Global Carpets & Rugs by Product, Market and Region
Increasing Building Construction Activity Drives Growth for Carpets & Rugs
NEW YORK, Oct. 30, 2017 /PRNewswire/ -- Growth will be driven by increases in building construction activity and consumer spending, particularly in the Asia/Pacific region.
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Rising product prices will also contribute to sales growth in value terms.
Key Findings in the Global Carpets & Rugs Study:
Competition from Hard-Surface Flooring Suppressing Growth
Gains in carpet and rug demand over the 2011-2016 period were constrained by increased competition from hard-surface flooring products, particularly luxury vinyl tile (LVT).
This was especially evident in the US -- the largest market for carpets and rugs globally -- where growth in hard-surface flooring has significantly outpaced that of carpets and rugs in recent years.
Globally, strong growth for hard-surface flooring products will continue to restrain advances for carpets and rugs through 2021.
Area Rugs Outperforming Carpet
Sales of area rugs have been more resistant to erosion by competition from hard-surface flooring than carpet sales, as area rugs are often used to complement hard-surface flooring.
As a result, demand growth for woven and other products outpaced tufted products between 2011 and 2016, and this trend is expected to continue through 2021.
Despite the intense competition, demand for tufted products will be supported by strong growth for carpet tile, which competes more effectively with hard-surface flooring in commercial settings.
Asia/Pacific Region to Lead Growth
Growth will be strongest in the Asia/Pacific region, as rapid advances in building construction activity and motor vehicle manufacturing will spur demand gains in India and much of Southeast Asia.
China will also post above average growth, although the pace of gains will moderate as expansion of building construction slows after a period of rapid growth.
In addition, rising standards of living in developing countries throughout the region will result in a reduction in the share of buildings with unfinished flooring, supporting higher levels of product use.
Study Coverage
This industry study presents historical demand, production, and net exports data (2006, 2011 and 2016) and demand forecasts (2021) by product (tufted carpets and rugs, woven carpets and rugs, and other carpets and rugs), market (residential buildings, nonresidential buildings, transportation), and region (North America, Western Europe, Asia/Pacific, Central and South America, Eastern Europe, and Africa/Mideast). The study also evaluates company market share on a global basis and the competitive strategies of key industry players such as Interface, International Automotive Components, Mohawk Industries and Shaw Industries.
Read the full report: https://www.reportlinker.com/p05166514
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