Carpets & Rugs Market Trends, Active Key Players and Growth Projection Up to 2031
Carpets and rugs are used in residential and commercial sectors, as they protect floors by adding a layer of padding. They also add to the overall interior of a residential or workplace decor. Furthermore, carpets and rugs keep the floor from getting too cold in winters. The global carpets & rugs market is expected to grow at a decent pace during the forecast period owing to rapid urbanization, surge in construction activities, increase in disposable income of consumers, and rise in need for furnishing products in developing countries.
Growth in Demand for Furnishing Products to Drive Global Carpets & Rugs Market
Demand for carpets and rugs has increased with the rise in infrastructure development and construction activities across the globe. Demand for furnishing products is also increasing in residential as well as commercial spaces for the improvement of workplaces as well as homes. According to India Brand Equity Foundation (IBEF), the real estate market in India is projected to reach a value of US$ 1 Trn by 2030, up from US$ 200 Bn in 2021, and account for 13% of the country's GDP by 2025. According to the National Association of Realtors, in the U.S., existing house sales hit a 15-year high of 6.12 million in 2021, indicating an 8.5% rise. According to the Office for National Statistics (ONS), monthly building output in the U.K. climbed by 1.1% in terms of volume in January 2022, and is currently at its highest level since September 2019.
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Carpets and rugs offer functional characteristics such as slip prevention and thermal insulation. The freezing temperature makes carpets vital for residential homes in various regions. Wools of New Zealand conducted a research and discovered that carpets provide roughly 10 times more insulation than hard floor coverings. These factors are expected to drive the demand for rugs and carpets in the next few years.
Rapid Urbanization and Globalization to Augment Carpets & Rugs Market
Customers are increasingly inclined toward modern interiors in their homes and workplaces; thus, they tend to spend more on making esthetic improvements to their homes or offices. This is fueling the demand for carpets and rugs. Furthermore, increase in disposable income of the people, particularly in developing countries, is projected to boost the market. According to the World Bank, metropolitan regions are home to 55% of the world's population or over 4.2 billion people. This pattern is likely to continue. By 2050, roughly seven out of 10 people in the world would live in cities, with the urban population more than double the current level. Additionally, government and industry support for carpet and rug manufacturing is propelling the market. In some countries, such as Afghanistan, the carpet industry has long been a source of income for many households. Officials from Afghanistan's Carpet Manufacturers' Union aim to expand the carpet manufacturing industry from 18 to 34 provinces. Consequently, the market for carpets and rugs is projected to grow in the next few years.
Softness and Cushioning Effect to Boost Sales of Carpets
In terms of product type, the global carpets & rugs market is bifurcated into carpets and rugs. The carpets segment is likely to hold a major share of the market during the forecast period. It is also expected to witness the highest growth rate during the forecast period. Global carpet manufacturers and dealers are introducing innovative products to meet the demands of customers. Higher preference for carpets can be primarily ascribed to their advantages and benefits over rugs. Carpeting is mostly fixed to the floor by glue or tacking, and cushion padding is underlain to provide a softness and cushioning effect, which makes it more preferred than rugs. Top carpet manufacturers & suppliers are targeting potential customers to increase their sales and revenue opportunities. However, demand for rugs is also expected to rise at a considerable rate during the forecast period.
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Increase in Demand for Durable and Stain Resistant Nylon Material to Drive Market
In terms of material, the carpets & rugs market is segmented into nylon, olefin (polypropylene), polyester, wool, jute, cotton, and others (acrylic, trixeta, animal skins, etc.). The nylon segment is expected to grow at the fastest pace during the forecast period, as nylon is the most durable and stain-resistant carpet fiber compared to other material types. Furthermore, nylon carpets are ideal for high-traffic areas such as hallways and stairwells due to their resilience. However, the olefin (polypropylene) segment is expected to witness the highest growth rate during the forecast period, as olefin has strong stain and moisture resistance.
Regional Outlook of Global Carpets & Rugs Market
Asia Pacific is projected to hold the largest value share of the global carpets & rugs market during the forecast period. This can be primarily ascribed to the increase in construction activities in residential and commercial spaces; and rise in disposable income of the people in the region. China and India are among the world’s leading producers and exporters of carpets. Furthermore, Asia Pacific is home to the world’s largest textile industry. Top manufacturers in the Asia Pacific carpets & rugs market are focusing on the production of innovative products such as carpet flooring, carpet runners, handmade carpets, handmade rugs, and area rugs to gain higher revenue share. The carpets & rugs market in North America is also expected to grow at a significant pace during the forecast period, as customers in the region are more inclined toward getting higher value from interior design of their homes and workplaces.
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Analysis of Key Players in Global Carpets & Rugs Market
The carpets & rugs market report concludes with the company profiles section, which includes key information about the leading players in the global carpet & rugs market. Most of the firms are spending significantly on comprehensive research and development activities, primarily to introduce innovative products. Expansion of product portfolios and mergers and acquisitions are the main strategies adopted by key players. Mohawk Industries, Inc., Milliken & Company, Tarkett Group, Shaw Industries Group, Inc., The Dixie Group, Inc., Balta Industries NV, Mannington Mills, Inc., Tai Ping Carpets International Ltd, Marquis Industries, Inc., and Victoria PLC are the prominent entities operating in this market.
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