DUBAI, United Arab Emirates, March 31, 2022 (GLOBE NEWSWIRE) — A new market research report from Future Market Insights on the textile flooring market includes 2018-2021 global industry analysis and assessment opportunities for 2022-2029.
In-Depth Study by Future Market Insights Indicates Global Textile Flooring Market Sales Expected to Peak US$301.52 billion by 2029, expanding to a 6.8% CAGR during the forecast period 2022-2029.
|Estimated size of the textile flooring market in 2022||US$190.26 billion|
|Projected size of the textile flooring market in 2029||US$301.52 billion|
|Historical CAGR of the Textile Flooring Market (2018-2021)||5.4%|
|CAGR Based on Textile Flooring Market Value (2022-2029)||6.8%|
According to the conclusion of the report, the global textile flooring market is expected to witness significant growth over the forecast period. Rising consumer confidence, increasing disposable incomes and increasing demand for luxury flooring options due to booming residential and commercial sectors are the factors that are expected to contribute to the growth of the market textile floor coverings in the years to come.
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The global textile flooring market is estimated to be worth US$190.26 billion in 2022 and is expected to register a robust growth of 6.8% during the period 2022-2029. This growth is mainly driven by the growth of the textile industry.
In recent years, the consumption of home textiles and furnishings has seen steady growth, driven by factors such as increasing consumer spending on home improvement, accelerating investment in infrastructure development and growing demand from Asian countries such as India, China, South Korea. , and Indonesia.
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Growing attractiveness of the Asia-Pacific market
The textile industry in the Asia-Pacific region has witnessed substantial growth over the past few years, owing to the growing demand from various end-use industries. Strict quality control, advanced production technologies, and customer- and fashion-oriented marketing tactics are several dynamic factors attributed to the current boom in the textile flooring market. Along with this, the competitive price-performance ratio compared to other materials is also driving the market growth.
The strong growth in the healthcare sector has led to a demand for flooring systems for specific types of applications. Additionally, the rising popularity of “artificial turf” in outdoor lawns and sports fields is expected to further boost the sales of textile flooring in the Asia-Pacific region during the forecast period.
Synthetic textiles will experience high demand in the market
A healthy growth trajectory is predicted for the textile flooring market. Also, the growing use of synthetic textiles in the residential sector is expected to drive an increase in market share over the forecast period.
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Synthetic textiles are widely used for the production of textile floor coverings. Synthetic textiles are expected to register significant growth in the global textile flooring market over the forecast period. Synthetic textile flooring is one of the key components of interior renovation systems used in residential and commercial spaces.
Consumers attribute the growth of textile flooring based on tufting technology primarily to the fact that it is the technology most commonly accepted by manufacturers in terms of manufacturing cost, as well as ease of installation and of use.
Textile Flooring Market: Vendor Insights
The report sheds light on some of the major market leaders who are well-established market players and have proven to be prominent shareholders in the global textile flooring market. Some examples of key players operating in the global textile flooring market are Mohawk Industries, Inc., Interface, Inc., Beaulieu International Group NV, Tarkett SA, Balts Group, Shaw Industries Group Inc., Forbo Holding AG, Mannington Mills, Inc., J+J Flooring Group and Vorwerk and Co. KG, among others.
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In terms of market structure and level analysis, the global textile flooring market is fragmented with the top 10 players holding a 35-40% share of the overall market. This is mainly due to the fact that there are a large number of Chinese and other players involved in the manufacturing of textile flooring. Major players in the market are focusing on expansion plans to boost production capacities and modernize operations.
The study reveals that the rapid development of the residential sector across the world is expected to increase the demand for textile flooring for many applications in these sectors. In a nutshell, the global textile flooring market will continue to grow at a CAGR of 6.8% from 2022 to 2029. For an in-depth report on the textile flooring market write to the analyst.
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