According to Precision Business Insights (PBI), the latest report the Soft Covering Flooring Market is expected to be worth USD 90,946.7 million in 2021 and projected to grow at a 3.9% CAGR over 2022 to 2028.
According to Precision Business Insights (PBI), the latest report the Soft Covering Flooring Market is expected to be worth USD 90,946.7 million in 2022 and projected to grow at a 3.9% CAGR over 2023 to 2029. The rapid growth of industrialization coupled with a surge in per capita income is expected to attract the demand for residential renovation. Increased double income families coupled with per capita disposable income, allowing homeowners to expend more on home renovations. Increased expenditure on the remodelling of construction activities is expected to enhance the demand for soft covering flooring market. With the improving standard of living, the consumers are prone towards the superior interior decoration and aesthetic enhancement, mainly for flooring, fuelling the market.
The Carpet Tile Segment is Dominating the Soft Covering Flooring Market:
Carpet tiles are a popular alternative to rolled carpets and are primarily utilized in commercial facilities, including schools, libraries, airports, and corporate offices. Carpet tiles are also easier to install than regular tiles and may be used on various flooring, including concrete, wood, and other surfaces. These tiles are wear-resistant, sound-proof, waterproof, anti-static, flame-retardant, anti-fouling, dimensionally stable, non-deformable, non-discoloring, easy to install, and many additional benefits that commercial buildings demand. Carpet tiles also work as insulation and assist trap heat in cold weather, which increases their demand in cold nations and are expected to enhance the demand for soft covering flooring market.
North America Leads Soft Covering Flooring Market:
North America is expected to hold largest market share in the global Soft Covering Flooring market and is projected to grow at a prominent growth rate over the forecast years owing high access of the product in residential and commercial buildings due to elevated durability and effortless installation process. U.S is the major country responsible for the growth of the market in the region owing to increasing construction activities in the country.
Strategic New Product Launches, Mergers, Acquisitions and Agreements are the key strategies adopted by market players:
The global Soft Covering Flooring market further reveals that the key players increasingly adopting strategies such as launch of newer products, product launches, and long-term alliance to improve market revenue share and gaining significant geographic presence across the region. For instance, In October 2020, Tapibel has launched a series of tiles under the brand name INCATIi.e., Innovative Carpet Tiles which has range of tiles that have sound reduction technology and reduces sound up to 30% depending on the location and installation.
The Soft Covering Flooring market is segmented based on Product Type, Distribution Channel, End User and Geography
Based on the Product Type, the market is segmented into the following:
Based on the Distribution Channel, the market is segmented into the following:
Based on the End User, the market is segmented into the following:
Key player's profiles in the Soft Covering Flooring market report are Abbey Carpet and Floor, Beaulieu International Group of Belgium, Trinseo SA, Interface Inc., Cargill Incorporated, Mohawk Industries, Bentley Mills Inc., Milliken and Company, The Dixie Group Inc., Mannington Mills Inc., Engineered Floors LLC.
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