by Textile flooring includes floor coverings made from natural and synthetic textile materials such as nylon, polyester, polypropylene and cotton. These flooring materials are durable, comfortable underfoot and provide excellent acoustic properties along with aesthetic looks to commercial and residential spaces. The global textile flooring market is experiencing strong growth driven by growing preference for eco-friendly flooring options among consumers and commercial spaces. The global 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 key trends:
The demand for textile flooring has increased significantly due to rising eco-consciousness among consumers and commercial space owners. Textile flooring provides several environmental benefits as these flooring materials are renewable, recyclable and contribute minimally to noise, dust and allergens. In comparison to other flooring types such as wood, laminate and vinyl, textile flooring has lower VOC and chemical emissions making them healthier for indoor environments. The production of textile flooring also involves lower energy consumption and carbon footprint. The ability of textile flooring to get recycled at the end of their useful life through various recycling programs is another major factor driving their adoption. With increasing focus on sustainability, the textile flooring market is expected to witness continuous growth over the forecast period.
SWOT Analysis
Strength: Textile flooring provides comfort and noise reduction. It is durable and economical.
Weakness: Textile flooring is susceptible to stains and requires regular cleaning. Installation can be difficult as it requires proper surface preparation.
Opportunity: Rising demand for sustainable flooring solutions provides growth opportunity. Increased spending on home interiors and renovation projects expands market.
Threats: Volatility in raw material prices poses threat. Easy availability of alternative floors like wood and tiles increases competition.
Key Takeaways
The global textile flooring market is expected to witness high growth. The market size for 2024 is US$ 184.29 Bn with a forecast CAGR of 6.1% during the period of 2023 to 2030. Textile flooring offers benefits like comfort, noise reduction and easy maintenance making it a popular choice for residential as well as commercial spaces.
Regional analysis of the textile flooring market shows that Asia Pacific dominates currently with a market share of over 35% in 2023. Rising construction activities and growing housing sector in China, India along with other developing Asian countries drives the demand. Europe follows Asia Pacific in terms of market size and is expected grow at a CAGR of 5.2% during the forecast period.
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 leaders focus on expanding product portfolio with innovative designs and technology to gain competitive edge. Strategic partnerships and acquisitions remain key strategies adopted by many major players.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
