(MENAFN- GlobeNewsWire - Nasdaq) Technological advancement and innovation will drive the demand for textile home decor market.
Wilmington, Delaware, United States, Feb. 13, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The textile home decor market was valued at US$ 92.5 billion in 2022. By the end of 2031, it is expected to reach US$ 146.9 billion, expanding at a 5.4% CAGR during the forecast period. Technology will continue to play an increasingly important role in the design and manufacture of home decor products. Sensors and technology embedded in textiles and fabrics may become more popular for controlling temperatures, lighting, and even interactive features.
Textiles that are both attractive and functional have the potential to redefine the concept of home products. It is anticipated that consumer demand for individualized and distinctive items will only increase. It may become more common for consumers to use customization tools and services to create their own textile home décor pieces. This style is in line with the growing significance of uniqueness in interior design.
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Sustainability is expected to gain more attention in the future. There is an increasing demand for eco-friendly, organic, and sustainably sourced materials in home design as consumers become more ecologically concerned. Businesses that use sustainable methods could get an advantage over their competitors.
Key Findings of the Market Report
An increase in interior decor expenditure contributes to the growth of the textile home decor market. Textile home decor accounted for the largest share of the market in North America in 2022. A rise in residential construction increases the size of the textile home decor market Living room decor has become more popular, which has led to a rise in the demand for living room linen. With the rise of e-commerce stores, textile home decor is expected to become more affordable.
Global Textile Home Decor Market: Key Players
With the mounting demand for textile home decor with sustainable fabrics, several manufacturers are developing environmentally friendly home decor ideas and advanced textiles.
Prominent Market Players
Inter Ikea Systems B.V. Mohawk Industries Inc. Ashley Furniture Industries Inc. Berkshire Hathaway Inc. Williams-Sonoma Inc. Nitori Holdings Co. Ltd. Leggett & Platt, Incorporated American Textile Company Inc. Kurlon Enterprise Limited Companhia de Tecidos Norte de Minas Mannington Mills Inc.
In March 2023, ÖMSESIDIG added a new element to IKEA's collection, exploring the traditions of coming together, celebrating, and culture in Latin America, collaborating with Mexico, Chile, and Colombian designers. In April, a wide range of products, including glassware, tableware, decorations, and textiles, was available in IKEA stores.
In May 2023, Williams-Sonoma, Inc . released GreenRow, the company's first major brand in over a decade. An infusion of bright color contrasts with sustainable home decor and furniture collection. Using leftover fabric from ottomans for stool upholstery is one way the brand utilizes scraps of material.
Global Textile Home Decor Market: Growth Drivers
The need for textile home decor items is greatly influenced by shifting customer tastes and lifestyle trends. Unique and visually appealing home furniture is becoming increasingly popular as people look to customize their living areas. Textile home décor pieces, including pillows, rugs, and curtains, allow customers to show off their unique flair, fueling the market for creative and varied patterns. The growth of e-commerce has greatly impacted the market for textile home décor. Online shopping's ease of use has expanded the market for well-known and up-and-coming companies, giving customers simple access to a large selection of goods. E-commerce sites provide a venue for producers and craftspeople to present their textile home décor lines, expanding the market's reach internationally. Sustainability is a factor that influences the textile home décor industry. Customers are looking for eco-friendly and sustainable solutions in home furnishings as their knowledge of the environment grows. In response, producers are using eco-friendly materials, using sustainable production methods, and encouraging ethical sourcing. This move towards sustainability fits with global efforts for a more responsible and environmentally friendly production process and customer preferences. This helps to drive the textile home decor market's overall expansion.
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Global Textile Home Decor Market: Regional Landscape
Asia Pacific's textile home decor industry is forecast to grow robustly during the forecast period. Rapid urbanization and rising disposable incomes are driving home design item demand in the region. Increased urbanization and better economic conditions fuel a demand for textiles in home design, resulting in increased emphasis on improving living spaces. Cultural diversity and a rich heritage in many Asian countries influence home decor preferences. Consumers frequently seek products that reflect their cultural identity and customs, resulting in a wide and active market for textiles catering to a variety of design aesthetics and trends. E-commerce is also playing a major role in Asia Pacific's economic growth . With an increasing number of consumers preferring online purchasing for its convenience and accessibility, textile home décor firms have broadened their reach via digital channels. This change to online retail not only gives consumers a wider range of options but also allows manufacturers to reach new markets and demographics.
Global Textile Home Decor Market: Segmentation
By Product Type
Rugs Bath Linen Bed Linen Kitchen and Dining Linen Curtains Living Room Linen Floor Carpets Others
By Distribution Channel
Retail Stores Direct-to-Consumer Manufacturer Stores E-commerce Stores Discount Stores Rental Stores Club Stores DIY Stores
North America South America Middle East & Africa Asia Pacific Europe
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