The Textile Flooring Market is estimated to be valued at US$ 207.46 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 Overview:
Textile flooring includes carpets, rugs and other fabrics made from natural fibers such as cotton, wool, jute, coir, sisal and synthetic materials such as polyester, polypropylene, nylon and polyolefin. Carpet and rugs offer many advantages over other types of flooring such as wood, vinyl and ceramic floors. They are comfortable under foot, warm, sound absorbing and provide under foot cushioning which reduces impact and noise.
Market key trends:
One of the major trends driving growth of the textile flooring market is increasing demand for sustainable flooring solutions. Consumers today are increasingly concerned about the environmental impact of flooring products and prefer those made from recycled or natural materials. Textile flooring made from natural fibers offer an eco-friendly alternative to traditionally used flooring materials. For instance, carpets made from wool, sisal or coir are biodegradable, long lasting and sustainable. Additionally, many textile flooring manufacturers are focusing on closed loop recycling programs to recover and recycle used carpets, rugs and fibers back into new flooring products. This is expected to support market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: Low capital requirement but presence of established players makes market entry difficult for new players.
Bargaining power of buyers: High as buyers have significant influence over prices due to availability of substitutes.
Bargaining power of suppliers: Moderate as suppliers have established supply networks but dependence on raw material prices.
Threat of new substitutes: Moderate threat from new substitutes like laminate and vinyl flooring.
Competitive rivalry: Intense competition due to well-established players in the market.
SWOT Analysis
Strength:
- Durability and easy maintenance properties increase product life.
- Wide range of designs, textures and colors satisfy diverse consumer needs.
Weakness:
- Comparatively higher costs than alternatives like laminates and vinyl floors.
- Vulnerable to staining and soiling requiring frequent cleaning.
Opportunity:
- Growing construction and renovation activities in developing nations.
- Increasing demand for eco-friendly materials promoting sustainable flooring solutions.
Threats:
- Fluctuations in raw material prices increasing production costs.
- Substitutes penetrating markets more aggressively with lower price points.
Key Takeaways
The Global Textile Flooring Market Analysis is expected to witness high growth, exhibiting CAGR of 6.1% over the forecast period, due to increasing spending on home renovation and remodeling activities. Regionally, Asia Pacific dominated the market in 2023 with a share of over 30%, with China and India being the major markets. 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. The market is moderately consolidated with top players accounting for over 50% share. Increasing adoption of bio-based feedstocks and advancement in weaving technology areprojected to offer new growth opportunities over the next decade.
Popular Posts
