Global Soft Covering Flooring Market: Overview
Broadloom, carpet tiles, and rugs typically constitute soft covering flooring, which have dust-binding characteristics. Other benefits of soft covering floors can are heat insulation and noise reduction, along with comfort. They serve to upgrade the look of the office or improve the home décor. A report by Transparency Market Research throws light on such USPs of soft covering flooring that is promoting their sales. It also discussing the competitive landscape and size of the market for soft covering flooring.
The report segments the soft covering flooring market based on different parameters in order to study the market in-depth. For example, depending upon products, it segments the market into broadloom carpet, carpet tiles, and area rugs. Based upon materials again, it categorizes the market into rubber, vinyl, and renewable sources such as linoleum. Application-wise, the market can be split into commercial and residential floor constructions.
Global Soft Covering Flooring Market: Key Trends
Rising incomes of people worldwide along with increasing construction of residential and commercial complexes has provided a fillip to the demand for soft covering flooring market. Aspiring home owners are not just buying new ones but also spending liberally on their décor. Same goes for office upgrades to impart a more sophisticated look to them. Apart from that, emergence of premium products in the market is also boosting demand and sales. At present, the carpet tiles that are seeing soaring sales are majorly boosting the market.
In addition, thrust on research and development to create better products and improving manufacturing technologies are benefitting the market as well. Savvy players are tapping into the latest trend of eco-friendly materials in floor-covering. However, the product segment of carpet is facing stiff competition from the much sought after hard surface floors in commercial and residential applications. Another challenge for the market is the proper disposal of rugs, carpets, and broadlooms, which generate a lot of waste. This is already earning the ire of environmentalists and regulatory bodies, and will likely deal a blow to the market.
Global Soft Covering Flooring Market: Regional Outlook
The region of North America holds a sway over the soft covering flooring market due to the production of eco-friendly and sustainable carpets and their subsequent sales. The U.S. is the main driver of growth in the region. In 2016, the region accounted for about 35.0% share in the market. Asia Pacific trails North America in terms of market share. The market in the region is mainly powered by China and India. The two populous fast-expanding economies are seeing growing spends by its populace on renovation and home improvement activities in these countries.
Global Soft Covering Flooring Market: Competitive Dynamics
To take on competition in the market, most keen players are seen banking upon partnerships and acquisitions. This enables them to diversify their product portfolio and expand geographic outreach. Some of the key players in the market for soft covering flooring profiled in the report are Cargill Inc, Abbey Carpet Company Inc., Beaulieu Group LLC, AstroTurf LLC, Dixie Group Inc., and Bentley Mills Inc. The report sheds light on their winning strategies, product portfolios, and sales and revenues. It leverages various market-leading analytical tools to gauge the headwinds and tailwinds they might encounter in future.
The report segments the Global Soft Covering Flooring Market into the following:
Global Soft Covering Flooring Market, by Product
- Carpet Tiles
- Broadloom Carpet
- Area Rugs
Global Soft Covering Flooring Market, by Material
Global Soft Covering Flooring Market, by Application
- Commercial Floor Construction
- Residential Floor Construction
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.