|Base Year Market Size
|USD XX Billion
|Forecast Year Market Size
|USD XX Billion
|Fastest Growing Market
The global soft flooring market is expected to grow at a CAGR of 3.4% during the forecast period, 2023–2031.
The process of carpet flooring gives a soft covering to the floor, while also exhibiting dust binding properties. Some of the other benefits of flooring include noise reduction, heat insulation, along with an increase in the level of comfort. One of the primary USPs of soft flooring is to upgrade the interior and improve the office or home décor. In addition, a rise in demand for carpet floors on account of surging income levels among the global middle class and the availability of a range of textures, patterns, and colors, drives the market growth. These floorings are used to provide dimensional stability and flexibility to the living, as well as working space.
The e-commerce sector has been pulling crowds off the malls and retail stores. The owners of these malls are now investing in products that will enhance the customer shopping experience while also managing to bring higher customer footfall. Polyester, nylon, triexta, and other such synthetic fibers are used as the primary raw materials for producing broadlooms and carpet tiles. The abundance in the availability of these raw materials is expected to further boost the market growth. However, unforeseen issues related to the supply chain, fuel costs, and volatile currency costs are likely to have a considerable impact on the final price of the product.
The carpet’s performance primarily depends on the process of manufacturing the yarn along with the carpet’s density. This is one of the reasons why key players are using automated mechanisms for tufting and yarn production.Apart from this, strict regulations in terms of the reduction of carbon emissions and waste disposal will have a noteworthy impact on broadloom and carpet tile manufacturing. These factors are likely to have an impact on the overall supply chain and the manufacturing of the carpets, further driving the market growth.
Over the last several years, many emerging economies have been turning up as some of the most attractive consumer economies on account of the availability of jobs and higher spending power. Inexpensive labor, lower rent and land costs, and access and abundance of natural resources have also made these emerging economies a home to some of the largest manufacturing and operational facilities.
Several economies have opened themselves to foreign investors to boost their economic growth and aid in job creation. These factors have also led to rapid urbanization, which has fuelled labor migration towards cities. Financial independence, availability of several options for buying homes, and easy credit is surging the demand for soft flooring. The urban middle class wants to have a home that feels stylish and comfortable, which is going to be one of the primary factors driving the market growth. In addition to this, the introduction of a premium range of products accelerates the market growth.
North America dominates the soft flooring market due to the presence of economies, such as the U.S. and Mexico. The regional market is anticipated to witness a high growth rate, owing to the manufacturing of sustainable and eco-friendly carpets. In addition to this, the increase in the growth and spread of the retail sector and rapid urbanization in Mexico is expected to fuel the growth of the soft flooring market in this region.
There has also been a growth in the U.S. with respect to the construction of green buildings, which is anticipated to fuel the demand for lightweight and eco-friendly floor coverings. Furthermore, the increase in diverting funds for the maintenance of residential homes and the rise of the per capita income in these economies bolsters the growth of this market in North America.
There has also been a significant rise in the number of immigrants, leading to higher consumer spending; thus, providing an impetus to the market growth. Apart from economically mature countries such as the U.S., Mexico, and Canada are anticipated to contribute considerably in the growth of this market. Canadian policies, of late, have been migrant-friendly and has been encouraging a slew of immigrants into their economy due to a lack of skilled workers. This will have a positive impact on their overall economic growth, which will also result in the growth of the soft flooring market in this region.
|U.K. Germany France Spain Italy Russia Nordic Benelux Rest of Europe
|China Korea Japan India Australia Taiwan South East Asia Rest of Asia-Pacific
|Middle East and Africa
|UAE Turkey Saudi Arabia South Africa Egypt Nigeria Rest of MEA
|Brazil Mexico Argentina Chile Colombia Rest of LATAM
|Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
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The residential segment dominates the market, on account of the rise in income levels and the growth in independent living in small and medium-sized housing apartments. The residential segment is anticipated to hold over half of the market share during the forecast period. Population growth, along with an increase in the number of nuclear families, is anticipated to fuel the growth of this market. In addition to this, individuals in various economies have a tendency to renovate their living and working spaces instead of buying new ones, which will prove to be a tailwind for the growth of this market.
The commercial segment, on the other hand, is anticipated to have a relatively higher growth rate, owing to the rising number of commercial projects, such as airports, offices, hospitality services, retail facilities, healthcare projects, and education buildings. There has been a steady rise in demand for innovative designs and styles for soft flooring from various high-end residential and commercial applications, which is anticipated to fuel the growth of this industry. In addition to this, an increase in travel and tourism is projected to prove a catalyst in terms of the demand for soft flooring.