Global Contract Textile Market 2024-2031

Description

List of Tables

Contract Textile Market Size, Share & Trends Analysis Report by Application (Decorative Textile, Textile Floor Covering, Textile Wallcovering, and Manufactured Products), by End-Use (Office Spaces, Public Buildings, Healthcare, and HORECA), Forecast Period (2024-2031)

Contract textile market is anticipated to grow at a CAGR of 4.8% during the forecast period (2024-2031). Contract textile refers to fabrics that are used in commercial environments, such as offices, hospitals, restaurants, and other institutions. These textiles are typically subject to rigorous performance standards to ensure durability, safety, and suitability for high-traffic areas. The growing demand for contract textiles among end-user industries is a key factor driving the global contract textile market.

Market Dynamics

Increasing Number of Commercial Buildings

The growth of the commercial textile market is directly linked to the expansion of commercial buildings such as hotels, offices, warehouses, and businesses, among others, as contract textiles are designed to withstand harsh conditions and frequent use in commercial settings. Due to rapid industrialization and urbanization, the number of commercial buildings has exponentially increased, paving the way for growth in the consumption of commercial textiles. As per The Real Estate Roundtable 2023 Report, there are 5.9 million non-residential buildings in the US including 1 million warehouses & storage buildings, 972,000 office buildings, 518,000 retail buildings, 214,000 hotels and commercial lodging buildings, and 137,000 health care buildings. Additionally, the number of commercial buildings has increased by 55.0% (3.8 million buildings to 5.9 million buildings). Whereas commercial floor space has increased by 90.0% (51 billion square feet to 97 billion square feet).

Economic Slowdown & Changing Work Culture May Impede the Market Growth

The global workplace is going through a changing phase in work dynamics owing to the increasing trend and adoption of work-from-home (WFH) and hybrid work culture, which has negatively impacted the rate of commercial leasing of offices and workplaces. The change is the result of post-pandemic alteration in working policies, corporate inclination to reduce physical liabilities, and economic slowdown, all of these are expected to impede demand for contract textiles. For instance, according to a recent estimate by the National Association of Realtors, 12.5% of office space is vacant across the US, with nearly 1 billion square feet in total vacant office space, indicating an oversupply of office buildings. About 35.0% of workers who can do their job from home were still working entirely remotely as of March 2023, with an additional 40.0% now on a hybrid schedule, only going to the office some of the time.

Market segmentation

Based on application, the market is segmented into decorative textile, textile floor covering, textile wallcovering, and manufactured products.
Based on the end-use, the market is segmented into office spaces, public buildings, healthcare, and HORECA.

Office Space Segment Reigns Supreme in Contract Textile Market

Contract textile applications in office spaces comprised of seating, panels, and wall coverings are expected to witness significant growth owing to large-scale office refurbishment activities. The contract textiles acceptance is expected to increase in office spaces owing to extensive office refurbishment activities, a growing number of commercial buildings, and rapid industrialization in developing regions.

Regional Outlook

The global contract textile market is further segmented based on geography including North America (the US, and Canada), Europe (the UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia-Pacific), and the Rest of the World (the Middle East & Africa, and Latin America).

Asia-Pacific holds largest market share

The regional market growth is driven by an increasing rate of development in countries such as India, Vietnam, and Myanmar among others. The increasing investment by state-run organizations on infrastructure development, positive policy support for commercial real-estate growth, comparatively lower rate of WFH sad hybrid work culture adoption, increasing foreign direct investment (FDI) in the region, and increasing demand for commercial spaces across the region are other promoters of the regional market growth. As per the Indian Investment Grid, projections indicate that the Indian Commercial Real Estate Market is set to achieve a remarkable 13.85% CAGR by 2027 with 271 opportunities worth $1.7 billion. This dynamic sector is further propelled by initiatives such as Make in India and the Real Estate Regulatory Authority (RERA). Further, as per IBEF India, total investments in Indian real estate have been growing at a very healthy pace, standing at $49.4 billion during 2012-2021, of which 64.0% came from foreign investors. Foreign investments in the office sector increased to $10.3 billion during 2017-2021, compared to $3.2 billion in the preceding five-year period.

The major companies serving in the global contract textile market include Beaulieu International Group, Camira Fabrics Ltd., Successori REDA S.p.A., Mohawk Industries, Inc., and ARC-COM among others. The market players are increasingly focusing on business expansion and product development by applying strategies such as collaborations, mergers and acquisitions to stay competitive in the market. For instance, in March 2022, Camira Group acquired a controlling investment in UK textile recycling company iinouiio, with the goal of developing novel circular textile products. Camira Yarns has acquired the controlling stake in iinouiio, which has received significant investment funds to install cutting-edge wool textile reprocessing machinery, the first of its kind in the UK in over 20 years.

Product Code: OMR2028734

1. Report Summary

Current Industry Analysis and Growth Potential Outlook
1.1. Research Methods and Tools
1.2. Market Breakdown
- 1.2.1. By Segments
- 1.2.2. By Region

2. Market Overview and Insights

2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
- 2.2.1. Key Market Trends
- 2.2.2. Recommendations
- 2.2.3. Conclusion

3. Competitive Landscape

3.1. Key Company Analysis
3.2. Beaulieu International Group
- 3.2.1. Overview
- 3.2.2. Financial Analysis
- 3.2.3. SWOT Analysis
- 3.2.4. Recent Developments
3.3. Camira Fabrics, Ltd.
- 3.3.1. Overview
- 3.3.2. Financial Analysis
- 3.3.3. SWOT Analysis
- 3.3.4. Recent Developments
3.4. Successori REDA S.p.A.
- 3.4.1. Overview
- 3.4.2. Financial Analysis
- 3.4.3. SWOT Analysis
- 3.4.4. Recent Developments
3.5. Key Strategy Analysis

4. Market Segmentation

4.1. Global Contract Textile Market by Application
- 4.1.1. Decorative Textile
- 4.1.2. Textile Floor Covering
- 4.1.3. Textile Wallcovering
- 4.1.4. Manufactured Products
4.2. Global Contract Textile Market by End-Use
- 4.2.1. Office Spaces
- 4.2.2. Public Buildings
- 4.2.3. Healthcare
- 4.2.4. (HORECA) Hotels, Restaurants, and Cafes

5. Regional Analysis

5.1. North America
- 5.1.1. United States
- 5.1.2. Canada
5.2. Europe
- 5.2.1. UK
- 5.2.2. Germany
- 5.2.3. Italy
- 5.2.4. Spain
- 5.2.5. France
- 5.2.6. Rest of Europe
5.3. Asia-Pacific
- 5.3.1. China
- 5.3.2. India
- 5.3.3. Japan
- 5.3.4. South Korea
- 5.3.5. Rest of Asia-Pacific
5.4. Rest of the World
- 5.4.1. Latin America
- 5.4.2. Middle East & Africa

6. Company Profiles

6.1. Agua Fabrics
6.2. ARC-COM
6.3. ARCHITEX
6.4. CTL LEATHER
6.5. Delius
6.6. DESIGNTEX
6.7. ENNIS Inc.
6.8. Indorama Corp.
6.9. Lu Thai Textile Co., Ltd.
6.10. Mohawk Industries, Inc.
6.11. Paramounttextiles
6.12. Spinneybeck
6.13. Successori REDA S.p.A.
6.14. Sunbury Design
6.15. Toray Industries, Inc.
6.16. Weiqiao Textile Company Ltd.
6.17. Zetwerk