Press release
textile floorings market value expected to increase at a CAGR of 5.7% during 2016-2026
IntroductionTextile Floorings or soft flooring gets its name from the nature of material used i.e. textile fibres. It is a conventional medium of flooring, accounting for over 50% of total flooring systems. It is manufactured in the form of carpets and rugs, and are defined as broadloom and modular types. Broadloom type is a single rolling sheet type of flooring, while modular type is a tiled type of flooring. The constituent material mainly consists of two types: natural fibres and manmade/synthetic fibres. Manmade/synthetic fibres include Nylon6, Nylon66, Polyethylene Terephthalate (Polyester) and Acrylic. On the contrary natural fibres contain animal-based fibres such as wool and fur, whereas plant-based fibres are extracted from sisal and sea-grass.
Textile floorings are used for aesthetic purposes and also for noise reduction and echo-proofing in residential and commercial spaces such as office buildings, hotels and restaurants, theatres and auditoriums and public places such as railway stations and airports. Hospitals and health centres use hypoallergenic carpet floorings; whereas cars, marine vessels and industrial premises employ flooring types that are waterproof and dustproof and with a high degree of durability. Plant-based fibre flooring is used in sports fields as turf.
Global textile floorings market is projected to register a healthy CAGR of 5.7% in terms of value during the forecast period (2016–2026). This is mainly attributed to various factors, regarding which FMI offers detailed insights in its report.
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Market Dynamics
There are numerous factors influencing growth of global textile floorings market, which include the variety in terms of material type and scope of applications, demographic factors such as rising consumer spending, increasing demand in end-use industries and expansion plans by OEMs/ sales channel.
Key trends observed in the global textile floorings market are increasing vertical integration and adoption of inorganic growth strategies. Increasing adoption of synthetic fibres and eco-friendly fibres coupled with increasing adoption of modular carpets that comply with environment management norms are other trends that have been witnessed in the global textile floorings market.
Market Segmentation
On the basis of material type, global textile floorings market is segmented into synthetic textiles, animal textiles and plant textiles. In terms of value, synthetic textiles segment has been estimated to account for 85.6% in 2016. It is projected to expand at a CAGR of 5.9% in terms of value over the forecast period.
By product type, global textile floorings market has been segmented into rugs and carpets. Carpets segment is expected to register a CAGR of 5.8% in terms of value over the forecast period.
On the basis of technology, the global textile floorings market has been segmented into tufting, woven and needlefelt. In terms of value, tufting segment is expected to register a CAGR of 5.9% over the forecast period. This is attributed to easy installation and ease of use by consumer and increasing adoption of tufting technology in Asia Pacific and MEA regions.
By application, the global textile floorings market is segmented into residential, commercial and others. Residential segment is expected to account for the highest value share in the global textile floorings market throughout the forecast period.
Textile Floorings Market Segmentation
Key Regions
On the basis of regions the global textile floorings market has been segmented into North America, Latin America, Western Europe, Eastern Europe, Asia Pacific Excluding Japan (APEJ), Japan and the Middle East & Africa (MEA). North America has been estimated to dominate the market in terms of production, whereas APEJ is expected to dominate the market in terms of consumption during the forecast period.
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Key Players
Key players in the global textile floorings market include Mohawk Industries, Inc., Interface, Inc., Shaw Industries Group Inc., Beaulieu International Group N.V, Tarkett SA, Balta Group, Mannington Mills, Inc., Forbo Holding AG, J+J Flooring Group and Vorwerk & Co. KG.
Companies are increasingly focusing on acquisitions of regional manufacturers, to enhance their operations with minimum capital expenditure, thereby strengthening its value chain. In 2015, Tarkett S.A. acquired 49% minority shares in EasyTurf Inc., a Southern California-based company engaged in sales and installation of artificial turf for residential and commercial applications.
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