Selbyville, Delaware, March 07, 2022 (GLOBE NEWSWIRE) --
The decorative rugs market is expected to surpass USD 5 billion by 2028, as reported in a research study by Global Market Insights Inc. The global market is driven by optimal pricing, rapid delivery, and good quality. In the highly competitive rug business, technology intervention backed by sustainability will be the major determinant for growth potential. Stakeholders in the industry are actively making efforts toward the manufacturing of low-cost & high-quality recyclable rugs. Furthermore, the use of cutting-edge technologies has improved inventory management, real-time monitoring, manufacturing cycle efficiency, and supply chain optimization. Furthermore, the development of antimicrobial, anti-allergenic technologies, and LED-embedded rugs will open new avenues for the industry.
Nylon decorative rugs market is set to account for over 25% of the revenue share by 2028. It is one of the most commonly used materials in the carpet industry owing to its durability. Increasing commercial construction activities in developed & developing economies are likely to increase the demand for nylon-based decorative rugs. With hundreds of customers visiting commercial spaces, such as offices, restaurants, and hospitals each day, property owners prefer to use nylon rugs due to their durability.
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The Middle East & Africa decorative rugs market is estimated to witness around 8% CAGR from 2022 to 2028. Increasing residential & commercial construction activities in the UAE, South Africa, Kenya, Nigeria, Saudi Arabia, and Qatar followed by government initiatives toward strengthening the domestic textile industry are forecast to encourage decorative rug manufacturers to increase their production output to cater to the growing demand.
Top players in decorative rugs market are Balta Group, Bukhara Oriental Rugs, Mohawk Industries, Inc., Capel Rugs, Harounian Rugs International, Agnella, Kalaty Rug Corp., Loloi, Inc., Milliken and Co., and Momeni. Companies are adopting partnerships & collaborations with e-commerce businesses, mergers & acquisitions, and new product development strategies to increase their consumer base.
Some prime findings of the decorative rugs market report include:
- The growing construction sector coupled with rising flooring demand is anticipated to open new opportunities.
- The global housing market is increasing over the past few years, showcasing positive sentiments for the industry.
- According to the U.S. Census Bureau, the global population is poised to reach 8.50 billion by 2030 with the majority of the population growth coming from emerging nations.
- The household size is predicted to decline in the coming years as emerging nations are projected to develop the commercial & residential sectors in line with the developed economies. This trend is slated to increase life expectancy and improve the standard of living, subsequently increasing the demand for new housing construction & development.
- The easy availability of raw materials and well-established textile industry is expected to strengthen the decorative rugs market in Asia Pacific.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Global decorative rugs industry 360° synopsis, 2018 - 2028
2.1.1 Business trends
2.1.2 Product trends
2.1.3 Material trends
2.1.4 Distribution channel trends
2.1.5 End-use trends
2.1.6 Regional trends
Chapter 3 Decorative Rugs Industry Insights
3.1 Industry segmentation
3.2 Industry size and forecast, 2018 – 2028
3.3 Industry ecosystem analysis
3.4 Innovation & sustainability
3.5 Industry impact forces
3.5.1 Growth drivers
3.5.1.1 Growing construction industry
3.5.1.2 Increasing demand for home décor products
3.5.2 Industry pitfalls & challenges
3.5.2.1 High competition from hard flooring industry
3.6 Regulatory trends
3.7 Growth potential analysis, 2021
3.8 Competitive landscape, 2021
3.9 Porter's analysis
3.10 Regional price trends
3.11 PESTLE analysis
3.12 COVID-19 impact on the decorative rugs industry
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
