Market Research Future (MRFR), in its report on the global soft covering flooring market 2020, states different factor that can control the market dynamics. A complete evaluation of the short term and long term consequences on the soft covering flooring market is done by MRFR analysts. As per MRFR study, the soft covering flooring global market is likely to rise at about 3.0% CAGR between 2019 and 2024.
The expansion of the global soft covering flooring market is mainly driven by the increase in implementation of construction projects by governments and private sectors across the world. The ease of procuring raw materials for the fabrication of soft covering flooring, such as polyester, nylon, polypropylene, and triexta can impel the rise of the market through the analysis period. Moreover, the growing popularity carpets and rugs and surge in their demand in the flooring industry can promote the soft covering flooring global market. The rise in utility of recycled nylon material can also support the expansion of the soft covering flooring market.
Key Players
Trinseo S.A. (US), Bentley Mills, Inc. (US), Beaulieu International Group (Belgium), Abbey Carpet & Floor (US), Cargill, Incorporated (US), Engineered Floors LLC (US), The Dixie Group, Inc. (US), Milliken & Company (US), Mannington Mills, Inc. (US), Mohawk Industries (US), and Interface, Inc. (US) among others are some reputed players functioning in the soft covering flooring market listed by MRFR.
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Market Segmentation
The segment evaluation of the global soft covering flooring market is done by product and application.
The product based segment of the soft covering flooring market are carpet tiles and broadloom. The broadloom segment can garner the highest revenue for the market across the assessment period. The increase in the adoption of broadloom applications across hospitality spaces, in healthcare facilities, and educational & institutions, along with airport can promote the expansion of the soft covering flooring market across the review period. The increase in the production and sales of soft covering flooring products can promote the expansion of the market in the assessment period. The carpet tiles segment can experience the highest rise in the forecast period
The application based segment of the soft covering flooring market are residential and commercial. The growing residential application of soft covering flooring can prompt the market in the analysis period. Moreover, the rise of the soft covering market can attributed to increase in replacement and refurbishing activities, across the world.
Regional Analysis
The soft covering flooring in North America is likely to thrive across the review period due to increase in the expansion of the construction sector. North America soft covering flooring market is expected to garner the highest share of the market in the assessment period. Other factors such as, sustained investments in commercial real estate and high demand for green buildings can support the expansion of the regional market through the assessment period. The high application of soft covering flooring in the residential and commercial sectors in the US can also contribute to the expansion of the soft covering flooring market in the analysis period.
In Asia Pacific, the rise of the soft covering flooring market can be credited to the increase in urban migrants and early adoption of modern technologies. In addition, rapid development in the construction industry in emerging economies of APAC region can prompt the expansion of the market in APAC. The presence of notable supplier of soft covering flooring raw materials can also fuel the soft covering flooring market in the analysis period.
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