New York, USA, Dec. 05, 2022 (GLOBE NEWSWIRE) -- Soft Covering Flooring Market Overview:
According to a Comprehensive Research Report by Market Research Future (MRFR), “Soft Covering Flooring Market Information by Product, by Application, and by Region - Forecast till 2030”, the market is estimated to grow at a 3.90% CAGR to reach USD 110.50 Billion by 2030.
Market Scope:
Carpets, area rugs, roll goods, carpet tiles, bath mats, and broadlooms are just few of the many products that makers of soft covering flooring produce. Due to their many advantageous qualities, such as adaptability and dimensional stability, carpet tiles and broadloom are the most popular soft covering floorings.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 110.50 Billion |
| CAGR | 3.90% (2022–2030) |
| Base Year | 2021 |
| Forecast Period | 2022–2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product, by Application, and by Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | An increase in disposable income of the people throughout the world along with the upsurging up construction activities |
| Soft flooring is in high demand and is bolstering up the market size. |
Competitive Dynamics:
Some of the manufacturers in the soft covering flooring industry place a premium on flooring designs, while others aim to differentiate their products from the competition. These are just a few of the companies competing in this market:
- Abbey Carpet and Floor
- Beaulieu International Group
- Trinseo SA
- Interface Inc.
- Cargill incorporated
- Mohawk Industries
- Bentley Mills Inc.
- Milliken and Company
- the Dixie Group Inc.
- Mannington Mills Inc.
- Engineered Floors LLC
Market USP:
Market Drivers
Demand for environmentally friendly structures has been on the rise, and the business replacement flooring industry has contributed to its expansion. Manufacturers of soft covering flooring supply a wide range of market with a range of lightweight and recyclable raw materials. Newly industrializing nations like China, India, and parts of South Korea have seen a boom in the tourism and hospitality industries, as well as an increase in commercial and residential building. The expansion of the soft covering flooring market is driven by an increase in R&D spending by both suppliers and manufacturers in order to produce novel and cutting-edge floor coverings and installation methods.
Demand in the business is increasing as a result of rising construction and residential activity, as well as rising per capita income around the world. Home improvement projects and new construction are two areas where spending is significantly higher than elsewhere. In terms of market size, the soft covering industry is largely affected by the demand for high-end goods. Market growth is also being aided by the increasing demand for soft flooring. A larger market due to the use of fashionable and environmentally sustainable materials.
Carpet tiles and broadlooms are typically made using synthetic fibers including nylon, polyester, triexta, and polypropylene. Over the projected period, the soft covering market is anticipated to be driven by the availability of these raw materials. Carpets are also more expensive because they are crafted from natural fibers.
The items require a lot of raw materials, the vast bulk of which come from cheap Asian producers. The final price of a product is heavily influenced by a number of factors, including the availability of raw materials, the market price of those commodities, and the cost of fuel in the current market.
Carpets' functionality is mostly determined by their yarn's production method and the tufting density. Because of this, the industry's top players have turned to using automated tufting and yarn production. The design freedom and feasibility of a product are significantly affected by the method of yarn dying used.
Market Constraints
Raw material price fluctuations are a major source of market difficulty because of how they affect production costs. The toughest part is figuring out how to properly dispose of all those old items, rugs, and carpets.
The rise of the market for soft covering flooring has been hampered by fluctuations in the cost of raw materials. When money is tight, it's not a good idea to install costly flooring like hardwood or ceramic tile. These considerations operate as a brake on the expansion of the market for soft covering flooring.
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COVID-19 Analysis:
The market situation worsened as a result of the pandemic's outbreak. There was a reduction in market potential. As a result, the manufacturing process and the supply chain experienced some disturbance. There was a noticeable shift in purchasing habits. There was a noticeable drop in production output as a result of the COVID event's negative impact on workers' health. As a result of the government closure and lockdown, both supply and mobility were severely limited.
Market Segmentation:
By Product
Over the estimated time frame, demand for carpet tiles is anticipated to increase at a rate higher than any other flooring type. With carpet tiles, you may avoid the messy appearance and wear and tear of having to cut your carpet whenever you move furniture or change rooms. There will be new opportunities for expansion in the market thanks to the rising demand from end-users in commercial settings such stores, hotels, airports, hospitals, and workplaces.
By Application
With such a large market share, it's likely that the residential sector will maintain its current dominance of the industry until 2024. As a result, there is a greater need for repair and replacement work all over the world.
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Regional Analysis:
As a result of the rapid expansion of the construction industry in emerging economies like South Korea and parts of Indo-China, the Asia-Pacific region is predicted to expand at a rapid pace in the worldwide market. The regions of China, Japan, the Netherlands, parts of the United Kingdom, and Australia are among the world's leading producers. When it comes to carpets and other soft flooring, China was expected to overtake Japan as the leading manufacturer. In the years to come, this increases the need for cushioned flooring.
As a result of the product's excellent durability and simple installation technique, it is anticipated that the North American market would lead the way. In addition, the United States is often regarded as the world's leading manufacturer of carpet tile. Interface, Millikan, Tandus, and many other firms dominated in 2015. These American firms accounted for over half (48%) of the market. Over the next seven years, growth in the country's market is predicted to be aided by an uptick in residential remodeling.
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