Global Carpets and Rugs Market to Reach $38.8 Billion by 2026
Demand in the market is set to be driven by new technologies aimed at improving durability and aesthetics; healthy demand from the commercial sector, increasing popularity of modular carpet solutions, increasing demand for premium carpets and rise in new construction and renovation activity globally. Modern carpets offer higher levels of comfort as compared to older ones. Memory foam is the new option for carpet flooring and prevents moisture.
While demand for carpets has been adversely impacted by the growing interest in hard-surface flooring, sales of area rugs have been relatively unaffected, given that these rugs are generally used to enhance the appearance of hard-surface flooring. Growing acceptance of carpet tiles and contemporary area rugs has also been contributing significantly to overall market growth.
Amid the COVID-19 crisis, the global market for Carpets and Rugs, estimated at US$33.6 Billion in the year 2022, is projected to reach a revised size of US$38.8 Billion by 2026, growing at a CAGR of 3.3% over the analysis period.
The U.S. Market is Estimated at $10.6 Billion in 2022, While China is Forecast to Reach $4.6 Billion by 2026
The Carpets and Rugs market in the U.S. is estimated at US$10.6 Billion in the year 2022. China, the world’s second largest economy, is forecast to reach a projected market size of US$4.6 Billion by the year 2026 trailing a CAGR of 4.7% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.6% and 3.2% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 2.6% CAGR.
Residential Application Segment to Reach $24.1 Billion by 2026
In residences, the main purpose of carpets and rugs is for thermal and sound insulation and improvement of aesthetic appeal of the interiors. Demand in the market is set to be driven by the level of housing renovations and new residential constructions, with strong growth in renovations and sales of newly constructed structures translating to higher demand for carpets. In the global Residential Application segment, USA, Canada, Japan, China and Europe will drive the 3.4% CAGR estimated for this segment.
Key Topics Covered:
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
- Advent of Innovative Technologies Drive Market Growth
- Carpet Manufacturers Continue to Offer the Best Performance Attributes in their Products
- Carpets Designed for Cleaner Environment
- Innovations Continue to Drive Growth
- Self-Cleaning Carpets
- Airo Carpets: Fully Recyclable Carpets
- Stain Resistant Carpets
- Pet Friendly and Waterproof Carpets
- Select New Innovative Models
- Carpets with 2D Surfaces based on Optical Illusions: A Noticeable Trend
- Nanotechnology Based Molecular Carpet Weaving: A Promising Development
- Growing Sales of Higher End Carpets in the Residential Segment Benefit Market Expansion
- Premium Luxury Rugs Garner Interest
- Recent Decor Trends and Benefits Offered by Area Rugs for Different Rooms Spur Demand
- Steady Penetration of Custom Area-Rugs to Benefit Sales
- Carpet Runners & Area Rugs
- Digitization of the Marketplace Improve Connectivity with the Consumers
- Area Rug Suppliers & Retailers Focus on both Physical and Digital Presence
- Online Sales Channel Gains Share
- Focus on Environmentally Safe and Sustainable Carpets Boost Demand
- Carpet Recycling Gains Significant Attention
- Rise in Demand from the Commercial Sector Drive Healthy Growth
- Rising Energy Costs and Pressing Need for Energy Efficiency Drive Demand for Carpets
- Ease and Speed of Installation along with Other Benefits Drive Consumer Interest in Carpet Tiles
- Drop in Hospitality Industry Hits Demand for Carpets and Rugs
- Carpet Fiber Trends
- Polyester Fibers Experience an Upward Momentum
- Soft Handed Fibers Witness Growing Demand
- CAD Systems Improve Carpet Design and Production Efficiencies
- Carpets Find Increasing Use in Transport Sector
- Favorable Demographic Trends and Macro Drivers Strengthen Market Prospects
- Retailers Change Strategies to Adapt to Millennials
- Expanding Global Population
- Burgeoning Middle Class Population
- Exponential Increase in Urbanization
- Rising Standards of Living
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
- Al Abdullatif Industrial Investment Company
- Axminster Carpets Limited
- Balta Group NV
- Beaulieu International Group
- Brintons Carpets Limited
- Cormar Carpet Company
- Engineered Floors LLC
- Dream Weaver Carpet
- J&J Flooring Group LLC
- Heckmondwike FB
- ICE International
- Interface, Inc.
- Mannington Mills, Inc.
- Merida Meridian, Inc.
- Milliken Floor Coverings
- Mohawk Industries, Inc.
- Oriental Weavers Group
- Saif Carpets Pvt. Ltd.
- Scott Group Studio
- Shaw Industries Group, Inc.
- Anderson Tuftex
- Societe Ateliers Pinton SARL
- Suminoe Textile Co., Ltd.
- Tai Ping Carpets International Ltd.
- Tarkett S. A.
- DESSO Holding BV
- Tandus Centiva Inc.
- The Dixie Group, Inc.
- Atlas Carpet Mills
- Victoria PLC
- Thomas Witter Carpets
- Victoria Carpets Pty. Ltd.
- Hugh Mackay Carpets
For more information about this report visit https://www.researchandmarkets.com/r/8fahrd