by Textile flooring includes carpets and rugs that are made from natural and synthetic fibers such as polyamide, polypropylene, polyester, wool, and cotton. They offer advantages such as easy installation, durability, versatility, cushioning, and are inexpensive compared to other types of flooring such as hardwood and laminate. Textile flooring is widely used in residential as well as commercial applications including offices, hospitals, schools, and retail stores.
The Textile Flooring Market is estimated to be valued at US$ 184.29 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 Dynamics:
Rising demand for durable and affordable flooring solutions and growth of the construction industry are the major factors driving the growth of the global textile flooring market. Carpets and area rugs made from synthetic textiles last longer and are more stain-resistant compared to natural fiber rugs. This has increased their adoption in high traffic areas of homes and commercial spaces. Additionally, growth in residential repair and remodeling activities has also fueled the demand for textile flooring over the years. Furthermore, rising consumer preference towards sustainable flooring products made from recycled and renewable materials is expected to offer lucrative growth opportunities for recycled polyester and recycled nylon carpets over the forecast period.
Segment Analysis
The global textile flooring market is dominated by the residential segment. The segment accounted for around 60% share of the overall market in 2023. The growth of the residential segment can be attributed to the increasing consumer spending on home décor products and flooring solutions. Textile floors are considered visually appealing and durable for residential applications such as living rooms, bedrooms, and kitchens.
PEST Analysis
Political: The textile flooring market is strongly influenced by environmental regulations regarding carpet and flooring materials. Various bans and incentives promoted by governments impact the demand for textile flooring.
Economic: The economic growth worldwide has increased consumer spending on home improvement products including textile flooring. However, economic uncertainties could reduce residential and commercial construction activities impacting market growth.
Social: Changing lifestyles and increasing consumer preference for aesthetically appealing flooring materials at home have boosted the demand for textile flooring. Social media marketing by key players also influences consumer buying behavior.
Technological: Advancements in tufting and weaving technologies have enabled manufacturers to develop luxurious and durable textile flooring products for various applications. Digital printing technologies allow customized designs and visuals.
Key Takeaways
The global textile flooring market is expected to witness high growth, exhibiting CAGR of 6.1% over the forecast period, due to increasing consumer spending on home décor products. The market size for 2023 is US$ 184.29 Bn.
Regionally, the Asia Pacific textile flooring market is projected to experience the fastest growth during the forecast period. The rising construction activities in China and India coupled with rapid urbanization are increasing the demand for innovative flooring solutions in the residential segment.
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 major players are focusing on new product development and mergers & acquisitions to gain higher market share.
