The Global Soft Covering Market is estimated to expand with a CAGR of 3.0% during the review period from 2019 to 2024. The global soft covering flooring market 2020 has experienced a robust growth due to the rising demand for green building materials along with the increased expansion of the commercial replacement market. The expansion of the tourism and hospitality industry along with increased construction of residential and commercial buildings in emerging economies such as India, South Korea, and China are further estimated to affect the demand for soft covering flooring markets. The expanding research and development activities by the established producers for unique and innovative designs and service is acknowledged to fuel the demand for soft covering flooring market. Moreover, the recycled nylon material is estimated to witness high demand in the flooring industry owing to the fact that manufacturers are using 100% recycled materials to reduce the environmental footprint. However, the prices of raw material keep fluctuating and are likely to act as act obstacle to the growth of the global soft covering flooring market.
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The Soft Covering Flooring Industry is very competitive with several players in the market. The key players have adopted several tactics to create a global presence. some of the strategies adopted by these key players include securing contracts, expansions, acquisition, and investment.
With the research, the North American market is speculated to be the most dominating region across the globe. In the context of the fastest growth, the Asia-Pacific region is estimated to be the fastest-growing market.
Global Soft Covering Flooring Market Segmentation
The Soft Covering Flooring Industry has been segmented on the basis of region, application, and product.
Geographically, the global soft covering market has been segmented Asia-Pacific, North America, Europe and the Rest of the World.
On the basis of application, the market is classified into the commercial and residential segments. The residential segment is held the largest market share in 2018 and is expected to maintain the position by the end of 2024. This is credited to the rising demand for replacement and refurbishing activities across the globe.
On the basis of product, Soft Covering Flooring Industry is classified into broadloom and carpet tiles. The broadloom segment has emerged as the most massive segment is estimated to maintain its position by 2024. The credit can be acknowledged to the rising demand from applications such as airports, hospitality spaces, educational and institutions, and healthcare facilities which propels the demand for soft covering flooring. This variety of flooring is a demanded requirement among manufacturers and customers, both. However, the carpet tiles segment is expected to experience the highest rate during the review period.
Geographically, the global soft covering flooring market is divided into Asia-Pacific, Europe, and the Rest of the World. In 2018, North America held the largest market share of around 34%, followed by Europe and Asia-Pacific. Additionally, North America is anticipated to maintain its position until 2024.
Owing to the fast growth and expansion of the developing countries in the APAC region, it is exp[ected that the APAC region will show the maximum growth rate. Countries such as India, South Korea, and China are expected to lead the APAC region. The rapid expansion of the global soft covering flooring market is expected to increase the demand for soft covering flooring in the forthcoming years.
Some of the distinguished key players competing in the global soft covering flooring market are Interface, Inc (US), Abbey Carpet and floor (US), Bentley Mills, Inc. (US), The Dixie Group, Inc. (US), Engineered Floors LLC (US), Trinseo S.A (US), Cargill, Incorporated (US), Beaulieu International Group (Belgium), Mannignton Mills, Inc. (the US), Milliken and Company (US), Mohawk Industries (US), and others.
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