global Carpets and Rugs Market size is expected to reach USD 163.75 Billion in 2028 and register a revenue CAGR of 4.4% during the forecast period. Market revenue growth is attributed to factors such as rapid globalization and urbanization, increasing consumer spending on renovation activities, as well as home interior aesthetics.
Carpets are commonly used to cover and decorate floors. Nylon, polyester, cotton, jute, polypropylene, and other raw materials are commonly used in the production of Carpets. Carpets were previously only utilized in business settings. The demand for Carpets has recently increased dramatically in residential regions.
The global Carpet and Rugs industry has grown significantly in recent years, and this expansion can be attributable to several causes. Rapid urbanization in Asia-growing Pacific economies is expected to be one of the major drivers of the global carpets & rugs market during the forecast period.
Furthermore, increased consumer inclination for interior decorating, combined with rising per capita disposable income, is expected to propel the global carpets & rugs market forward throughout the forecast period. Consumers are gravitating toward non-geometrical designer patterns and vibrant colors in Carpets, which is expected to drive the global carpet and rug industry in the coming years.
Covid 19 Analysis
The COVID pandemic hampered the carpet and rugs market, like any other market. The demand for sales was impacted and letting down. Due to this, the Carpets and Rugs Market adopted new measures to increase sales.
The pandemic has affected the demand and Market Size due to the disruption in the supply chain and value analysis chain. It affected the financial aspects of the industry due to the disruptions in transportation and the lockdown. Apart from this, the production of raw materials was also down, which directly affected the carpet business.
To deal with this, the government and the Carpets and Rugs Market Analysis key players of the carpet and rug market started making strategies to make growth plans for the upcoming forecast years. The key players of the Market have applied so many tactics to move their business out from this adverse impact of covid. As a result, now the Market Share has been stabilized in terms of sales
Mohawk Industries, Inc. (US), Tarkett S.A (France), Shaw Industries Group, Inc. (the US), Lowe’s Companies, Inc. (US), Genie Carpet Manufacturers (India), Dixie Group, Inc. (the US), Tai Ping Carpets International Limited (Hong Kong), Oriental Weavers Carpet Co. (Egypt), Victoria PLC (UK), Interface, Inc. (the US), Royalty Carpet Mills, Inc. (US), Ikea Group (Netherlands), Engineered Floors LLC (US), Milliken & Company (US), Beaulieu International Group (Belgium), are some of the top players operating in the global carpet & rugs market.
Material type, product type, end-use, and region have all been used to segment the worldwide Carpets and Rugs Market.
The market has been divided into nylon, polyester, polypropylene, cotton, wool, silk, jute, and others based on materials.
The market has been divided into woven, tufted, knotted, needle-punched, and other product types. Because of its rising acceptance by residential and commercial building projects, the tufted segment is likely to dominate the market. The use of recycled fiber in carpet and rug manufacturing has become possible thanks to technological improvements, which is driving the market for tufted Carpets even higher. Tufting can be manufactured from a range of fabrics and yarns, and it may be finished in a variety of ways, increasing the popularity of these types of Carpets.
Residential and commercial markets make up the worldwide Carpets and Rugs Market. Because of the increased adoption of carpets for the purpose of floor coverings among residential end-users, the residential segment is predicted to develop at the fastest CAGR. Carpets come in a variety of colors and textures, making them suitable for usage in a variety of decors by residential end-users. The residential sector of the Carpets and Rugs Market is growing due to increased investment in new house development and a rapid increase in home renovation projects.
North America, among the regions, accounted for a considerable portion of the worldwide Carpets and Rugs Market in 2018. The United States is predicted to maintain its dominance in North America over the projected period, with a moderate growth rate. One of the major factors driving the growth of the Carpets and Rugs Market in the United States is customer interest in interior décor. In addition, increased restoration, and remodeling operations in the real estate sector in the United States have resulted in a tremendous demand for Carpets in recent years.
During the forecast period, however, the Asia-Pacific Carpets and Rugs Market is expected to rise at a rapid pace. High real estate growth, combined with rising per capita disposable income, has boosted demand for home decoration products, accelerating the expansion of the Asia-Pacific Carpets and Rugs Market. Due to many factors, China is expected to account for a considerable market share in the Asia-Pacific region in 2018. The fastest-growing sector in China is real estate, which accounts for the country's largest market share in the Asia-Pacific area. During the review period, however, India is expected to have the greatest CAGR. Rapid urbanization, combined with foreign direct investment in the real estate sector, has boosted the growth rate of the real estate industry, which is expected to help the Carpets and Rugs Market in India grow even faster.
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