Soft Covering Flooring Market Will Reach at a 3% CAGR by 2024

Author: Ashish Gujrathi

The global soft covering flooring market is benefiting from the increased commercial renovation activities. Demand for flooring that are not only durable but also has aesthetic appeal is on the rise. Flooring manufacturers are influencing on development of specialized soft covering flooring that are lightweight and eco-friendly. Environmental sustainability is a key area of focus for many manufacturers. In addition, the rapid growth of the hospitality industry and tourism industry is also providing an impetus to the market.

The boom of the construction sector in emerging economies such as India, China and Brazil is in parts influencing the demand for soft covering flooring. Over time, soft covering floorings have under several transformations in terms of design, quality and aesthetics. Such factors have made a positive influence on the global soft covering flooring market.

Global Soft Covering Flooring Market: Competition Analysis

  • Beaulieu International Group (Belgium)

  • Bentley Mills, Inc. (US)

  • Engineered Floors LLC (US)

  • Milliken & Company (US)

  • Interface, Inc. (US)

  • Cargill, Incorporated (US)

  • Abbey Carpet & Floor (US)

  • Mohawk Industries (US)

  • The Dixie Group, Inc. (US)

  • Trinseo S.A. (US)

  • Mannington Mills, Inc. (US)

Segmental Analysis

The segmental analysis of the market has been conducted based on application, region and product. Based on application, the market has been segmented into commercial and residential. Of these, the residential segment currently accounts for the lion's share of the market and is likely to retain its position on 2024. The segment's growth can be attributed to the increased flooring replacement and refurbishing activities worldwide. Based on product, the market has been segmented into broadloom and carpet titles. The broadloom segment is expected to remain a highly attractive during the assessment period. This is mainly owing to widespread popularity of broadloom soft covering flooring worldwide. The product is used in settings such as educational & institutions, airport, healthcare facilities, hospitality spaces, etc. Market players are actively focusing on increasing production of broadloom soft covering flooring due to its high market potential.

Regional Analysis

Geographically, the global soft covering flooring market is segmented into North America, Europe, Asia-Pacific, and the Rest of the world (RoW). In 2018, North America accounted for the largest market share of around 34%, followed by Europe and Asia-Pacific; it is anticipated to retain its position till 2024. However, Asia-Pacific is expected to witness maximum growth rate in the global soft covering flooring market, owing to the robust growth of the construction industry in emerging economies, such as South Korea, China, and India. This is further expected to increase the demand for soft covering flooring in the next few years.

North America accounted for the largest market share in 2018, which will retain its position till 2024. This is attributed to the various factors such as increasing demand for green buildings and sustained investments in commercial real estate. The US is expected to be the largest soft covering flooring market in North America. This is due to the robust growth in commercial and residential sectors in the US, are projected to increase the demand for soft covering flooring market in the region.