July 17, 2024

Sustainable Flooring Solutions To Boost Growth Of The Global Textile Flooring Market

The Global 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 carpet and rugs made from fibers such as nylon, polyester, polypropylene, and cotton. These floorings offer advantages such as noise reduction, aesthetic appeal, comfort underfoot, and ease of maintenance. They are widely used in residential as well as commercial settings like offices, healthcare facilities, hospitality industry, and retail stores. The segments include tufted, woven, and needle-punched floorings. Tufted carpets account for the largest share as they are durable and can be customized in terms of style and color. The global shift towards sustainable products is driving demand for textile floorings manufactured using recycled materials.

Market Key Trends:

One of the key trends in the textile flooring market is the increasing popularity of sustainable flooring solutions. Manufacturers are focusing on offering carpets made from recycled and recyclable materials to cater to the rising environmental consciousness among consumers. For instance, Interface has launched carbon neutral carpet tiles made from recycled materials that can also be recycled at the end of use. Shaw Industries has introduced new polyester and nylon fiber technologies that use recycled plastic bottles and fibers. Such sustainable product innovations are boosting market revenue growth.

Porter’s Analysis
Threat of new entrants:
The textile flooring market requires high initial investments for manufacturing facilities and R&D. Established brands have strong relationships with distributors and retailers which create barriers for new entrants.

Bargaining power of buyers: The global textile flooring market has numerous domestic and international buyers. However, buyers do not have significant influence over prices due to the availability of a wide range of product options at different price points.

Bargaining power of suppliers: The textile flooring market has a large number of raw material suppliers globally. This creates less bargaining power for suppliers and enables buyers to negotiate prices with ease.

Threat of new substitutes: Some substitute products include wood, laminate, vinyl and rubber floors. However, textile floors have advantages such as being water-resistant and softer which restrict potential threats from substitutes.

Competitive rivalry: The global market is fragmented with many private label brands. Intense competition exists between major multinational conglomerates on pricing, quality, durability and design.

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 adoption in commercial buildings and residences.

Regional analysis: North America dominates the global textile flooring market currently owing to rising remodeling and reconstruction activities. Asia Pacific is expected to grow at the fastest pace during the forecast period with increasing economic development and infrastructure growth in China and India.

Key players: 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. These leading manufacturers are focusing on new product innovations and strategic partnerships to consolidate their market position.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it