Related Reports of this Category available at Million Insights: https://www.millioninsights.com/industry/building-materials
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