The Textile Flooring Market is estimated to be valued at US$ 207.46 Bn in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Textile flooring includes carpet and rugs made from natural and synthetic materials such as nylon, polyester, polypropylene, jute, cotton, and wool. It offers various advantages over other flooring materials including cushioning, sound absorption, warmth retention, and versatility in terms of design and pattern. Textile flooring finds application in residential as well as commercial spaces like offices, hospitals, retail stores, and educational institutions. Growing construction activities along with rising consumer preference for aesthetically appealing and comfortable flooring are some of the major factors driving the growth of the textile flooring market.
Market Dynamics:
One of the major drivers for the textile flooring market is the increasing focus on sustainable material innovation. Many flooring manufacturers are actively developing bio-based and recycled content textile flooring made from materials like bio-polyamide, bio-PET, and recycled polyester to reduce environmental footprint. For instance, Interface launched carbon neutral carpet tiles made from recycled materials and renewed oils in 2020. In addition, rising awareness about indoor pollution and healthy building concepts is augmenting the demand for carpet and rugs made from natural and low VOC emitting materials. Furthermore, gains in disposable income and changing consumer lifestyles are fueling remodeling and renovation activities worldwide which is creating lucrative growth opportunities for textile flooring in residential refurbishment projects. Lastly, enactment of strict regulations regarding emissions of toxic chemicals from flooring materials used in institutional buildings is set to propel the uptake of eco-friendly textile flooring options in the coming years.
Segment Analysis
The global textile flooring market is dominanted by the residential segment. The residential segment currently holds around 65% of the total market share mainly because textile floorings are widely used in homes, apartments and residential buildings due to their easy maintenance properties. Textile floorings are stain resistant and do not require frequent cleaning or waxing making them very suitable for households.
PEST Analysis
Political: There are no significant political risks affecting the textile flooring market globally.
Economic: The global economic growth is driving the construction of residential and commercial buildings which is fueling the demand for textile floorings.
Social: Changing consumer preferences towards easy to maintain and sustainable flooring solutions is increasing the popularity of textile floorings.
Technological: Advancements in material science has led to the development of enhanced textile flooring solutions that offer better durability, stain resistance and environmental friendly properties.
Key Takeaways
The Global Textile Flooring Market Analysis is expected to witness high growth, exhibiting CAGR of 6.1% over the forecast period, due to increasing construction activities globally. The Asia Pacific region is expected to be the fastest growing as well as the largest market for textile floorings during the forecast period. The increasing building construction in countries such as China and India is supporting the growth of textile flooring market in Asia Pacific.
Regional analysis shows that Asia Pacific dominates the global textile flooring market with around 35% share backed by rapid infrastructure development programs underway in the region. Western Europe is another major market for textile floorings owing to high demand generated from commercial sector in countries like Germany, UK and Italy.
Key players operating in the textile flooring market are Mohawk Industries, Inc., Interface, Inc., Beaulieu International Group N.V, Tarkett SA, Balta Group, Shaw Industries Group Inc., Forbo Holding AG, Mannington Mills, Inc., J+J Flooring Group, and Vorwerk and Co. KG. The market is fragmented in nature with top five players accounting for around 30% share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it