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Contract Textile Market Demonstrates Resilient Growth, Expected to Surpass $7.37 Billion by 2028 - Fueled by Online Shopping Surge and Construction Market Boom
Contract Textile Market
Experiencing robust growth, the contract textile market is set to climb from $5.26 billion in 2023 to an estimated $5.62 billion in 2024, showcasing a commendable Compound Annual Growth Rate (CAGR) of 6.8%. This positive trajectory is expected to continue, reaching an impressive $7.37 billion by 2028, maintaining a strong CAGR of 7.0%.
Driving Forces:
The surge in online shopping emerges as a key driver propelling the contract textiles market. Online commerce has witnessed substantial growth, especially during the COVID-19 pandemic, with people shifting from traditional to online shopping due to movement restrictions. This change in consumer behavior has heightened awareness of various textile types, including contract textiles. Notably, in 2021, a significant portion of the UK population, accounting for 82%, engaged in online purchases, emphasizing the substantial impact of online shopping on the contract textile market.
The construction market's growth is anticipated to significantly contribute to the expansion of the contract textile market. In construction, contract textiles play a vital role in interior finishes, meeting standards for durability and safety. With the US construction market valued at around 1.6 trillion US dollars in 2021, the robust growth in construction activities propels the demand for contract textiles.
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Key Market Players:
Major companies operating in the contract textile market, including Agua Fabrics, Camira Fabrics Ltd., Sunbury Design, and Haworth Inc., are actively shaping the industry landscape. These industry leaders contribute to the market's vitality through their commitment to innovation, sustainability, and addressing emerging challenges.
Innovations in Contract Textiles:
Innovations have become a cornerstone in the contract textile market, with trends like Celliant Fiber gaining prominence. This patented infrared fiber technology enhances cellular oxygenation and local circulation, leading to improved performance, recovery, and sleep. Notably, Crypton CELLIANT, developed by The Crypton Companies in collaboration with Hologenix LLC, integrates Celliant fiber into woven upholstery fabric, elevating both functionality and comfort.
Addressing environmental concerns, major players in the contract textile market are introducing sustainable seating patterns to combat ocean plastic pollution. Duvaltex's clean impact textiles seating collection, including Poseidon 1306 and Tidal 2180, exemplifies eco-friendly textile practices. By blending upcycled ocean waste plastic and post-consumer recycled plastics, these textiles contribute to environmental conservation, offering consumers sustainable and high-quality choices.
Regional Dynamics and Market Segmentation:
Asia-Pacific emerged as the largest region in the contract textile market in 2023, with further segmentation based on:
1) By Product: Type A, Type B, Type C
2) By End User: Office Spaces, Public Buildings, Healthcare, Hotels, Restaurants, and Cafes (HORECA)
Access the Complete Report for In-Depth Analysis:
https://www.thebusinessresearchcompany.com/report/contract-textile-global-market-report
Contract Textile Global Market Report 2024 from TBRC covers the following information:
Market size date for the forecast period: Historical and Future
Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Contract Textile Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on contract textile market size, contract textile market drivers and trends, contract textile market major players, competitors' revenues, market positioning, and contract textile market growth across geographies. The contract textile market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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