by Textile flooring offers a durable, aesthetic and easy-to-maintain flooring solution for both residential and commercial applications. With their soft texture and ability to diminish noise, textile flooring such as carpets, rugs and luxury vinyl tiles (LVT) provide unmatched comfort underfoot. Their versatility allows them to seamlessly blend into any décor style and the availability of a wide range of designs, colors and textures cater to varied consumer preferences. The global textile flooring market is estimated to be valued at US$ 184.29 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 key trends:
One of the key trends witnessed in the textile flooring market is the growing demand for sustainable products. Consumers are increasingly preferring flooring variants which are environmentally-friendly and manufactured using recycled and recyclable materials. Leading manufacturers are developing bio-based, renewable and recyclable textile flooring options to cater to this demand. For example, Interface has introduced carbon neutral carpet tiles made from recycled materials and Mohawk offers polyester carpets derived from recycled plastic bottles. Such initiatives to offer “green” flooring solutions will drive the adoption of textile flooring in the coming years.
Porter’s Analysis
- Threat of new entrants: Low threat as textiles flooring has high capital costs, high economies of scale and companies like Mohawk Industries dominate the market.
- Bargaining power of buyers: Moderate bargaining power as there are a large number of textile flooring manufacturers and customers can easily switch between suppliers.
- Bargaining power of suppliers: High bargaining power as raw materials like cotton, nylon are dominated by few players and switching costs are high for manufacturers.
- Threat of new substitutes: Low threat as hard surface materials like wood, laminate, tile lack the soft textures offered by textile flooring.
- Competitive rivalry: High rivalry as top players like Interface, Mohawk compete intensely on innovation, design, price and customer service.
Key Takeaways
The global textile flooring market is expected to witness high growth. The market size for 2024 is US$ 184.29 Bn with a CAGR of 6.1% during the forecast period of 2023 to 2030.
Regional analysis: North America dominates the textile flooring market led by trends towards green buildings in the US. Asia Pacific is expected to grow at the fastest pace due to increasing residential and commercial construction spending 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. Major players are focusing on strategic partnerships and acquisitions to expand their geographic presence.
