The global soft covering flooring market size is expected to reach USD 152.45 billion by 2020, growing at a CAGR of approximately 5% from 2014 to 2020. Rising urban population and changing lifestyles is expected to drive growth over the forecast period. Soft coverings comprise carpet tiles, broadloom, and rugs equipped with dust-binding characteristics. They offer comfort along with noise reduction and heat insulation. These flooring solutions form a protective layer for the floors improving the look of office or home décor, rugs and carpet tiles.
With an increased number of consumers, spending money on aesthetic improvements to their homes or office spaces, the demand for premium carpet and rugs has favorably impacted market growth. However, the segment is expected to face stiff competition from popular hard surface floors for residential and commercial applications.
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North America soft covering flooring market by application, 2012-2020, (USD Billion)
Further key findings from the study
suggest:
·
The revival of global economy has positively
impacted the new construction industry in emerging economies, which has
eventually led to considerable growth in demand for such floor solutions.
Increased spending on capital projects and infrastructure is estimated to keep
the industry buoyant over the next six years.
·
Carpet tiles accounted for a majority of the
industry revenue share in 2013, on account of their ease of installation and
versatility across both, commercial & residential sectors. Growing
popularity of carpets offered in a range of different fiber systems offer consumers
a plush carpet experience and provides the vendors a chance to gain better
profit margins.
·
The residential segment contributed to over 65%
of the overall revenue in 2013. Increasing home improvement and renovation
activities across the globe have significantly driven the residential sector.
Surging hospitality and tourism industry have been responsible for increased
demand from the commercial sector.
·
North America accounted for marginally under 35%
of the overall global volume in 2013, which can be attributed to growing
popularity of carpet tiles and rugs in the region. Asia Pacific regional market
is projected to outpace both, North America and Europe, over the forecast
period. Moreover, increasing new residential construction activities across the
globe are expected to drive the demand.
·
Manufacturers have started developing
eco-friendly floor covering solutions customized for residential and commercial
applications. Vendors have been relying on such partnership strategies to
expand their production capacities or increase the product offerings in order
to gain in-roads into the market.
·
Key companies in the soft covering flooring
market include Dixie Group Inc, Bentley Mills Inc, Cargill Inc, Milliken &
Company, Mohawk Industries Inc.
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