The global soft covering flooring market size is expected to reach USD 105.54 billion by 2025, according to a new report by Grand View Research, Inc. It is anticipated to register a CAGR of 3.2% during the forecast period. Increasing commercial construction activities coupled with commercial replacements in developing economies from Asia Pacific and Middle East & Africa is expected to drive growth.
The primary raw material used for manufacturing soft covering flooring is the bulk continuous filament for yarn made of synthetic fibers including nylon, polyester, triexta, and polypropylene. The major manufacturers use 100% recycled nylon for the production of carpets and rugs with focus on reducing environmental footprint.
Fluctuating prices of raw materials owing to varying market conditions have significant impact on the final price of the products. Carpet manufacturing companies engage in vertical integration to avoid adverse effects of interruption of raw material supply, such as nylon fibers, on manufacturing operations of soft covering flooring.
Increasing investment in R&D activities by major players for product innovation, design, and service is expected to positively impact growth of the soft covering flooring market. Technological innovations aimed at providing a variety of dying technologies to create different patterns, solid colors, and design continuity are projected to contribute to product demand.
Further key findings from the report suggest:
- Carpet tiles segment is expected to expand at a CAGR of 3.6% in terms of revenue from 2017 to 2025 owing to increasing product demand from high-traffic commercial and institutional applications due to easy installation and higher shock absorption
- Residential application segment accounted for 54.1% of market share in terms of revenue in 2017 on account of its high insulating properties to prevent the floor from getting too cold which aid in reducing the energy consumption
- Carpet tiles and broadloom in commercial application is expected to register a CAGR of 3.3% in terms of revenue over the forecast period owing to its superior characteristics, such as high resistance to abrasion, anti-slipping effect, and sound absorption
- Middle East and Africa is expected to register a CAGR of 5.5% owing to the rising product demand in residential application on account of rising consumer spending on residential replacement and household interior
- The soft covering flooring market is highly competitive with major manufacturers focusing on innovative styles, product differentiation, designs, and effective services to gain greater market share