The global textile flooring market comprises various types of fabrics and textiles that are used as floor coverings. Carpets, rugs, and textile tiles provide aesthetic value and comfort underfoot while serving as durable flooring solutions for residential and commercial environments. They offer advantages over traditional flooring materials like wood, tiles, and vinyl in terms of versatility, acoustic properties, and environmental-friendliness.
The Global Textile Flooring Market is estimated to be valued at US$ 10.25 Bn in 2024 and is expected to exhibit a CAGR of 5.7% over the forecast period 2024 to 2031.
Key Takeaways
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, Vorwerk and Co. KG., Welspun Living, RELSO, Natroyal Group, Saif Home Pvt Ltd., Marwar Carpets, and Javi Home. Key players are focusing on developing environmentally sustainable solutions to meet growing demand.
The increasing demand for comfortable and durable flooring from residential and commercial sectors is driving the global textile flooring market. Rapid urbanization and growing construction activities are further fueling market growth.
The global textile flooring market is expanding due to rising demand from developing nations in Asia Pacific and Middle East & Africa. Market players are investing in emerging economies to tap the opportunities in these high potential regional markets.
Market Key Trends
One of the key drivers in the Textile Flooring Market Share is the growing demand for sustainable flooring options. Rising environmental consciousness is prompting consumers and businesses to opt for flooring materials that have lower carbon footprint and are produced using sustainable methods. Textile flooring such as carpets made from recycled fibers or natural materials like coir, sisal, and jute are gaining popularity due to their eco-friendly characteristics. Manufacturers are developing innovative textile flooring products that are durable and easy to reuse or recycle at the end of product life in order to capitalize on this significant trend.
Porter’s Analysis
Threat of new entrants: Low setup costs make entry easy however established players enjoy economies of scale and brand reputation.
Bargaining power of buyers: Buyers have moderate to high bargaining power as there are many substitutes available and buyers can negotiate on price.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power as raw materials cotton, wool jute etc are abundantly available.
Threat of new substitutes: Threat is high from substitutes like laminate flooring, vinyl flooring, ceramic tiles etc. based on price and maintenance factors.
Competitive rivalry: High as the market is fragmented with many regional and international players competing on price, quality, design and service.
Geographical regions:
North America currently holds the largest share in textile flooring market in terms of value owing to increasing demand for sustainable and eco-friendly flooring solutions from residential sector.
Asia Pacific region is expected to be the fastest growing market during the forecast period. This is attributed to rapid growth of construction industry coupled with rising disposable incomes in developing countries such as India and China.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc.