NewYork, NY -- (SBWire) -- 10/08/2021 --Soft Covering Flooring Market size is forecast to reach $54 billion by 2026, after growing at a CAGR of 5.6% during 2021-2026 owing to an increase in the growth of the commercial replacement market, as well as a growing need for green building materials. In the flooring sector, manufacturers specialized in soft covering flooring also provide a wide variety of lightweight and recycled raw materials including linoleum, polypropylene, nylon, and other synthetic fibers. Furthermore, the massive expansion of the tourism and hospitality industries, as well as the increased construction of commercial and residential buildings in developing countries such as China, India, and South Korea, are likely to fuel demand for soft covering flooring. The increasing R&D activities of major manufacturers for innovative designs and services are further expected to drive the demand for the soft covering flooring market. However, the global soft covering flooring industry is anticipated to be hampered by fluctuating raw material prices.
COVID-19 Impact
However, COVID-19 has negatively impacted the soft covering flooring market in 2020 with the halt in production across various countries. The global lockdowns to curb the virus have led to a decrease in manufacturing sectors including residential and commercial building construction, which significantly resulted in the decline of the market. Adding to this, the development of new COVID strains in countries such as the USA, UK, Nigeria, and so on from the end of 2020 to the beginning of 2021 is further resulting in the lockdown and impacting the manufacturing sector thereby constraining the market growth rate.
Soft Covering Flooring Market Segment Analysis – By Type
Carpet tiles segment held the largest share in the soft covering flooring market in 2020, due to the ease of rotation and replacement provided by the carpet tiles made of linoleum, polypropylene, nylon, and other synthetic fibers. Furthermore, carpet tiles facilitate access to electrical, sub floor air delivery systems, telephone, and computer wirings with minimal disruption, and thus its demand is increasing. Carpet tiles remove the unsightly appearance and cumulative damage caused by traditional carpet cutting during disruption and connections. High demand is likely to open new avenues for market expansion, especially from retail spaces, educational and other institutions, airports, health facilities, and workplaces. Broadloom is the most conventional and popular carpeting choice in both residential and commercial sectors. Broadlooms have a moisture backing that provides good stain resistance and can be chemically welded to hide seams. Broadloom flooring's enhanced aesthetics are also predicted to fuel growth.
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Soft Covering Flooring Market Segment Analysis – By End Use Industry
The residential application held the largest share in the soft covering flooring market in 2020 and is growing at a CAGR of 5.8% during the forecast period. This was owing to its excellent insulating capabilities, which prevent the floor from being too cold, lowering energy use. In addition, throughout the projection period, population expansion along with an increase in the number of nuclear families is predicted to stimulate demand from the residential application segment. For, instance, in 2019, China government invested 1.9 billion on 13 public housing projects. According to International Trade Administration (ITA), the Chinese construction industry is forecasted to grow at an annual average of 5% in real terms between 2019 and 2023. By 2022, the Indian government's "Housing for All" plan aims to build over 20 million affordable homes for the urban poor. This will further drive Soft covering flooring market growth.
Soft Covering Flooring Market Segment Analysis – By Geography
North America held the largest share in the soft covering flooring market in 2020 up to 30%, as a result of the development and subsequent sale of environmentally friendly and sustainable carpets The United States is the region's primary growth engine. Construction of residential and commercial structures is predicted to increase significantly in the United States over the projection period, resulting in significant growth. In addition, during the next eight years, an increase in residential renovations is predicted to boost the market growth in the country. According to the US Census Bureau, the value of residential and non-residential development placed in place in January 2020 increased to $567,555 million and $470,986 million, respectively, from $546,532 million and $466,436 million in December 2019. Mexico is also experiencing high housing demand, which has resulted in significant construction expenditure. For example, the Inter-American Development Bank (IDB) granted the Mexican company Procsa a local currency financing program worth up to 150 million Mexican pesos ($7.8 million) in January 2019 to fund land acquisition, development, and commercialization of housing for low and middle-income families in the country. Therefore, these factors are influencing soft covering flooring market growth.
Soft Covering Flooring Market Drivers
Increased Construction of Residential and Commercial Buildings and Rise In Disposable Income of Individuals
The demand for soft covering flooring has been boosted by rising global earnings as well as increased construction of residential and commercial buildings. For instance, the Singapore government spends at least S$2 billion on public infrastructure each month, according to the Australian Trade and Investment Commission. Furthermore, the Government-wide Circular Economy Initiative, which aims to create a circular economy in the Netherlands by 2050, is boosting the country's construction industry. India expects to invest US$ 1.4 trillion on infrastructure over the next five years, according to the India Brand Equity Foundation (IBEF). In addition, in India, construction project like "100 smart cities" is influencing soft covering flooring demand. Aspiring homeowners are not only purchasing new homes but also lavishing on their interior designs. The same is true for office upgrades to give them a more sophisticated appearance. Aside from that, the introduction of high-end products to the market are rising demand and sales. At the moment, the market is being boosted by the growing sales of carpet tiles made of linoleum, polypropylene, nylon, and other synthetic fibers. Furthermore, the market benefits from the increased focus on research and development to generate better goods and improve production processes. Savvy players are capitalizing on the latest eco-friendly material trend in floor coverings.
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Soft Covering Flooring Market Challenges
Change in Raw Material Prices
Changes in raw material prices as a result of changing market conditions have a substantial impact on the final product price. The market's development prospects are likely to be hampered by a movement toward hard floor coverings like wood and ceramics, as well as a high vulnerability to economic swings. Carpet, on the other hand, is under tough competition in commercial and residential applications from the much-desired hard surface floors. The proper disposal of carpets, and rugs, broadlooms, which generate a lot of garbage, is another challenge for the market. Environmentalists and regulatory organizations have already expressed their disapproval of this, and the market is likely to suffer the consequences.
Soft Covering Flooring Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Soft Covering Flooring Market. Major players in the Soft Covering Flooring market includes Cargill Inc, Abbey Carpet Company Inc., Beaulieu Group LLC, AstroTurf LLC, Dixie Group Inc., and Bentley Mills Inc., among others.
Key Takeaways
North America Dominated the soft covering flooring market in 2020, owning to the product's great penetration in residential and commercial buildings due to its great durability and ease of installation.
The growing number of green buildings being built in the United States is predicted to boost demand for eco-friendly and lightweight floor coverings.
In addition, rising consumer spending on residential construction, along with increased per capita income, is projected to help consumers afford home interiors, particularly pricey flooring solutions.
Product demand is expected to be boosted by technological advancements aimed at giving a choice of dying technologies to create diverse patterns, solid colors, and design continuity.
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https://www.industryarc.com/Research/Commercial-Flooring-Market-Research-503476
B. Wood And Laminate Flooring Market
https://www.industryarc.com/Research/Wood-And-Laminate-Flooring-Market-Research-503530
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Soft Covering Flooring Market Size Forecast to Reach $54 Billion by 2026
Increased Construction of Residential and Commercial Buildings and Rise in Disposable Income of Individuals Driving the Growth of Soft Covering Flooring Market.