TEXTILE FLOORING MARKET ANALYSIS

Textile flooring is an advanced flooring option that looks and feel like soft carpet and can be used in a variety of environment due to its versatile nature. It offers high durability and reduces overall maintenance costs. They are used for aesthetic purposes and also for noise- and echo-proofing across residential and commercial spaces such as hotels and restaurants, office buildings, theatres and auditoriums, residences, and public places such as railway stations and airports.

Global textile flooring market was valued at US$ 184.29 Billion in 2021 in terms of revenue, exhibiting a CAGR of 6.1% during the forecast period (2022 to 2030).

Drivers

 A growing number of consumers looking for high-quality products is a prime factor fueling the textile flooring market growth. Moreover, shifting consumer preferences towards luxury products due to increasing disposable is another major factor propelling the market growth of textile flooring. Rising consumption of textile and furnishings for homes due to increasing consumer spending on home renovation coupled with the growth in North America markets, especially in the U.S., where the residential sector is recovery currently is further expected to fuel the market growth over the forecast period.

Among region, Asia-Pacific is expected to dominate the market growth over the forecast period in the global textile flooring market growth. The regional growth is attributed to fast-paced infrastructural development, growing disposable income, growing urbanization and rising investments in residential buildings.

Figure 1. Global Textile Flooring Market Value Share (%), By Region, 2021

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Market Restraints

Usage of animal fiber-based carpet floorings across specific regions such as Nordic countries and Russia has reduced significantly in the recent past due to the Ethical Treatment of Animals campaign discouraging the usage of fur products to a large extent. Moreover, the high cost of import trade has reduced the trade between various regions such as Europe and the Asia Pacific, which in turn hindering the market growth of the textile flooring over the forecast period.

Moreover, the challenges associated with the waste disposal and recycling of materials various companies are facing lots of issues due to the Waste and Resources Action Programme (WRAP) rules, especially in the U.S., APAC, and Europe. This factor is expected to hamper the market growth of the textile flooring market. Furthermore, the shortage of landfill sites is also impacting waste disposal initiatives which are also expected to hinder the market growth.

Market Trends

Global textile flooring market has witnessed a substantial growth owing to rising growth of population and urbanization across the globe. This in turn, has resulted in rising demand for textile flooring for residential purposes. Textile Flooring is also considered as luxury floor covering and decoration increment in housing as well as commercial places. This scenario is expected to drive growth of the global textile flooring market.

Figure 2. Global Textile Flooring Market Value Share (%), By Technology, 2021

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On the basis of technology, Tuffing segment accounted for largest market share in terms of value. Tuffing technology is preferred as it makes the flooring more absorbent and more prone to deep stains.

Recent Developments

• In June 2022, Mohawk Industries, Inc., US-based flooring manufacturer acquired Vitromex ceramic tile business from Grupo Industrial Saltillo (GIS) for around US$ 293 million in cash. Vitromex is a manufacture of glazed ceramic and decorative flooring. This acquisition includes four manufacturing facilities located in Mexico of Vitromex. This initiative is expected to enhance the company’s manufacturing efficiencies, customer base, and logistical capabilities.
• In March 2022, FLOR, the premium brand of interface, launched the first-ever carbon negative area rugs. It is offers durability, attractive design and a negative carbon footprint.

Competitive Section

Major 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.