Market Size of Soft Covering Flooring Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 3.20 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Soft Covering Flooring Market Analysis
The Global Soft Covering Flooring Market is valued at USD 97.2 billion currently and is expected to register a CAGR of 3.2% during the forecasted period.
During the pandemic, many construction projects were delayed or canceled, which had a significant impact on the demand for soft-covering flooring. Additionally, the closure of retail stores and decreased foot traffic in commercial buildings resulted in a decline in demand for soft-covering flooring in these sectors. However, the market has shown signs of recovery as lockdown measures have been lifted in several regions and construction activities have resumed. The demand for soft covering flooring has also increased due to the rising focus on creating comfortable and healthy living spaces, especially as people spend more time at home. Additionally, the growing trend towards sustainable and eco-friendly products is expected to drive the demand for soft-covering flooring in the post-pandemic era.
Investment in R&D works by major players for product innovation, design, and service is expected to positively impact the market's growth. 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. The soft covering flooring market is highly competitive, with major manufacturers focusing on innovative styles, product differentiation, designs, and effective services to gain a greater market share. Changes in the prices of raw materials due to varying market conditions have a significant impact on the final price of the products. The shift toward hard floor coverings, such as wood and ceramics, along with high sensitivity to economic fluctuations, is likely to hinder the growth prospects of the market.
