The textile flooring market is estimated to be valued at USD 10.25 Bn in 2024, exhibiting a CAGR of 5.7% over the forecast period (2024-2031). The growth can be attributed to rapid urbanization and infrastructure development projects across both developed and emerging economies. Furthermore, rising disposable income and increasing customer affordability for relatively more durable and advanced flooring solutions is also fueling the market growth.
Rising infrastructure development activities particularly in residential and commercial construction are a key driver propelling the textile flooring market growth. Significant investments by governments worldwide in public infrastructure such as roads, airports, and rail along with large scale housing projects have augmented the demand for flooring materials including textile flooring. Additionally, growing middle class population along with increasing disposable income has also boosted customer spending on home décor and flooring solutions. This has fueled the sales of textile floorings as they provide an aesthetically appealing and durable option compared to conventional flooring alternatives. The unique properties of textile floorings such as resilience to wear & tear, noise reduction, and ease of maintenance further contribute to their rising demand across various end-use sectors.
Growing Demand for Sustainable Flooring Solutions is Driving the Textile Flooring Market
Textile flooring made from natural and recycled materials is becoming increasingly popular as customers look for more sustainable home décor and flooring options. Textile flooring such as carpet tiles are durable, easy to install, and replace damaged tiles, and can be recycled at the end of their lifespan. Manufacturers are responding to this demand by expanding their product lines to include more flooring made from recycled plastics, organic cotton, and other eco-friendly materials. As environmental sustainability rises up the priority list for home buyers and renovators, the textile flooring market is poised for continued growth.
Increasing Construction of Commercial Buildings is Boosting Sales of Textile Flooring
The non-residential construction sector has experienced steady growth in recent years, particularly in areas like healthcare, education, and office spaces. This increased commercial construction activity is fueling demand for durable, easy-to-maintain flooring solutions like textile flooring. Carpet and modular carpet tiles are very popular choices for commercial interiors thanks to their sound-dampening and insulating properties, safety, and versatility. Many offices, educational institutions, and medical facilities now specify carpet and textile flooring for areas that see high foot traffic. As more nonresidential space is built globally to accommodate workforce and population growth, sales of commercial textile flooring products will continue rising.
Declining Carpet Manufacturing in Developed Markets Acts as a Restraint
While the textile flooring market overall is growing, carpet manufacturing has seen declines in some developed regions like North America and Western Europe. Stricter environmental regulations and increased competition from imported products have caused some carpet mills to close down. This impacts domestic production capacity and can raise prices for consumers. Geographic shifts in where carpets are made mean some regions have less local access to textile flooring options. However, the restraint from declines in legacy manufacturing is balanced out by growth in emerging markets and new applications for textiles in flooring worldwide.
Raw Material Price Volatility Constrains Market Growth
Textile flooring products rely on raw materials like synthetic and natural fibers that can experience significant price swings. Factors like petroleum prices, crop yields, tariffs, and supply chain issues all influence the costs of flooring materials. Unexpected spikes in these input costs can squeeze manufacturer margins and sometimes cause prices to rise for customers. Raw material price volatility makes it difficult to plan production budgets and achieve consistent growth. While larger industry players can better absorb material cost shocks, it remains a challenge constraining market expansion, especially for small to mid-sized textile flooring producers.
Rising Middle Class Population in Developing Regions Creates New Market Opportunities
Countries in Asia Pacific, Latin America, Africa, and other developing economies are experiencing substantial growth in their middle and affluent socioeconomic groups. As individuals gain more disposable income, their spending on home décor and furnishings increases as well. The expanding middle class consumer base in emerging markets represents a major growth opportunity for textile flooring sales. These consumers desire flooring products that communicate status and style while remaining affordable. If textile flooring brands can develop compelling design and quality at the right price points, they stand to greatly increase market share in developing world regions experiencing a consumption boom.
Increasing Demand for Modular and Luxury Textile Flooring Types Presents an Opportunity
Within the overall textile flooring category, certain segments like modular or movable carpet tiles and luxury broadloom carpets are experiencing faster-than-average growth. Modular carpet tiles offer versatility, easy maintenance, and are well-suited for dynamic work and learning environments. Meanwhile, consumers are displaying a willingness to pay premium prices for plush, designer textile flooring as a desired home feature. By innovating new product lines within these higher-demand segments, textile flooring producers can tap into opportunity spaces with attractive margins and less commodity competition compared to basic carpets. With strategic focus, companies can drive above-average revenue gains through specified and direct-to-consumer sales of specialty flooring types.
Link: https://www.coherentmarketinsights.com/market-insight/textile-flooring-market-3262
Key Developments
- In May 2024, Beaulieu International Group (B.I.G.) made a significant announcement with the launch of a cutting-edge experience center at Flanders Flooring Days. This new facility is designed to provide an immersive and interactive environment for customers, showcasing the company's extensive range of flooring solutions and innovative technologies.
- In 2023, J+J Flooring, a leading manufacturer of commercial flooring solutions, introduced Digital, the latest addition to their innovative Kinetex line of textile composite flooring. This groundbreaking product represents a significant advancement in the industry, offering a unique combination of performance, aesthetics, and sustainability.
- In June 2022, Mohawk Industries, Inc., a leading U.S.-based flooring manufacturer, announced the acquisition of Vitromex, the ceramic tile business of Grupo Industrial Saltillo (GIS), for approximately US$ 293 million in cash. This strategic move is expected to strengthen Mohawk's position in the ceramic tile market and provide significant benefits to the company's operations.
- In March 2022, FLOR, the premium brand of Interface, made a groundbreaking announcement with the launch of the world's first-ever carbon negative area rugs. This pioneering product not only offers durability and attractive design but also boasts a negative carbon footprint, setting a new standard for sustainability in the flooring industry.
Key Players
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., Welspun Living, RELSO, Natroyal Group, Saif Home Pvt Ltd., Marwar Carpets, and Javi Home
