the global textile flooring market is projected to experience significant growth during the forecast period, 2019 - 2019. Rising consumer confidence, increasing disposable incomes, and intensifying demand for luxury flooring options due to booming residential and commercial sectors are expected to contribute towards growth.
The global textile flooring market was valued at approximately $150 billion in 2018, and is projected to register robust growth of approx. 6% during the 2019 - 2029 period. This growth is predominantly driven by textile industry growth. Over the past few years, consumption of textiles and home furnishings has witnessed consistent growth, driven by factors such as rising consumer spending on home renovation, accelerating investments in infrastructural development, and rising demand from Asian countries such as India, China, South Korea, and Indonesia.
The textile industry in the Asia-Pacific region has registered substantial growth in the last few years, from the rising demand from various end-use industries. Strict quality control, advanced production technologies, and customer and fashion-oriented marketing tactics are also dynamic factors attributing to the current boom in the textile flooring market. Along with this, competitive price performance ratio compared to other materials is also boosting the market growth. Robust growth in the healthcare sector has led to demand for flooring systems for specific application types. Moreover, increasing popularity of ‘artificial grass’ in outdoor lawns and sports fields is expected to further drive sales of textile flooring in the Asia-Pacific region during the forecast period.
Rising use of synthetic textiles in residential sector is likely to result in increased market share over the forecast period, and register significant growth. Synthetic textiles are widely utilized for the production of textile flooring. Synthetic textile-based flooring is one of the key components of interior refurbishment systems used in residential and commercial spaces. The growth of textile flooring based on tufting technology is mainly attributed to the fact that it is the most commonly accepted technology by manufacturers in terms of manufacturing cost, as well as easy installation and ease of use by consumers.
The report also highlights some of the key market leaders, who are well-established market players and have proven themselves as the prominent shareholders in the global textile flooring market, including: Mohawk Industries, Interface, Beaulieu International Group N.V, Tarkett SA, Balts Group, Shaw Industries Group, Forbo Holding AG, Mannington Mills, J+J Flooring Group, and Vorwerk and Co. KG.
In terms of market structure and tier analysis, the global market for textile floorings is fragmented with the top 10 players holding a 35%-40% share in the overall market. This is mainly due to there being a large number of other players involved in the manufacturing of textile floorings. Major players in the market are focusing on expansion plans to enhance production capacities and upgrade operations.
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