The global market for home décor textiles is expected to record an impressive growth between 2018 and 2027. Growing consumer confidence, capacity expansions, social responsibility and sustainability trends, and a booming e-commerce sector will take revenues from worldwide sales of these textiles to over $ 185,000 mn by 2027, according to a report. Asia-Pacific excluding Japan (APEJ) will continue to dominate the global textiles home décor market, says the report by market intelligence company Transparency Market Research (TMR). Countries in that category like China and India, have remained leading global exporters of home textiles.
Manufacturers and exporters of home textiles in India have recorded higher profit margins. The Chinese home textile industry is currently focusing more on garments business. Considering US home textile imports, China will continue to be dominant, with relatively larger number of shipments compared to other APEJ countries, says the report. Bed linen is expected to be the most remunerative product in this market, with an estimated revenue share of over 33 per cent during 2018-2027. Demand for bed linen is likely to grow at a brisk pace, with a steady stream of opportunities expected to emerge in both developed and developing markets. Sensing the lucrativeness of this segment, manufacturers are focusing on consolidating their position, the report says.
Prominent manufacturers are also focusing on increasing capacity and setting up new plants. Welspun India opened a new plant in Anjar, Gujarat, recently and forayed into the flooring solutions segment. Bombay Dyeing is focusing on a massive revamp of its home textile business by investing over $15 mn. However, a key challenge for stakeholders in this segment is the highly fragmented presence of unorganised players.
Indoor applications of home décor textiles are expected to account for bulk revenue share of the market. However, revenues from outdoor applications of home décor textiles will increase at a relatively higher compound annual growth rate till 2027, says the report. The key companies underpinning expansion of the global home décor textiles market are Mannington Mills, Inc., Companhia de Tecidos Norte de Minas, Kurlon Enterprise Limited, American Textile Company, Inc., Leggett & Platt, Incorporated, Nitori Holdings Co., Ltd., Williams-Sonoma, Inc., Berkshire Hathaway Inc., Ashley Furniture Industries, Inc., Mohawk Industries, Inc., and Inter Ikea Systems B.V.