Carpets and Rugs Market Outlook Statistics, Dynamics, Segmentation By Forecast 2030
Market Overview
The
Global Carpet & Rugs Market size is estimated to reach USD 120
billion and record a CAGR of 5.5% by the end of 2030.
Market Dynamics
Carpets
and rugs are commonly used to cover and decorate floors. Nylon, polyester,
cotton, jute, polypropylene, and other raw materials are commonly used in the
production of carpets and rugs. Carpets and rugs were previously only utilized
in business settings. The demand for carpets and rugs has recently increased
dramatically in residential regions. The global carpets and rugs industry has
grown significantly in recent years, and this expansion can be attributable to
a number of causes. Rapid urbanization in Asia-growing Pacific's economies is
expected to be one of the major drivers of the global Carpets And Rugs Market Insights during the forecast
period. Furthermore, increased consumer inclination for interior decorating,
combined with rising per capita disposable income, is expected to propel the
global carpets & rugs market forward throughout the forecast period.
Consumers are gravitating for non-geometrical designer patterns and vibrant
colors in carpets and rugs, which is expected to drive the global carpet and
rug industry in the coming years.
Analytical Segmentation
Material
type, product type, end use, and region have all been used to segment the
worldwide carpets and rugs market.
The
Carpets and Rugs Market Outlook has been divided into
nylon, polyester, polypropylene, cotton, wool, silk, jute, and others based on
materials.
The
market has been divided into woven, tufted, knotted, needle-punched, and other
product types. Because of its rising acceptance by residential and commercial
building projects, the tufted segment is likely to dominate the market. The use
of recycled fiber in carpet and rug manufacturing has become possible thanks to
technological improvements, which is driving the market for tufted carpets and
rugs even higher. Tufting can be manufactured from a range of fabrics and
yarns, and it may be finished in a variety of ways, increasing the popularity
of these types of carpets and rugs.
Residential
and commercial carpets and rugs make up the worldwide carpets and rugs market.
Because of the increased adoption of carpets for the purpose of floor coverings
among residential end-users, the residential segment is predicted to develop at
the fastest CAGR. Carpets come in a variety of colors and textures, making them
suitable for usage in a variety of decors by residential end-users. The
residential sector of the carpets and rugs industry is growing due to increased
investment in new house development and a rapid increase in home renovation
projects.
Region Overview
North
America, among the regions, accounted for a considerable portion of the
worldwide carpets and rugs market in 2018. The United States is predicted to
maintain its dominance in North America over the projected period, with a
moderate growth rate. One of the major factors driving the growth of the
carpets and rugs market in the United States is customer interest in interior
décor. In addition, increased restoration and remodeling operations in the real
estate sector in the United States have resulted in a tremendous demand for
carpets and rugs in recent years.
During
the forecast period, however, the Asia-Pacific Carpets and Rugs Market Insights
are expected to rise at a rapid pace. High real estate growth, combined with
rising per capita disposable income, has boosted demand for home decoration
products, accelerating the expansion of the Asia-Pacific carpets and rugs
market. Due to many factors, China is expected to account for a considerable
market share in the Asia-Pacific region in 2018. The fastest-growing sector in
China is real estate, which accounts for the country's largest market share in
the Asia-Pacific area. During the review period, however, India is expected to
have the greatest CAGR. Rapid urbanization, combined with foreign direct
investment in the real estate sector, has boosted the growth rate of the real
estate industry, which is expected to help the carpets and rugs industry in
India grow even faster.
Competitive Dynamics
Mohawk
Industries, Inc. (US), Tarkett S.A (France), Shaw Industries Group, Inc. (US),
Lowe’s Companies, Inc. (US), Genie Carpet Manufacturers (India), Dixie Group,
Inc. (US), Tai Ping Carpets International Limited (Hong Kong), Oriental Weavers
Carpet Co. (Egypt), Victoria PLC (UK), Interface, Inc. (US), Royalty Carpet
Mills, Inc. (US), Ikea Group (Netherlands), Engineered Floors LLC (US),
Milliken & Company (US), Beaulieu International Group (Belgium), are some
of the top players operating in the global carpet & rugs market.
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