Carpets & Rugs Market is predicted to Expand at a CAGR of 5% during the Forecast Period, notes TMR Study

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Jul 07, 2022, 07:30 ET

Due to its excellent moisture and stain moisture resistance, olefin material category is anticipated to observe high growth in the near future
North American consumers are more likely to want to get more out of their interior design options for their residences and workplaces, which is likely to drive the regional market at a rapid pace during the forecast period

WILMINGTON, Del., July 7, 2022 /PRNewswire/ -- The worth of the global carpets & rugs market was clocked at US$ 77.23 Bn in 2021. Carpet industry statistics estimated the market to grow at a CAGR of 5% during the forecast period, from 2022 to 2031. The global carpets & rugs market is anticipated to attain value of US$ 123.73 Bn by 2031. The future of carpet industry is likely to be driven by the increase in building activities in both developing and developed countries throughout the world. The global carpets and rugs market is being driven by people's increased preference for higher aesthetic quality in their homes and places of business. Important suppliers are investing more on R&D and concentrating on creating technologically superior carpets and rugs.

In order to deliver high-value goods to their customers, manufacturers have introduced cutting-edge technologies and environmentally friendly materials. The selling of carpets and rugs is expected to increase through e-commerce platforms and online channels, which is likely to result in more opportunities for market participants. Carpet market research predicts that considerable rise in construction activities in the Asia Pacific region is anticipated to emerge as a leading application in the global carpets & rugs market throughout the forecast period.

Rugs and carpets are utilized in both home and business settings because they offer a layer of cushioning to protect flooring. They also improve the overall design of a home or office space, which is expected to present growth to the top carpet manufacturers & suppliers. Additionally, rugs and carpets prevent the floor from being too chilly in the winter. Due to growing urbanization, increasing building activity, rising consumer expendable income, and rising demand for furnishings in developing nations, the global carpet & rug market is anticipated to expand at a reasonable pace during the forecast timeframe.

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Key Findings of Market Report

Rugs and carpets provide functional qualities including slip resistance and heat insulation. Carpets are essential for residential dwellings in several places due to the frigid temperatures. After conducting research, Wools of New Zealand found that carpets offer nearly ten times as much insulation as hard floor surfaces. As such, the use of rugs and carpets is anticipated to increase in the years to come.
Since modern interiors are becoming more popular, consumers are willing to spend more money on aesthetic enhancements to their workplaces and homes. This is raising the demand for rugs and carpets. Additionally, it is anticipated that rising disposable income, particularly in developing nations, would stimulate the industry.
The carpets category is anticipated to account for a sizable portion of the market and is likely to expand at a rapid pace throughout the projected period. Innovative products are being introduced by international carpet producers and retailers to satisfy consumer demand. The main reason why carpets are preferred over rugs is due to their various beneficial properties and this is likely to increase global carpet market size.

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Global Carpets & Rugs Market: Growth Drivers

Of all the material categories, nylon is predicted to expand at the fastest pace during the projection period since it is stain-resistant and robust carpet fiber. Additionally, owing to their toughness, nylon carpets are perfect for high-traffic areas including stairwells and corridors.
The Asia Pacific is anticipated to account for a leading market share of the global carpet & rug market during the projected timeframe. This can be mostly attributed to the rise in building and construction activities as well as the rise in expendable income of the local populace. India and China are two of the top manufacturers and exporters of carpets worldwide.

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Global Carpets & Rugs Market: Key Players

Some of the key market players are

Tai Ping Carpets International Ltd
Mohawk Industries, Inc.
Shaw Industries Group, Inc.
Marquis Industries, Inc.
Balta Industries NV
Tarkett Group

Global Carpets & Rugs Market: Segmentation

Product Type

Carpets
Rugs

Method of Construction

Woven
Tufted

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Category

Man-made
Machine-made
End User
Residential
Commercial

Material

Nylon
Olefin (polypropylene)
Polyester
Wool
Jute
Cotton
Others

Price

Low
Medium
High

Distribution Channel

Direct Sales
Indirect Sales
Online

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