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Textile flooring market analysis

Read here the report Textile Flooring Market by CMI team.

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Textile flooring market analysis

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  1. Coherent Market Insights Market Research and Business Consulting Services https://www.coherentmarketinsights.com/ COVID-19 Impact Tracker

  2. TEXTILE FLOORING MARKET ANALYSIS • Textile flooring is an advanced flooring option that looks and feel like soft carpet and can be used in a variety of environment due to its versatile nature. It offers high durability and reduces overall maintenance costs. They are used for aesthetic purposes and also for noise- and echo-proofing across residential and commercial spaces such as hotels and restaurants, office buildings, theatres and auditoriums, residences, and public places such as railway stations and airports.

  3. The global textile flooring market was valued at US$ 154.3 Bnin terms of value and 7,726.9 Mn sq. meters in terms of volume in 2018 • Drivers • A growing population of consumers looking for high-quality products is a prime factor fueling the textile flooring market growth. Also, shifting consumer preferences towards luxury products due to increasing disposable is another major factor propelling the market growth of textile flooring. Moreover, rising consumption of textile and furnishings for homes due to increasing consumer spending on home renovation coupled with the growth in North America markets, especially in the U.S., where the residential sector is recovery currently is further expected to fuel the market growth over the forecast period. • The advent of variety in the product is projected to foster market growth over the forecast period. For instance, in November 2019, Shaw Industries Group, Inc. (Shaw) has launched a new soft floor covering designed for people and the planet at Greenbuild 2019 in Atlanta in the mindful Materials Pavilion lounge. The product known as COMFOR3T stands to revolutionize the U.S. expo flooring market. Hence, the advent of variety in the product is projected to foster the market growth of textile flooring. 

  4. Figure 1: Global Textile Flooring Market Share, By Region, 2018

  5. Market Restraints • Usage of animal fiber-based carpet floorings across specific regions such as NORDIC countries and Russia has reduced significantly in the recent past due to the Ethical Treatment of Animals campaign discouraging the usage of fur products to a large extent. Also, the high cost of import trade has reduced the trade between various regions such as Europe and the Asia Pacific, which in turn hindering the market growth of the textile flooring over the forecast period. • Challenges associated with the waste disposal and recycling of materials various companies are facing lots of issues due to the Waste and Resources Action Programme (WRAP) rules, especially in the U.S., APAC, and Europe. This factor is expected to hamper the market growth of the textile flooring market. Moreover, the shortage of landfill sites is also impacting waste disposal initiatives which are also expected to hinder the market growth.

  6. Figure 2. Global Textile Flooring Market - Opportunity Analysis

  7. Market Opportunities • Increasing application of textile flooring in the automotive sector is expected to foster market growth over the forecast period. For instance, in December 2018, Auria Solutions Shanghai Co Ltd, a joint venture between automotive supplier Auria Solutions Ltd and Shanghai Car Carpet Plant Co Ltd (a Shanghai Shenda company), held a groundbreaking ceremony at its newest location in Wuhan, China. The 22,500 square meter facility that will produce automotive carpeting for Chevrolet and Buick models produced and sold in China. • The rising adoption of advanced technology for the production of textile flooring is expected to propel the market growth. For instance, in January 2019, Beaulieu Fibres International (BFI) has launched its new UltraBond chemical at Domotex, in Hannover, a patented polyolefin bonding staple fiber that eliminates the need for latex or other chemical binders to bind nonwovens. It opens up a new path for creating 100% polypropylene (PP) needlepunch carpets. 

  8. Figure 3. Global Textile Flooring Market Share, By Product Type, 2018

  9. Market Trends/Key Takeaways • The rising number of partnerships across key manufacturers is expected to propel the market growth over the forecast period. For instance, in January 2019, Kährs Group, a Swedish Europe-leading manufacturer and distributor of premium flooring, has signed a distribution agreement with commercial carpet tile supplier modulyss for sales in the Nordic markets. Therefore, the rising adoption of such a growth strategy is expected to fuel market growth. • Rising adoption of synthetic fiber for flooring purposes is expected to foster market growth. For instance, in January 2017, INVISTA introduced two STAINMASTER brand innovations: STAINMASTER PetProtect luxury vinyl flooring and STAINMASTER LiveWell carpet system. This is the first carpet system designed to reduce dust and allergy-aggravating particles from bonding to the fiber.

  10. Competitive Section: • Players active in the 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 • Recent Developments • Mohawk Industries • In January 2015, Mohawk Industries Inc. has entered into a definitive agreement to acquire sheet vinyl, luxury vinyl tile, and laminate manufacturer IVC Group. The move positions the company as the largest flooring manufacturer worldwide, Mohawk Ind. claimed.

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  12. About Us Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. What we provide: • Customized Market Research Services • Industry Analysis Services • Business Consulting Services • Market Intelligence Services • Long term Engagement Model • Country Specific Analysis

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