A new market research report by Future Market Insights on the textile flooring market includes global industry analysis for 2018–2021 and opportunity assessment for 2022–2029. The report inspects the textile flooring market and provides insightful information for the forecast period of 2022-2029.
As per the conclusion of the report, the global textile flooring market is projected to experience significant growth during the forecast period. Rising consumer confidence, increasing disposable incomes, and intensifying demand for luxury flooring options due to booming residential and commercial sectors are the factors expected to contribute towards the textile flooring market growth in the upcoming years.
The global textile flooring market is estimated to be valued at US$ 190.26 Bn in 2022, and is projected to register robust growth of 6.8% during the period 2022 – 2029. This growth is predominantly driven by the textile industry growth.
Over the past few years, consumption of textiles and furnishings for homes has witnessed consistent growth, driven by factors such as rising consumer spending on home renovation, accelerating investments in infrastructural development, and rising demand from Asian countries such as India, China, South Korea, and Indonesia.
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Rising Attractiveness of the Asia Pacific Market
The textile industry in the Asia Pacific region has registered substantial growth in the last few years, owing to rising demand from various end-use industries. Strict quality control, advanced production technologies, and customer & fashion-oriented marketing tactics are several dynamic factors attributing to the current boom in the textile flooring market. Along with this, competitive price performance ratio compared to other materials is also boosting the market growth.
Robust growth in the healthcare sector has led to demand for flooring systems for specific application types. Moreover, increasing popularity of ‘artificial grass’ in outdoor lawns and sports fields is expected to further drive sales of textile flooring in the Asia Pacific region during the forecast period.
Synthetic Textiles to Experience High Demand in the Market
A healthy growth trajectory is projected for the textile flooring market. In addition, rising use of synthetic textiles in residential sector is likely to result in increased market share over the forecast period.
- Synthetic textiles are widely utilized for the production of textile flooring. Synthetic textiles are projected to register significant growth in the global textile flooring market during the forecast period. Synthetic textile-based flooring is one of the key components of interior refurbishment systems used in residential and commercial spaces.
- Growth of textile flooring based on tufting technology is mainly attributed to the fact that it is the most commonly accepted technology by manufacturers in terms of manufacturing cost, as well as easy installation and ease of use by consumers.
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Textile Flooring Market: Vendor Insights
The report highlights some of the key market leaders, who are well-established market players and have proven themselves as the prominent shareholders in the global textile flooring market. Some examples of key players operating in the global textile flooring market are Mohawk Industries, Inc., Interface, Inc., Beaulieu International Group N.V, Tarkett SA, Balts Group, Shaw Industries Group Inc., Forbo Holding AG, Mannington Mills, Inc., J+J Flooring Group, and Vorwerk and Co. KG, among others.
In terms of market structure and tier analysis, the global market for textile floorings is fragmented with the top 10 players holding a 35%-40% share in the overall market. This is mainly due to the reason that there are a large number of Chinese and other players involved in the manufacturing of textile floorings. Major players in the market are focusing on expansion plans to enhance production capacities and upgrade operations.
The study finds that the rapid development in the residential sector across the globe are expected to surge demand for textile flooring for numerous applications in these sectors. Briefly, the global textile flooring market will continue to grow at a CAGR of 6.8% during 2022-2029.
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.