TEXTILE FLOORING MARKET ANALYSIS

Fluctuations in the prices of raw materials have posed significant challenges to the growth of the global textile flooring market in recent years. Raw materials such as natural and synthetic fibers, resins, pigments, and dyes that are used extensively in manufacturing carpets and rugs have witnessed steep price volatility due to various economic and geopolitical factors. For instance, oil prices, which determine the pricing of raw petrochemicals that serve as feedstock for producing synthetic fibers like nylon, polyester etc., have fluctuated widely in the past five years

Opportunities: Growth of real estate sector in developing nations

The rapid growth and urbanization in many developing nations presents a huge opportunity for the global textile flooring market. As more people migrate to cities in search of better living standards and job opportunities, the demand for residential and commercial real estate is surging enormously. According to United Nations data, urban populations in Africa and Asia are projected to grow by more than 3 billion people by 2050. This exponential rise in urban dwellers will necessitate massive construction of housing, malls, offices and other infrastructure where textile flooring plays a key role.