Soft Covering Flooring Market size was valued at USD 110.09 billion in 2013 and is anticipated to exceed USD 152.5 billion by 2020, with a CAGR of about 5.2%. Better choices available for residential floor replacements and increasing home improvement needs are anticipated to fuel market growth over the forecast period. Soft covering floors provide distinctive benefits such as noise-reduction, dust-binding characteristics, comfort and insulation together with attractive aesthetics. Besides, enhancing the visual appeal in offices and at homes and covering floors, carpets tiles and rugs offer a protecting layer to floors. In cold countries, these products are used widely to prevent the floor from getting too cold.
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The key driving factors responsible for the growth of Soft Covering
Flooring market :
U.S and other developed countries
witness a huge demand for rugs and carpets. However, with rising number of
consumers willing to spend on floor coverings to improve the aesthetic appeal
at home and in offices, the demand for rugs and carpet tiles is anticipated to
diminish Soft covering floors consist of rugs & carpets and broadloom which
provide good insulation and have an appeal of a luxurious exterior.
Nevertheless, resilient floors including vinyl tiles are gaining momentum in
present times in residential as well as commercial applications. This may
impede market growth and deter market demand.
Growth opportunities for new
entrants in the soft covering flooring market majorly can be anticipated in the
manufacturing technology and research & development domains. In addition,
growing awareness regarding the advantages of spending on eco-friendly
materials in floor covering manufacturing can be beneficial by utilizing easy
availability of key suppliers in the industry.
Major sales and distribution
channels include online shopping, furniture stores, departmental stores and
catalogs that maintain rug and carpets. Additionally, bi box discount stores
and home centers are important channels for a wide range of products from
mid-priced to promotional rugs.
One of the key issues in present
times is the waste disposal problem. Although the industry is growing at a
steady rate, huge amount of waste id created due to used rugs, broadlooms and
rugs. Improper and lacking waste-disposal solutions are anticipated to draw the
attention of regulatory bodies and environmentalists.
Application Insights
The replacement and residential
new construction segment contributed to nearly 70% of the total revenue in
2013. Robust construction activity in developing countries has been on a rise
in the past few years and this has propelled demand for construction materials
including wall coverings and flooring. Demand for non-residential segment is
expected to be impacted by commercial, institutional, and office, construction.
Growing interest of consumers and shifting preference towards rugs and carpets
for home décor to maintain better homes coupled with increasing investments in
commercial real estate has boosted market demand for flooring solutions.
Services in hospitality and expanding tourism market are expected to drive the
soft covering flooring industry over the forecast period.
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