Newark, March 05, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 72.39 billion in 2023 global Carpet market will reach USD 110.82 billion by 2033. Integrating smart technologies into carpets, such as sensors for monitoring air quality, temperature, or even interactive features, presents an opportunity for innovation. Smart carpets could cater to tech-savvy consumers and industries looking for advanced functionalities in flooring solutions. In addition, carpets designed to contribute positively to indoor air quality and overall wellness present an opportunity in the market. Antimicrobial treatments, allergy-resistant materials, and carpets promoting a healthy living environment may increase demand. Also, there is an opportunity for carpet manufacturers to tap into the luxury and high-end market segment. Developing premium carpets with high-quality materials, intricate designs, and superior craftsmanship can cater to consumers seeking exclusive and luxurious flooring options. Furthermore, carpets that serve multiple functions beyond traditional flooring, such as sound absorption, temperature regulation, or modular designs, present an opportunity for innovation. Meeting the diverse needs of consumers and industries with multi-functional carpets can be a market differentiator. Moreover, carpets designed specifically for recreational spaces, such as gaming rooms or home theatres, and for the hospitality industry can open up new market segments. These specialized applications can drive demand for carpets with amazing features tailored to the needs of these spaces.
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Key Insight of the global Carpet market
Asia Pacific is expected to witness the highest market growth over the forecast period.
The region has a growing middle-class population with increasing disposable incomes. As more individuals achieve higher purchasing power, there is a greater inclination towards investing in home interiors, including flooring solutions such as carpets. Additionally, changing consumer lifestyles in the Asia Pacific region, influenced by Westernization, increased exposure to global trends, and a focus on home aesthetics, drive the demand for carpets. Consumers are seeking comfortable and aesthetically pleasing flooring options. The Asia Pacific region is also undergoing significant urbanization and experiencing a boom in construction activities. Developing residential and commercial infrastructure, including housing complexes, offices, and hotels, drives the demand for carpets in new constructions and renovations. Furthermore, the Asia Pacific region attracts significant foreign direct investment, leading to industrial and commercial development. The establishment of new businesses and industries often involves the use of carpets, boosting the market. Additionally, with the rise in awareness of interior design trends and home decor, consumers in the Asia Pacific are becoming more conscious of their living spaces. Carpets are seen as an integral part of interior design, leading to higher adoption rates. Besides, carpets have cultural significance in many Asian countries, where they are considered essential for creating cosy and inviting living spaces. The cultural preference for carpets in homes and the use of carpets in traditional settings contribute to the sustained demand in the region.
In 2023, the nylon segment held the largest market share at 45.18% and a market revenue of 32.71 billion.
The material segment is split into nylon, olefin, polyester and others. In 2023, the nylon segment held the largest market share at 45.18% and a market revenue of 32.71 billion.
In 2023, the economy segment dominated the market with the largest share of 72.41% and revenue of 52.42 billion.
The price point segment is divided into economy and luxury. In 2023, the economy segment dominated the market with the largest share of 72.41% and revenue of 52.42 billion.
In 2023, the residential segment dominated the market with the largest share of 54.72% and revenue of 39.61 billion.
The end user segment is classified into residential and commercial. In 2023, the residential segment dominated the market with the largest share of 54.72% and revenue of 39.61 billion.
In 2023, the specialty stores segment dominated the market with the largest share of 62.38% and revenue of 45.16 billion.
The sales channel segment includes supermarkets and hypermarkets, specialty stores and online stores. In 2023, the specialty stores segment dominated the market with the largest share of 62.38% and revenue of 45.16 billion.
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Advancement in market
In February 2023: Tarkett is introducing DESSO X RENS, a creatively conceived approach to material reuse developed in collaboration with the Dutch design research firm Studio RENS. This collection introduces a fresh perspective on design by extending the lifespan of existing materials and minimizing waste. It incorporates discarded carpet tiles sourced from widely used ranges, underscoring our dedication to designing them with a circular mindset. DESSO X Rens features the environmentally conscious 100% recyclable EcoBase backing, which includes an average of 80% recycled chalk sourced from the local drinking water industry. When these carpet tiles end their life cycle, they can be recycled into a new raw material at our Waalwijk, the Netherlands facility. This initiative exemplifies our commitment to sustainable practices and circular economy principles.
In July 2022: Obeetee Carpets, a manufacturer of handwoven carpets based in India, has unveiled its latest offering—the Ajmmer collection. This new assortment of carpets is meticulously crafted, drawing inspiration exclusively from Ajmer Fort's architectural patterns and motifs.
Market Dynamics
Driver: Economic growth and disposable income.
The correlation between economic prosperity and home improvement spending is multifaceted. Individuals and households witness an improvement in their overall financial well-being, so they are more willing to allocate funds to enhance their homes' aesthetics and functionality. Flooring renovations, a tangible and transformative aspect of home improvement, become a logical choice for those seeking to elevate the ambience and comfort of their living spaces. The surge in disposable income levels empowers consumers to move beyond basic and utilitarian flooring options, increasing demand for higher-quality and more luxurious materials, such as premium carpets. These discerning consumers are inclined to invest in products that serve a functional purpose and contribute to their home's aesthetics and sophistication. The shift towards more expensive carpets reflects a desire for durability, comfort, and luxury, all contributing to an elevated living experience. Furthermore, the increased spending on home improvements is driven by a desire for personal satisfaction and the recognition that a well-maintained and aesthetically pleasing home can add significant value to one's property. This added incentive and the financial means to undertake such projects further fueled the trend of investing in premium flooring options.
Restraint: Fluctuating raw material prices.
Synthetic fibers, a primary component in the production of carpets, are often derived from petrochemicals. As such, the industry is susceptible to fluctuations in global oil prices, which can directly influence the cost of synthetic fibers. Variations in oil prices may result from geopolitical events, supply and demand dynamics, or other external factors, contributing to an inherent volatility in the cost structure of the carpet manufacturing process. Wool, another crucial raw material in the carpet industry, is subject to its own set of market forces. Factors such as weather conditions affecting sheep farming, global demand for wool, and trade policies can lead to fluctuations in wool prices. The impact of these fluctuations is directly felt by carpet manufacturers, who may experience cost increases when procuring this natural fiber for their products. The implications of fluctuating raw material prices extend beyond the production process and can be reflected in the pricing of end products in the market. Increased production costs often translate into higher prices for carpets, potentially impacting consumer affordability and purchase decisions. When manufacturers cannot absorb the rising costs, they may pass them on to consumers, directly impacting market demand.
Opportunity: Commercial and hospitality sectors.
In the commercial sector, offices and corporate spaces increasingly recognize the importance of creating conducive and visually appealing environments for employees and clients. Carpets, with their ability to enhance a space's overall aesthetic and comfort, become integral elements in office interiors. Establishing partnerships with offices and corporate clients can lead to lucrative opportunities for supplying carpets for use in lobbies, meeting rooms, and collaborative spaces. This factor caters to the functional aspects of flooring and contributes to the overall ambience, reflecting positively on the corporate image. Similarly, in the hospitality sector, including hotels and resorts, carpets are pivotal in setting the tone for a welcoming and luxurious atmosphere. Hotel lobbies, corridors, and guest rooms often feature carpets as essential design elements. Carpet manufacturers can tap into a growing market for high-quality, aesthetically pleasing flooring solutions by forging partnerships with hospitality establishments. Customized designs and durable materials can be tailored to fulfil the unique requirements of various hotel spaces, providing a competitive edge.
Challenge: Changing consumer lifestyles.
One of the primary factors contributing to this challenge is the demand for flooring solutions that require minimal maintenance. Carpets, known for their plush and comfortable attributes, often necessitate regular care to uphold their appearance and hygiene standards. In contrast, busy-conscious consumers may prioritize easier flooring options to clean and maintain, such as hardwood, laminate, or vinyl. The convenience of swift and hassle-free cleaning aligns with the preferences of individuals navigating hectic daily routines. Moreover, the desire for low-maintenance living spaces is closely tied to the modern consumer's inclination towards convenience and time efficiency. Flooring options that are resistant to stains, easy to vacuum, and quick to clean become more attractive for those seeking to streamline household chores. Carpets tend to accumulate dust and require more involved cleaning processes. This factor may face challenges in meeting the evolving expectations of consumers prioritizing simplicity and ease of maintenance.
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Some of the major players operating in the global Carpet market are:
• Armstrong Flooring Inc.
• Balta Group
• Beaulieu International Group
• Brumark
• Dorsett Industries
• Interface Inc.
• Jacaranda Carpets & Rugs Ltd.
• Mannington Mills Inc.
• Milliken & Company
• Marvic Textiles
• Mohawk Industries Inc.
• Oriental Weavers Carpet Co.
• Obeetee
• Shaw Industries Group Inc.
• Tarkett
• The Dixie Group
• Trident Group
• Tai Ping Carpets International Limited
• Victoria PLC.
• Welspun Group
Key Segments cover in the market:
By Material
• Nylon
• Olefin
• Polyester
• Others
By Price Point
• Economy
• Luxury
By End User
• Residential
• Commercial
By Sales Channel
• Supermarkets and Hypermarkets
• Specialty Stores
• Online Stores
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion) and volume (Square Foot). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
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