According to the research report titled ‘Global Soft covering flooring Market Size study, by Product (Carpet tiles and Broadloom), Application (Residential and Commercial) and Regional Forecasts 2020-2027’, available with Market Study Report, global soft covering flooring market was assessed at USD 5.44 billion in 2019 and is estimated to reach USD 12.63 billion by 2027, with a y-o-y growth rate of 11.1% between 2020-2027.
 

Growing construction of houses, industrial buildings, and commercial infrastructure, coupled with rising demand for comfort as a result of improving lifestyles of consumers are key factors driving global soft covering flooring market growth. Expansion of organized retail segment will also aid industry proliferation.
 

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For the unversed, soft covering flooring refers to tiles or flexible rolls which are smooth and durable in nature. There floorings provide water resistance and noise filtration features. They are available in various textures, designs, and colors, and are widely used in homes and offices.
 

Rising demand for vinyl modular flooring resulting in investments to increase production capacity will further bolster worldwide soft covering flooring market expansion. Citing an instance, Tarkett S.A. invested USD 85.9 million in 2018 to raise production capacity of luxury vinyl tiles, hence building efficient and sustainable manufacturing system.
 

On the other hand, fluctuating raw material costs affect final cost of product greatly, which along with growing environmental concerns will inhibit market growth over the analysis timeframe.
 

Based on product gamut, global soft covering flooring market is bifurcated into carpet tiles, and broadloom. Speaking of application scope, the industry is divided into commercial, and residential.
 

From regional frame of reference, Asia Pacific held majority of the worldwide soft covering flooring industry share in the recent past, due to flexibility and durability of tiles and carpets, alongside rising commercial and residential development. Meanwhile, North America market is speculated to grow rapidly between 2020-2027, owing to infrastructure developments, and increasing per capita income.
 

Leading players shaping global soft covering flooring market dynamics are Milliken & Company, Armstrong Flooring Inc., Tarkett S.A., Interface Inc., TOLI Corporation, Shaw Industries Group Inc., Gerflor Group, Mohawk Industries Inc., Beaulieu International Group N.V., and Forbo Holding AG.
 

These companies have made strategic moves like partnerships, mergers & acquisitions, alliances, launch of new products etc. to strengthen their presence in the business sphere and gain profits.