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"Global Textile Flooring Market was Valued at US$ XX Bn in 2019 and it is Expected to Reach More than US$ 148 Bn by 2028, Likely to Grow with the CAGR of 5.6% During the Forecast Period."
The textile flooring market is majorly driven by growing consumer expenditure for home renovation and increasing demand from Asia Pacific countries including China, India, Indonesia, and South Korea. Accelerating government investments for infrastructural development will also boost the industry. Rising consumption of furnishings & textiles for residential will also enhance the market growth. A boom in commercial and residential sectors along with rising demand for luxury flooring will help in the market growth in years to come. It is further anticipated that strong growth in the healthcare sector will provide flooring space for specific applications such as sound-proof, anti-allergenic and heat-resistant, flooring systems that would drive market growth. Rapid urbanization & industrialization, as well as a surge in remodeling & renovation activities, will further enhance the market during the forecast period.
The growth of the textile market along with increased construction activities will also spur revenue growth. Increasing consumer demand for high-quality flooring and rising disposable income will help the market to grow with a significant CAGR in years to come.
The global textile flooring market on the basis of the application segment is bifurcated into commercial, residential and others (industrial, etc.). The geography segment is analyzed into Asia-pacific, North America, Latin America, Europe, Middle East and Africa (MEA).
As Per Material Type, Synthetic Textile Expected To Grow At a Significant Rate
By material type, the synthetic textile is expected to witness the highest growth in the textile flooring market across the globe. It is expected to hold XX% of the total market. Increased usage of synthetic textiles in the residential sector will enhance the segment growth during the forecast period. Synthetic textile flooring has become a key component for interior design structures used in commercial and residential spaces will enhance the segment growth. Easy installation, low manufacturing cost, easy to use are some of the benefits which are driving the segment. Advanced production technologies, fashion & customer-oriented products and strict quality control will also help the segment grow in years to come. The growing use of synthetic flooring in schools, hospitals, gyms and other places will boost the synthetic textile flooring segment. A surge in demand for synthetic flooring for noise reduction, aesthetics purposes, and echo–proofing at commercial spaces including restaurants, theatres, buildings, hotels, and others will also boost the segment throughout the forecast period.
By Application, The Residential Segment Is Estimated To Witness High Sales In The Textile Flooring Market
In 2019, the residential segment led the textile flooring market in both volume and revenue terms. An increase in home remodeling and renovation activities around the globe is the major factor driving the segment growth. The rapid growth of the residential sector and rising consumer spending on luxury flooring are some of the other major factors for the dominance of the residential segment. A surge in the growth of the construction sector in emerging nations of Asia Pacific is another major factor driving the segment growth. Thus, the segment will continue its dominance in the textile flooring market during the forecast period. On the contrary, the rising demand for textile flooring at commercial places is the major factor for the fastest growth of the commercial segment.
Asia Pacific Region To Show The Fastest Growth In The Overall Textile Flooring Market In Terms Of Revenue Share.
The Asia Pacific dominates the textile flooring market in 2019. The rapid growth of industrialization and a rise in consumer spending are the major factors responsible for the dominance of the textile flooring market. Emerging economies such as India and China will be the major contributor to the growth in the region. The market is expected to register a CAGR of XX% during the forecast period.
North America has a significant share in the global textile flooring market owing to growing renovation activities in the region at large scale.
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 are few of the key players in the global textile flooring market.
Segmentation of Global Textile Flooring Market
Textile Flooring Market by Material Type
- Synthetic Textiles
- Animal Textiles
- Plant Textiles
Textile Flooring Market by Product Type
Textile Flooring Market by Technology
Textile Flooring Market by Application
- Others (Industrial, etc.)
Textile Flooring Market by Region
- North America
- South America
- Middle East & Africa