Floor Covering Market: Introduction
- Floor covering products are made with felts, textiles, rubber, resins, or other artificial or natural substances applied or fastened on the base level surface.
- Floor coverings are installed in rooms to provide durability, comfort, decoration, and safety.
Key Drivers of the Global Floor Covering Market
- Growth in the housing industry at the global level is a favorable factor driving the floor covering market, as a result of consumer demand for smooth surface flooring.
- Rugs and carpets are popular among consumers due to their aesthetic and functional properties which can cover the floor as well improve the overall home or office décor appeal. Rising consumer spending on home décor products to bring aesthetic improvements is also driving the market growth.
- Technological advancement in floor cover installation is driving the market growth. Key players are investing on advance equipment which helps companies to install the product on a shorter timeline.
- Enforcement of government regulations regarding disposal of waste and carbon emission have significant influence on the broadloom and carpet tile manufacturing industry. As a result, tile manufacturers are working on a product recycle process with more focus on a reverse distribution model to promote return of carpet tiles.
Growth in Residential and Commercial Construction Industry
- Rising residential and commercial construction in urban and rural areas is set to drive the sale of floor covering products. Construction industry is growing at a fast pace. In 2018, construction spending in New York City was over 70 billion. High spending on construction is likely to result in rising sale of flooring products.
- Average home décor product cost is increasing at a high pace which is driving consumers to purchase floor covering products which is comparatively budget friendly.
Are you a start-up willing to make it big in the business? Grab an exclusive PDF Brochure of this report
High Cost of Production to Hamper the Market
- During the manufacturing of textile floor coverings (including carpets and rugs), non-degradable waste is manufactured, which is expected to become a challenge to the market growth.
- Production cost of textile floor covering is comparatively high which works as a market restraint.
Asia Pacific to Hold Major Share of the Global Floor Covering Market
- Asia Pacific is the dominant floor covering market as a result of extensive residential usage. Increasing middle class population in developing countries such as China and India is expected to have a huge impact on the floor covering market.
- Rising textile production in India and China will further work as a favorable factor. Furthermore, rising residential construction is anticipated to enhance the market growth.
- Demand for floor covering is also observed in North America and Europe. Demand for tile flooring is significantly high in developed countries including the U.S., U.K., Germany, and France.
Key Players Operating in the Global Market
Large number of small and large local and global players are present in the floor covering market. Companies adopt different strategies such as product innovation & development, geographical expansion, and merger & acquisition, helping them to increase their market share. A few of the key players operating in the global floor covering market are:
- Armstrong Flooring
- Dixie Group, Inc.
- Forbo Holding
- Gerflor Group
- Home Depot Inc.
- Interface, Inc.
- Mannington Mills Inc.
- Mohawk Industries, Inc.
- Shaw Industries Group, Inc.
- TOLI Corporation
Looking for Regional Analysis or Competitive Landscape in Floor Covering Market, ask for a customized report
Global Floor Covering: Research Scope
Global Floor Covering, by Product Type
- Textile covering
- Wood and laminate
- Vinyl and rubber
Global Floor Covering, by Application
Global Floor Covering, by Region
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.