The Textile Flooring Market is Expected to be Flourished by Rapid Industrialization and Urbanization

 

Textile flooring offers properties such as excellent durability, comfort, acoustic performance and affordability. Textiles used in flooring are durable, hygienic, aesthetic and eco-friendly. Textile flooring is extensively used in commercial and residential sectors for applications like gyms, office spaces, homes etc. 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 high demand from commercial and residential sectors has been a key driver accelerating growth in the Textile Flooring Market. Textile flooring is increasingly being preferred over other flooring options like hardwood, laminate, and tiles in applications such as gymnasiums, dance studios, yoga centers and other commercial spaces. This is due to properties of textile flooring like sound absorption, slip resistance, cushioning and longevity. Rapid growth of the real estate and construction industry has also contributed to the increased demand for textile flooring globally.

Segment Analysis
The global textile flooring market is dominated by the residential segment. The segment currently holds around 68% share of the overall market owing to the use of broadloom carpets and area rugs in homes. Textile flooring provides comfort, warmth, insulation and is cost-effective for residential applications. The commercial segment is the second largest and growing segment primarily due to increasing demand from office spaces, retail stores, educational institutes and public buildings. Healthcare is also emerging as an important end-use segment where textile flooring finds application in operation rooms, patient rooms and corridors due to its anti-fatigue, sound absorption and hygienic properties.

Key Takeaways
The global textile flooring market is expected to witness high growth over the forecast period driven by increasing construction of residential and commercial buildings especially in developing regions of Asia Pacific and Middle East & Africa.

Regional analysis: Asia Pacific accounts for the largest share of around 35% of the global textile flooring market led by countries like China, India and Indonesia. High population, rapid urbanization, growing investment in real estate and infrastructure development are fueling demand in the region. Europe is the second largest market owing to restoration and renovation activities in the residential sector across countries like Germany, UK, France and Italy. North America is a significant mature market however witnessing steady growth supported by expansion of commercial real estate.

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. Companies are focusing on new product development, expansion across regions and acquisition strategies to consolidate their market position. For instance, in 2022, Tarkett partnered with Interface to drive the circular economy through flooring recycling.

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