The global market for Carpets and Rugs is projected to exceed US$40 billion by 2024, driven by growing demand from the commercial sector, increasing popularity of modular carpet solutions, and rise in new construction and renovation activity globally.
Carpets constitute an age-old segment of the floor coverings market, finding usage in residential as well as commercial structures for decorating and improving the look and feel of interiors. Carpets also provide safety, as the texture of the fabric protects children and senior citizens from falls and enhances comfort while walking as compared to bare flooring. Carpets come in a wide range of colors and textures, with most of them tufted or woven using wool, polyester, nylon or other synthetic materials. From leaves and animal skins, basic materials involved in manufacturing carpets evolved to natural fibers and subsequently to synthetic fibers. Though carpet is the common term used in most cases for all woven textile floor-covering materials, they are generally classified as Carpets and Rugs, based on size. While the aesthetic appeal has gained carpets widespread popularity, their high beneficial insulation properties expanded their usage tremendously, especially in countries with extremely cold climates.
Future growth in the market will be driven by growing demand from the commercial sector where carpets offer significant benefits including comfort, aesthetics, noise reduction, ease of cleaning and maintenance, and safety. Carpets provide commercial spaces with tactile and visual texture in addition to giving a soft and warm feel underfoot. Despite the growing competition from alternative flooring options, carpets and rugs that are innovatively designed, are cost-effective and which are easy to install, would always have a share in the flooring coverings market in commercial spaces. Although Nylon represent the most used raw material for carpets owing to its good resilience, abrasion, and stain resistance properties in addition to withstanding weight, heavy traffic and frequent furniture movement, polypropylene is growing in prominence as designers easily create versatile patterns and designs in carpets and rugs made of polypropylene. Revival in the renovation/remodeling sector in many developed countries, rising construction spend particularly in emerging economies, growing affordability of residential homes and increasing preference for modular carpet solutions in commercial buildings are few of the many factors currently spurring adoption of carpet tiles in various regional markets. High prices, competition from substitute products and surging prices of wool are however some of the key challenges hindering market prospects in the long term.
The United States and Europe represents the largest markets worldwide, supported by their cold climatic conditions. Asia-Pacific ranks as the fastest growing market with a projected CAGR of 4.8% over the analysis period, led by factors such as presence of leading carpet manufacturing countries of China and India, rapid urbanization, expanding base of middle class population and the corresponding rise in demand for well provisioned houses, lifestyle upgrades and increased spending on home furnishings and interiors, and robust demand for decorative rugs.
Major players in the market include Al Abdullatif Industrial Investment Company, Axminster Carpets Limited, Balta Group, Beaulieu International Group, Brintons Carpets Limited, Cormar Carpets, Engineered Floors LLC, Dream Weaver Carpet, J&J Flooring Group LLC, Heckmondwike FB, ICE International, Interface, Inc., Mannington Mills, Inc., Milliken Floor Coverings, Mohawk Industries, Inc., Oriental Weavers Group, Saif Carpets Pvt. Ltd., Scott Group Custom Carpets, Inc., Shaw Industries Group, Inc., Societe Ateliers Pinton SARL, Suminoe Textile Co., Ltd., Tai Ping Carpets International Ltd., Tarkett S. A., The Dixie Group, and Victoria PLC, among others.