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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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.
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by Grand View Research: https://www.grandviewresearch.com/industry/green-building-materials
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.
About Grand View
Research
Grand View Research, Inc. is a U.S. based market
research and consulting company, registered in the State of California and headquartered
in San Francisco. The company provides syndicated research reports,
customized research reports, and consulting services. To help clients make
informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
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