The soft covering flooring market is expected to exceed USD 152.5 billion by 2020, growing at a CAGR of about 5.2% from 2014 to 2020 owing to increasing population in metropolitan cities with people migrating from rural areas to urban cities coupled with changing consumer lifestyles. Soft coverings which possess dust-binding features include carpet tiles, rugs, and broadlooms. In addition to providing heat insulation & comfort, they also reduce noise reflections inside rooms.
Demand for these flooring solutions is expected to increase owing to the safety covering they provide and aesthetic appearance of offices, carpet tiles, home decors and rugs. Growing utilization of numerous designs of rugs and first-class carpets, owing to increasing number of customers and their buying power, is expected to have a positive impact on the industry. The revival of the economic situation worldwide has led to the growth of the construction industry and is likely to stimulate substantial demand for the product over the forecast period.
Increasing capital gains and infrastructural investment are expected to drive demand for soft covering flooring over the coming years. Better research methodologies and manufacturing processes are estimated to fuel demand.
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Further key findings from the study suggest:
- In 2013, new residential and commercial construction constituted to nearly 70.0% of the application segment in the overall share. Need for better workplaces and offices that constitute the non-residential segment coupled with increasing employment opportunities are expected to drive growth in this market. office. Growing expenditure owing to an inclination towards better furnishings such as rugs & carpets and spending on commercial real estate are major driving factors for growth. Hospitality and travel also play a vital role in propelling demand.
- Carpet tiles, area rugs, and broadlooms constitute the product segment. Carpet tiles emerged as the dominant application and captured approximately 70.0% of overall share. Manufacturers have been trying to gain prominence and product differentiation in the market by developing numerous variants and designs in carpet tile thus expanding their network. North America accounted for over 35% of the market share in 2013 dominating the global market.
- New developments including sustainable and eco-friendly carpets have fuelled demand in US and Europe. India and China are expected to be the fastest-growing economies over the forecast period on account of growing need for home decor, renovation operations, and enhancements. Increasing capital investment in emerging economies is expected to be a key factor for the product growth.
- Key players in soft covering flooring market include AstroTurf LLC, Abbey Carpet Company Inc., Beaulieu Group LLC, Cargill Inc., Bentley Mills Inc., Dixie Group Inc., Mannington Mills Inc., Engineered Floors LLC, Mohawk Industries Inc., Royalty Carpet Mills Inc., rinseo SA and Milliken & Company.
- Acquisition & merger and partnership are the key strategies being adopted by the major players to enter into new markets, thus increasing their revenue. For instance, the takeover of Desso by Tarkett, The ALJ Regional Holdings acquired Floors N More LLC and the acquisition of Atlas Carpet Mills by the Dixie Group.