New market research by Future Market Insights (FMI) indicates that the sales in the global textile flooring market are expected to reach 301.52 billion US by 2029. Including a global industry analysis and opportunity assessment, the research report stipulates significant growth within the industry due to booming residential and commercial sectors.
With rising consumer confidence, increasing demand for luxury flooring options, and growing disposable incomes, the textile flooring market is expected to grow 6.8 percent during the period 2022-2029. The consumption of textiles and home furnishings has witnessed consistent growth over the past few years, partially driven by accelerating investments and commercial development. This has increased the demand from Asia countries such as India, China, South Korea, and Indonesia. With rising consumer confidence, increasing demand for luxury flooring options, and growing disposable incomes, the textile flooring market is expected to grow 6.8 percent during the period 2022-2029.
Advanced production technologies and strict quality control contribute to the current boom in the market. Customer and fashion-oriented marketing tactics coincide with the competitive price-performance ratio, boosting the market exponentially. The rising use of synthetic textiles within residential sectors will also intensify the market share over the next four years. As one of the critical components of interior refurbishment, synthetic textiles are majorly utilised in textile production.
The market structure and tier analysis are fragmented, with ten key market leaders holding a 35-40 percent share. Major shareholders focus on expansion plans to increase production and upgrade operations as the market continues to rise.
