by Textile flooring refers to floor coverings made using natural and synthetic fabrics. It includes carpets and rugs that are available in a wide variety of styles, textures, colors, and designs. Textile flooring provides excellent thermal and acoustic insulation properties. It enhances comfort and protects the underlying floor from wear and tear. Textile flooring is durable and easy to install and maintain. Growing infrastructural development globally has propelled the demand for textile flooring in residential as well as commercial buildings such as offices, hospitals, educational institutions, and hotels.
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:
Rising consumers’ inclination towards aesthetically appealing home décor is a key trend fueling the textile flooring market growth. Wide product portfolios featuring latest designs and patterns cater to evolving consumer preferences. Technological advancements have improved textile flooring performance characteristics. For instance, stain-resistant, easy-clean, and anti-allergen properties attract consumers looking for hygienic and low-maintenance flooring options. Growing focus on sustainability is prompting manufacturers to develop bio-based and eco-friendly flooring materials. Increased adoption of interactive spaces featuring textile flooring in public buildings and retail stores enhances consumer experience.
Porter’s Analysis
Threat of new entrants: Low capital requirements and established suppliers in the textile flooring industry pose a low threat of new entrants.
Bargaining power of buyers: Large buyers such as contractors and commercial construction companies have significant bargaining power over textile flooring manufacturers due to the availability of substitute products.
Bargaining power of suppliers: A few major suppliers exist for raw materials such as tufted fabrics, non-woven textiles, and backing materials used in textile floorings giving them moderate bargaining power.
Threat of new substitutes: Substitutes like wood, laminate, vinyl, and rubber floorings pose a moderate threat as they largely cater to similar application areas as textile floorings.
Competitive rivalry: The global textile flooring market is a mature and fragmented industry with the presence of numerous global and regional players resulting in high competitive rivalry.
Key Takeaways
The global textile flooring market is expected to witness high growth, exhibiting CAGR of 6.1% over the forecast period of 2023 to 2030, due to increasing demand from the residential and commercial construction industries.
Regional analysis: Asia Pacific dominates the global textile flooring market owing to the large construction industry and populace in China and India. Europe stands as the second largest market for textile floorings due to high demand from the commercial sector in countries like Germany, UK, and France.
Key players: 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. Shaw Industries Group and Mohawk Industries capture the majority share in the global textile floorings market.
