Global soft covering flooring market is set to witness an impressive growth over the next couple of years. Market Research Future (MRFR) holds a positive outlook on the global soft covering flooring market. The increased inclination towards green building materials is creating growth opportunities for the market.
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: 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.
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Global Soft Covering Flooring Market: Regional Analysis
Key regions covered for market assessment include Europe, North America and Europe. North America currently commands a considerable share of the global soft covering flooring market. North America is likely to remain a key market for soft covering flooring market throughout the review period. The sustained investment in commercial real estate and inclination towards green building are among the major factors supporting the market growth in North America. The US is expected to remain the most significant investment destination in the region during the assessment period. A steadier growth trend commercial and residential real estate vertical in recent years have reinstated investor confidence in the US. Meanwhile, countries such Canada and Mexico continue to resonate a positive market trajectory.
The APAC soft covering flooring market is expected to demonstrate a considerable growth during the forecast period. In recent years, there has been as considerable rise in demand for soft covering flooring in countries such as China, South Korea, and India. The APAC market is expected to witness an impressive growth of the next several years. Macroeconomic factors such as industrialization, urbanization, increased disposable income, increased standard of leaving are influencing the market growth in APAC. During the forecast period, China is expected emerge as major contributor in terms of revenue.
Global Soft Covering Flooring Market: Competition Analysis
MRFR is its report has profiled companies such as 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) and Mannington Mills, Inc. (US).
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