New York, US, Oct. 10, 2022 (GLOBE NEWSWIRE) -- Market Overview
Market Research Future (MRFR) 's report highlights "Carpets and Rugs Market Information By Material Type, Product Type, End Use, and Region - Forecast till 2030"; the market will reach USD 132.23 Billion by 2030, an 4.12% CAGR.
Market Synopsis
Rugs and carpets are frequently used in homes and other settings to spruce up a room or hallway. Numerous grocery stores carry carpets in various hues, patterns, and textures. This encourages customers to purchase these goods. Plush carpets are incredibly popular among households for decorating living rooms. For their aesthetic appeal and practical qualities, such as slip resistance and floor heat insulation, carpets and rugs are employed. Carpets and rugs provide a protective layer for floors in addition to covering them and enhancing the overall beauty of the interior design of a house or workplace.
Rugs and carpets are utilized in areas with mostly cold climates to prevent the floor from becoming too chilly. The demand for carpets and rugs peaked in industrialized economies a few decades ago. However, in recent years, this pattern has changed, with people investing more money in making aesthetically pleasing changes to their homes or workplaces. The easing of the economic crisis, which has sparked a resurgence in demand for carpets and rugs, has also played a role in this desire to some extent. Additionally, customers' increasing disposable income, particularly in developing countries, will probably support market expansion.
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Report Scope:
| Report Attribute | Details |
| 2030 Market Size | USD 132.23 Billion |
| CAGR | 4.12% (2022-2030) |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Material Type, Product Type, End Use And Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Increasing Renovation and Remodeling Activities |
| Increasing at a High Pace in Residential Areas as Well |
Market Competitive Landscape:
The central companies in the carpet and rug market are:
- Tai Ping Carpets International Limited (Hong Kong)
- Interface, Inc. (U.S.)
- Beaulieu International Group (Belgium)
- Engineered Floors LLC (U.S.)
- Milliken & Company (U.S.)
- Oriental Weavers Carpet Co. (Egypt)
- Royalty Carpet Mills, Inc. (U.S.)
- Ikea Group (Netherlands)
- Shaw Industries Group, Inc. (U.S.)
- Mohawk Industries, Inc. (U.S.)
- Lowe's Companies, Inc. (U.S.)
- Tarkett S.A. (France)
- Genie Carpet Manufacturers (India)
- Dixie Group, Inc. (U.S.)
- Victoria PLC (U.K.)
Market U.S.P. Covered:
Market Drivers:
Companies are offering a selection of rug and carpet styles that are especially suited for the various types of flooring, including laminate, tile, and wooden parquet. The market for smart rugs and carpets is projected to be driven by the rising need for modern housing facilities and the worldwide population's home décor preferences. Mo Furthermore, a higher standard of living and an increase in urbanization are both factors in the increased demand for smart rugs & carpets among the populace. The market is expanding due to changing customer demand for eco-friendly floor carpets comprised of materials like wool, bamboo, and others.
However, the well-known corporations' business expansion is expected to be constrained by intense rivalry from local and unorganized players. The worldwide carpets and rugs industry is expected to be driven by consumers' preference for non-geometric designer patterns and eye-catching vibrant colors in carpets and rugs in the upcoming years. According to estimates, market trends will impact the global carpet and rug industry. In the next years, the worldwide carpets and rugs market is expected to be driven by rising demand for eco-friendly carpets, expanding demand for modern area rugs, and rising use of carpet tiles. In recent years, improvements have concentrated on making the items more durable, adaptable, and environmentally friendly while making them simpler to install and maintain.
Market Restraints:
Additionally, a modest decrease in consumer demand for carpet and rug products was brought on by the COVID-19 lockdown restrictions at unknown timing.
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COVID 19 Analysis
Like any other market, the carpet and rug industry was negatively impacted by the COVID pandemic. The impact on and letdown of the demand for sales. To address this, the government and the major carpet and rug market participants have begun developing strategies to create growth projections for the next forecast years. The major market participants have used various strategies to free their companies from the negative effects of covid. As a result, the market share in sales has stabilized.
Market Segmentation
Based on material, the market is segmented into nylon, cotton, silk, wool, polyester, jute, and polypropylene.
Based on end-user, the market is segmented into residential and commercial.
Based on product type, the market is segmented into woven, knotted, tufted, and needle-punched.
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Regional Insights
The market has grown thanks to North America significantly. In North America, it is anticipated that the United States will continue to grow during the projection period. Due to the high consumer interest in interior design, there has been a considerable increase in market trends in the United States. In addition to all of these facts, the rising renovation and remodeling of the real estate industries are also propelling market expansion. Following North America, Asia-Pacific nations drove market expansion. The rapid real estate boom increases the demand for rugs. China predicts a sizable market to expand in the nations of the Asia-Pacific. The market is expanding due to quick urbanization, rising population, and interest in interior design.
Due to the significant consumer demand for updated smart housing facilities in nations like the United States and Canada, the North American region is anticipated to account for a sizable portion of the global market. Additionally, a higher living level among the local populace contributes to the region's high consumer demand for such goods. Due to the strong governmental assistance for the construction of transportation facilities like trains, buses, and airports in countries like India, Vietnam, and Indonesia, the Asia-Pacific area is anticipated to experience the quickest growth over the projection period. This will probably increase demand for the region's typical vinyl flooring carpets used in buses, trains, and airplanes. Additionally, the region's rapidly expanding consumer trends for home remodeling and decorating projects and higher living standards are projected to fuel market expansion.
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