New York, Aug. 27, 2019 (GLOBE NEWSWIRE) -- The rising consumer inclination towards interior decoration and growing disposable income is propelling the market growth.
The Global Carpets and Rugs market is forecast to reach USD 138.44 Billion by 2026, according to a new report by Reports and Data. The growing popularity of interior decoration among consumers and increase in the adoption of eco-friendly, biodegradable, and natural product such as jute will drive the market in the coming years.
Ultra-soft carpeting has witnessed a surge in demand in the residential sector, as homeowners are showing more interest in interiors and comfortable houses. Installation of plush carpeting in living rooms and bedrooms for warmth and physically comfortable environment in driving the market. Manufacturers are increasingly promoting plush carpets that have visual appeal as well without making any compromise in durability and stain resistance.
Carpets and Rugs are installed in newly built houses because of their moderate cost, ease of installation, and favorable aesthetics. Recovery from the economic crisis followed by the rising trend of rugs and carpets across the globe is boosting the market growth. Carpets and rugs enhance the look and feel of any environment in residential as well as commercial sectors.
The major factor driving the global carpets and rugs is renovation and remodeling activities in urban areas. Continuous change in interior decoration trend is also impacting the market. However, the high cost of raw materials is a major challenge that may affect the growth of the carpet and rugs market.
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Further key findings from the report suggest
- Nylon held the largest market share of 31.5% in the year 2018. Nylon is the most durable material, and they also tend to last longer than other materials. The material cannot be easily destroyed, and it can withstand a high level of wear and tear. Its longevity is also high as it is not destroyed by spills and stains.
- Tufted carpet and rugs have highly proliferated the market owing to its easy and quick manufacturing process coupled with reasonable price. The tufting is suitable for all type of yarns and can be made in a variety of finishes. Tufted carpets are forecasted to hold a market share of 32.1% in the year 2026.
- Specialty stores held a market share of 27.9% in the year 2018. These market specializes in different variety of carpets and rugs and offers more detailed advice in terms of interiors than other places.
- In the commercial market, demand for carpets and rugs is supported by the increasing spending on office, hotels, and institutional construction. The commercial segment uses the product more extensively and is more beneficial for the manufacturers as these places keep changing their décor quite often. The commercial segment is forecasted to hold a market share of 38.1% in the year 2026.
- North America held the largest market share and is forecasted to grow with a CAGR of 4.7% during the forecast period. The region has a high rate of innovation, which helps in propelling market growth. High disposable income translates into a high level of investment in décor and comfort.
- Key participants Victoria Plc., Tarkett S.A., Ikea Group, Interface Inc., Mohawk Industries, Inc., Milliken & Company, Oriental Weavers, Dixie Group Incorporation, Tai Ping Carpets International Limited, and Home Depot Inc., among others.
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Segments covered in the report:
For the purpose of this report, Reports and Data have segmented into the global carpets and rugs market on the basis of material, type, application, distribution channel, and region:
Material Outlook (Volume, Thousand Units; Revenue, USD Billion; 2016-2026)
- Polyester
- Nylon
- Polypropylene
- Other
Type Outlook (Volume, Thousand Units; Revenue, USD Billion; 2016-2026)
- Woven Carpet and Rugs
- Knotted Carpet and Rugs
- Needle-punched Carpet and Rugs
- Tufted Carpet and Rugs
- Others
Applications Outlook (Volume, Thousand Units; Revenue, USD Billion; 2016-2026)
- Residential
- Commercial
- Others
Distribution Channel Outlook (Volume, Thousand Units; Revenue, USD Billion; 2016-2026)
- Supermarket/Hypermarkets
- Online
- Specialty Stores
- Others
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Regional Outlook (Volume, Thousand Units; Revenue, USD Billion; 2016-2026)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of the Europe
- Asia Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
- Brazil
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