According to a thorough report by Future Market Insights, the worldwide textile flooring market is expected to surpass US$ 301.52 billion in sales by 2029, growing at a CAGR of 6.8% from 2022 to 2029.
The report’s conclusion predicts that throughout the forecast period, the global textile flooring market would expand significantly. In the approaching years, it is anticipated that factors such as rising consumer confidence, rising disposable incomes, and escalating demand for luxury flooring solutions owing to the booming residential and commercial sectors would drive the expansion of the textile flooring market.
The market for textile flooring is anticipated to reach a value of US$ 190.26 billion in 2022 and is expected to expand rapidly at a 6.8% rate between 2022 and 2029. The expansion of the textile sector is primarily responsible for this growth.
A number of factors, including rising consumer spending on home renovation, accelerating investments in infrastructure development, and increasing demand from Asian nations like India, China, South Korea, and Indonesia, have contributed to the steady growth in the consumption of textiles and furnishings for homes over the past few years.
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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, the 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, the 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, the rising use of synthetic textiles in the 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.
Consumers mainly attribute the growth of textile flooring based on tufting technology 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.
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 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 is expected to surge demand for textile flooring for numerous applications in these sectors. In a nutshell, the global textile flooring market will continue to grow at a CAGR of 6.8% from 2022-to 2029. For an in-depth report on the textile, flooring market write to the analyst.
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Textile Flooring Market By Category
By Material Type :
- Synthetic Textiles
- Polypropylene
- PET
- Acrylic
- Nylon
- Animal Textiles
- Wool
- Fur
- Plant Textiles
- Grass
- Sisal
By Product Type :
- Rugs
- Carpets
By Technology :
- Tufting
- Woven
- Needlefelt
By Application :
- Residential
- Commercial
- Others (Industrial, etc.)
By Region :
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific Excluding Japan
- Japan
- Middle East & Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient 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.
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