Burlingame, Sept. 06, 2023 (GLOBE NEWSWIRE) -- The global Textile Flooring Market size was valued at $184.29 Billion in 2022, exhibiting a compound annual growth rate (CAGR) of 6.9% from 2023 to 2030, according to a new study conducted by Coherent Market Insights, Inc. Textile flooring is a flooring material that is produce from various fibers such as nylon, polyester, wool, and polypropylene. Textile flooring is available in various patterns, styles, and colors, serving diverse preferences and interior design requirements. It is gaining popularity due to its aesthetic appeal, warmth, comfort, and noise reduction properties. Textile flooring is widely used in commercial, residential, and industrial settings.
Key Industry Insights & Findings from the report:
In October 2018, Duracote Advanced Materials announced the launch of its new Nexflor® non-textile aircraft flooring at this year's NBAA Business Aviation Convention & Exhibition (NBAA-BACE) Oct. 16-18 in Orlando, Florida.
In March 2019, Beaulieu Fibres International (BFI) has launched PET-core-Bico Fibers for hygiene applications, as well as its new UltraBond staple fibre at IDEA 2019 show in Miami, FL.
Key Market Takeaways:
Global textile flooring market is expected to exhibit a CAGR of 6.9% during the forecast period, owing to growing demand for luxury product and strong growth of construction industry around the globe. The market is also witnessing growth on the account of growing hospitality sector across developing countries.
On the basis of Product Type, Carpets segment is expected to hold a dominant position, owing to the growing demand for carpets from residential and commercial sectors.
On the basis of Technology, Woven segment is expected to hold a dominant position, owing to the fact that woven is the most common and popular technique used to produce any fabric.
On the basis of Material Type, synthetic textiles segment is expected to hold a dominant position, owing to their low cost and easy availability.
On the basis of Application, residential segment is expected to hold a dominant position, owing to the growing population with growing demand for textile flooring in residential sector.
On the basis of region, Asia Pacific is expected to hold a dominant position over the forecast period, due to the strong presence of textile sector coupled with the increasing urbanization and population in the region.
Key players operating in the global textile flooring market include 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.
Read full market research report, "Textile Flooring Market, by Material Type, by Technology, by Application, And By Geography, Market Size & Share Analysis - Growth Trends & Forecasts, 2023-2030", published by Coherent Market Insights.
Key Trends and Analysis of the Global Textile Flooring Market:
Growing popualirty of aesthetically appealling products due to increasing disposable income of consumer is fueling growth of the textile flooring market. Textile flooring enable design prospects and allow customers to choose patterns and colors that match their interior decor. Owing to their aesthetic flexibility, these textile are witnessing high demand, especailly in residential and hospitality settings.
Textile Flooring Market Report Coverage
| Report Attribute | Details |
| Market size value in 2022 | US$ 184.29 Billion |
| Forecast Period: | 2022 to 2030 |
| Growth rate | CAGR of 6.9% from 2022 to 2030 |
| Base year for estimation | 2021 |
| Historical data | 2017 - 2020 |
| Forecast period | 2022 - 2030 |
Market Drivers:
Textile flooring are widely used in high-end carpeting that is produced by using premium textiles and materials to manufacture opulent and exquisite flooring solutions. Textile flooring are mainly seen in expensive residential properties, high-end retail spaces, luxury hotels, and other prestigious settings where comfort, aesthetics, and exclusivity are very important. Thus, growing demand for luxury products are propelling market growth.
Growing population with rapid urbanization is creating demand for residential buildings with textile floorings. According to the United Nation, the world’s population is more than three times larger than it was in the mid-twentieth century. The global human population reached 8.0 billion in mid-November 2022 from an estimated 2.5 billion people in 1950, adding 1 billion people since 2010 and 2 billion since 1998. The world’s population is expected to increase by nearly 2 billion persons in the next 30 years, from the current 8 billion to 9.7 billion in 2050 and could peak at nearly 10.4 billion in the mid-2080s.
Market Opportunities:
Key players are introducing new product with improved properties in order to gain competitive edge in the market. For instance, in May 2022, DOMO Chemicals launches NYLEO®, the new brand for its innovative Performance Fibers product line. NYLEO® is the new brand for DOMO’s Performance Fibers product line, bringing together a compelling combination of well-established performance fibers and groundbreaking new solutions.
Market Restrain:
Challenges such as recycling and disposal of textile materials is creating environmental concerns. Disposal of such products present lots of challenges for safety of environment. Thus, growing environmental concerns is expected to hinder the market growth.
Detailed Segmentation:
- Global Textile Flooring Market, By Product Type :
- Rugs
- Carpets
- Global Textile Flooring Market, By Technology :
- Tufting
- Woven
- Needlefelt
- Global Textile Flooring Market, By Material Type:
- Synthetic Textiles
- Animal Textiles
- Plant Textiles
- Global Textile Flooring Market, By Application:
- Residential
- Commercial
- Others (Industrial, etc.)
- Global Textile Flooring Market, By Region:
- North America
- By Product Type :
- Rugs
- Carpets
- By Technology :
- Tufting
- Woven
- Needlefelt
- By Material Type:
- Synthetic Textiles
- Animal Textiles
- Plant Textiles
- By Application:
- Residential
- Commercial
- Others (Industrial, etc.)
- By Country:
- U.S.
- Canada
- By Product Type :
- Latin America
- By Product Type :
- Rugs
- Carpets
- By Technology :
- Tufting
- Woven
- Needlefelt
- By Material Type:
- Synthetic Textiles
- Animal Textiles
- Plant Textiles
- By Application:
- Residential
- Commercial
- Others (Industrial, etc.)
- By Country:
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- By Product Type :
- Europe
- By Product Type :
- Rugs
- Carpets
- By Technology :
- Tufting
- Woven
- Needlefelt
- By Material Type:
- Synthetic Textiles
- Animal Textiles
- Plant Textiles
- By Application:
- Residential
- Commercial
- Others (Industrial, etc.)
- By Country:
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- By Product Type :
- Asia Pacific
- By Product Type :
- Rugs
- Carpets
- By Technology :
- Tufting
- Woven
- Needlefelt
- By Material Type:
- Synthetic Textiles
- Animal Textiles
- Plant Textiles
- By Application:
- Residential
- Commercial
- Others (Industrial, etc.)
- By Country:
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- By Product Type :
- Middle East & Africa
- By Product Type :
- Rugs
- Carpets
- By Technology :
- Tufting
- Woven
- Needlefelt
- By Material Type:
- Synthetic Textiles
- Animal Textiles
- Plant Textiles
- By Application:
- Residential
- Commercial
- Others (Industrial, etc.)
- By Region:
- Middle East
- Africa
- By Product Type :
- North America
Company Profiles:
- 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
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