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.
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