March 1, 2024

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

Textile flooring includes carpets and rugs made from natural and synthetic textile materials for indoor and outdoor applications. Carpets offer advantages like noise absorption, thermal insulation, and cushioning over hard floor surfaces. They are widely used in residential and commercial spaces like homes, offices, hospitals, hotels, retail stores, educational institutions, and more. Increased construction and renovation activities driven by rapid industrialization and urbanization in developing nations have augmented the demand for textile flooring over the years. The global textile flooring market is estimated to be valued at US$184.29 billion 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:

Rapid industrialization and urbanization have been the key drivers fueling the growth of the global textile flooring market. According to the World Bank, urban population in developing countries is expected to nearly double by 2050, increasing from 3 billion in 2009 to nearly 6 billion in 2050. This unprecedented rate of urbanization has boosted construction activities for residential and commercial buildings which in turn has augmented the demand for textile flooring such as carpets and rugs. Furthermore, growing populations and rising disposable incomes in developing regions have increased consumer spending on home d├ęcor and furnishings including textile flooring. Continuous product innovation in terms of new designs, textures, and advanced flooring technologies by leading manufacturers is also supporting the market growth.

Segment Analysis

The global textile flooring market is dominated by the residential segment. Over 60% of the total textile flooring market revenues are generated from residential applications as textile floors offer aesthetics, durability and ease of maintenance. They are highly preferred for bedrooms, living rooms and other areas in residential spaces. The commercial segment is also growing steadily owing to increasing applications in the healthcare, hospitality and retail sectors where textile flooring provides noise control and reduces risk of slippage. The hospitality sub-segment accounts for the largest share within commercial applications attributable to increasing preference for textile flooring in hotels, restaurants, cafes and other establishments.

PEST Analysis

  • Political: Flooring industry is moderately regulated by policies regarding material sourcing, recycling and toxic emissions. Regulations promoting sustainability encourage growth of natural fiber flooring like coir, sisal and wool.
  • Economic: Growth in the residential and commercial construction sectors boost demand. Rising income levels improve affordability of durable yet aesthetically appealing textile flooring.
  • Social: Changing lifestyles and work culture increase preference for easy maintenance flooring solutions. Emphasis on wellness and environmental consciousness drives demand for organic, breathable and odour-free textile flooring.
  • Technological: Advances in material engineering result in development of stain, fade and slip resistant textile flooring that can withstand heavy foot traffic. Digital printing enables custom designs and faster turnaround.

Key Takeaways

The global textile flooring market is expected to witness high growth over the forecast period supported by rising residential and commercial construction activities globally.

Regional analysis: Asia Pacific dominates the global market and is expected to maintain its leading position through 2030. Countries like India and China account for over 40% of overall demand attributable to rapid urbanization, rising disposable incomes and growth in real estate sector in these nations.

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. These players are focusing on new product launches, enhancing production capacities and strategic partnerships to consolidate their market presence.