Luxury Upholstery Fabric Market to Reach US$ 9.14 Billion by 2030: CoherentMI
BURLINGAME, Calif., Dec. 14, 2023 /PRNewswire/ -- Global Luxury Upholstery Fabric Market is estimated to value at US$ 5.58 Billion in the year 2023 and is anticipated to reach US$ 9.14 Billion by 2030, at a CAGR of 7.3% during the forecast period 2023-2030.
The global luxury upholstery fabric market is driven by the increasing demand from the hospitality sector. With the booming tourism industry and the rise in disposable income, the demand for luxury hotels and resorts is on the rise. This, in turn, is creating a demand for high-quality upholstery fabrics to enhance the aesthetics of these establishments. Global Luxury upholstery fabrics offer comfort, durability, and elegance, making them the preferred choice for the hospitality sector.
Furthermore, the growing focus on eco-friendly and sustainable materials is also driving the demand for global luxury upholstery fabrics. Consumers are increasingly opting for sustainable products, and manufacturers are responding by using recyclable and eco-friendly materials in their products. Global luxury upholstery fabrics made from natural fibers such as silk, linen, and cotton are gaining popularity due to their sustainable nature.
Market Trends:
Global Luxury upholstery fabric market trends is the increasing use of digital printing technology. Digital printing allows manufacturers to create intricate and detailed designs on fabrics, giving them a unique and personalized look. This technology also offers faster production times and allows for customization, enabling manufacturers to meet the diverse preferences of customers.
Another trend in the market is the growing demand for antique and vintage-inspired upholstery fabrics. These fabrics provide a timeless and classic appeal, giving a touch of nostalgia to modern interiors. Manufacturers are incorporating traditional patterns and designs into their upholstery fabrics to cater to this demand. Additionally, the use of rich textures and intricate weaves is also gaining popularity in the market.
Recent development:
- In March 2022, Kravet Inc, announced a new line of luxury performance fabrics created from sustainable plant-based ingredients.
- In October 2022, Kano Carpets bought Elton Groups to enhance its luxury wool carpet portfolio.
Market Opportunities:
Increasing Demand for Global Luxury Upholstery Fabric in Residential Sector
The global luxury upholstery fabric market is anticipated to witness significant growth in the residential sector. This can be attributed to the rising demand for luxurious and aesthetically pleasing interiors in homes. Global luxury upholstery fabric, such as wool, silk, velvet, and leather, provides a sense of elegance and sophistication, making it a popular choice among homeowners. Additionally, increasing disposable incomes and changing lifestyles have led to a higher adoption of global luxury upholstery fabric in residential spaces. This trend is expected to continue over the forecast period, thereby creating lucrative opportunities for market players.
Growing Hospitality Sector Driving the Demand for Global Luxury Upholstery Fabric
Another major market opportunity lies in the growing hospitality sector. Global luxury upholstery fabric is extensively used in hotels, resorts, and restaurants to enhance the guest experience and create a luxurious ambiance. The hospitality sector is experiencing significant growth, driven by increasing tourism and business travel. As a result, there is a high demand for luxurious and visually appealing interiors in hospitality establishments, which includes the use of high-quality upholstery fabric. This demand is expected to fuel the growth of the global luxury upholstery fabric market in the coming years.
Key Market Takeaways:
The global luxury upholstery fabric market is anticipated to witness a CAGR of 7.3% during the forecast period 2023-2030, owing to the increasing demand for luxurious and aesthetically pleasing interiors in residential and commercial spaces.
On the basis of material type, the wool segment is expected to hold a dominant position due to its superior quality, durability, and luxurious appeal. Wool is widely regarded as a premium material for upholstery fabric, making it a popular choice among consumers.
In terms of application, the upholstery segment is expected to dominate the market. Upholstery fabrics play a crucial role in enhancing the aesthetics and comfort of furniture, making them highly sought after in both residential and commercial applications.
The residential sector is expected to hold a dominant position in the global luxury upholstery fabric market, driven by the increasing demand for luxurious interiors in homes. Rising disposable incomes and changing lifestyles are further contributing to the growth of this sector.
In terms of distribution channels, the online segment is expected to dominate the market. The convenience of online shopping and the availability of a wide range of options have led to the popularity of online platforms for purchasing global luxury upholstery fabric.
North America is expected to hold a dominant position in the global luxury upholstery fabric market. This can be attributed to the presence of affluent consumers, high disposable incomes, and a strong demand for luxury products in the region.
Key players operating in the global luxury upholstery fabric market include Fabricut Inc., Aquafil S.p.A., Brentano Inc., Carnegie Fabrics LLC, Designtex, Kravet Inc., Maharam Fabric Corporation, Marvel Textiles, and others. These players are focusing on strategic partnerships, product innovations, and expansion of their distribution networks to gain a competitive edge in the market.
Read complete market research report, "Global Luxury Upholstery Fabric Market Size And Share Analysis - Growth Trends And Forecasts (2023-2030)", Published by CoherentMI.
Global Luxury Upholstery Fabric Market Segmentation:
- By Material Type
- Wool
- Silk
- Cotton
- Leather
- Velvet
- Linen
- Others (Polyester, Acrylic, Nylon, Viscose, etc.)
- By Application
- Upholstery
- Curtains
- Carpets
- Wall Covering
- Bags & Accessories
- Apparel
- Others (Table Linen, Blankets, etc.)
- By End-use Sector
- Residential
- Commercial
- Hospitality
- Healthcare
- Institutional
- Others (Automotive, Aircraft, etc.)
- By Distribution Channel
- Online
- Offline
- By Region
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- GCC Countries
- Rest of Middle East & Africa
In conclusion, the global luxury upholstery fabric market is poised for significant growth driven by increasing demand from the residential and hospitality sectors. Material type, application, end-use sector, distribution channels, and regional dominance are key factors shaping the market dynamics. Key players are actively focusing on strategies to capitalize on the market opportunities and gain a competitive edge.
FAQ's:
- What factors are impeding the growth of the market for Global Luxury Upholstery Fabric?
- What are the primary drivers fostering growth in the market for Global Luxury Upholstery Fabric?
- Which segment stands out as the leading component in the Global Luxury Upholstery Fabric Market?
- Who are the key players actively involved in the Global Luxury Upholstery Fabric Market?
- Which region is poised to take the lead in the Global Luxury Upholstery Fabric Market?
- What is the projected CAGR for the Global Luxury Upholstery Fabric Market?
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