San Francisco, March 01, 2016 (GLOBE NEWSWIRE) -- The soft covering flooring market is predicted at around USD 152.5 billion by 2020. It should experience growth at nearly 5.2% CAGR from 2014 to 2020. Changed lifestyles and metropolitan populace will propel the market in the forthcoming six years. Soft coverings include broadlooms, rugs, and carpet tiles endowed with dust-binding features. They decrease noise and also provide heat insulation & comfort.
These flooring solutions form a safety covering for floors, enhancing the aesthetic appearance of rugs, offices, carpet tiles, and home decors. With augmenting customers and investments on improving offices or homes, the need for rugs & first-class carpets has positively impacted the market. Recovery of worldwide economy has augured well for the industry of new construction in developing regions.
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This factor has promoted significant demand for such solutions. Infrastructural investments and capital undertakings would maintain buoyancy in the soft covering flooring market in the future. Forthcoming market prospects lie in the spheres of manufacturing and research technology. The market is sliced on the basis of applications, products, and geographies.
As far as applications are concerned, residential new construction & replacement added little below 70 percent of the total shares in 2013. Demand for non-residential segment is propelled by commercial, office, and institutional constructions. Preference for rugs & carpets and spending on commercial real estate also drive application demand. Travel and hospitality industries also favour the market.
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Product segments include broadlooms, carpet tiles, and area rugs. Carpet tiles led the soft covering flooring market in terms of demand in 2013. They accounted for more than 70 percent of the global shipments. Manufacturers gain shares by concentrating on the popular variants of carpet tiles. With regards to geographies, North America dominated market demand in terms of sales in 2013. It contributed over 35 percent shares that year.
The region was followed by Asia Pacific. Sustainable & eco-friendly carpets made by manufacturers have increased the demand for these carpets in Europe and the U.S. Emergent economies like China and India are anticipated to be the swiftest expanding markets in the forecast period. Their expansion will be credited to regional capital investments and home enhancement & renovation operations.
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