Global Textile Floorings Market – Overview
The global textile floorings market is expected to show a promising CAGR over the course of the given forecast period of 2019 to 2027. With the development of its several key product segments, the global market is thus developing at a rapid pace. The competitive landscape of the market shows high levels of fragmentation due to the presence of several key players. Their growing focus on developing strategic alliances and long-term partnerships is expected to create ample business opportunities for the overall development of the market.
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Global Textile Floorings Market – Notable Developments
Given below are some of the recent notable developments in the global textile floorings market:
- In May 2019, Armstrong Flooring announced that the company is collaborating with Jefferson’s Surface Image Master’s program for exploring the future trends in surface and flooring. This is the fourth consecutive time the company has teamed up with the Philadelphia-based university to research about the new and upcoming technologies and trends in the textile flooring and surfaces and project emergent pathways for design.
- In March 2019, Armstrong Flooring arranged a design council to explore the future trends in the market. The objective of the council was to present commercial designs trends and vision about the future possibilities in textile flooring.
- Recently, Shaw Floors announced that the company’s LifeGaurd® Spill-proof Backing has been selected for the Edison Awards™ of 2019 in the category of good and home solutions.
Global Textile Floorings Market – Drivers and Restraints
There are numerous factors that are affecting the growth of the global textile floorings market. One of the key driving factor for the textile floorings market growth is the growing activities of reconstruction and remodeling of houses. In recent years, the consumption of the textile furnishing products for homes has grown considerably. This growth is attributed to the growing demand from the consumers about high quality products. With the economic development, the per capita income of people has grown considerably. They are willing to pay more a for attractive, premium, and sustainable flooring. It is thus helping the global market to thrive. Another important factor for the textile floorings market growth is the rapid urbanization and industrialization across the globe. Moreover, the growing investments in the construction industry coupled with increasing focus on the interior decoration are also helping the global textile flooring market to grow at a great pace.
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Global Textile Floorings Market – Geographical Outlook
There are five key regions that divide the global textile floorings market. These regions are North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. Of the currently, the global market is dominated by the North America region. The growth of the North America region is primarily attributed to the booming residential sector in the US. The residential sector is now recovering from the great slump in early parts of this decade and is thus creating a lot of demand for textile floorings. Moreover, with the growth in the spending power of the people, the demand for high quality product in the region is also growing. This also expected to help the growth of the regional market.
On the other hand, the Asia Pacific region is projected to showcase a high rate of growth over the course of the given forecast period. The increasing demand for countries such as India, Indonesia, China, and South Korea is expected to fuel the growth of the Asia Pacific textile floorings market.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.