A new market research report by FMI on the textile flooring market includes a global industry analysis for 2018-2022 and an opportunity assessment for 2022–2029.
The comprehensive study by Future Market Insights Inc. (FMI), Newark, DE/USA, states that the sales in the global textile flooring market are anticipated to top US$ 301.52 billion by 2029, expanding at a CAGR of 6.8% during the forecast period 2022-2029.
According to the report, the global textile flooring market is projected to experience significant growth during the forecast period. Rising consumer confidence, increasing disposable incomes, and intensifying demand for luxury flooring options due to booming residential and commercial sectors are the factors expected to contribute to the textile flooring market growth in the upcoming years.
The global textile flooring market is estimated to be valued at $190.26 billion in 2022 and is projected to register robust growth of 6.8% during the period 2022 - 2029. This growth is predominantly driven by the textile industry growth.
Over the past few years, consumption of textiles and furnishings for homes 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, owing to rising demand from various end-use industries. Robust growth in the healthcare sector has led to demand for flooring systems for specific application types. Moreover, the 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.
The rising use of synthetic textiles in the residential sector is likely to result in increased market share over the forecast period. Synthetic textile-based flooring is one of the key components of interior refurbishment systems used in residential and commercial spaces.
Consumers mainly attribute the growth of textile flooring based on tufting technology 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.
The report highlights some of the key market leaders, who are well-established market players and have proven themselves as prominent shareholders in the global textile flooring market.
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 the reason that there are a large number of Chinese and 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.