Carpets & Rugs Market Global Industry Overview and Competitive Landscape till 2022
The report [193 Pages Report] "Carpets & Rugs Market by Type (Tufted, Woven, Needle-punched, Knotted), Material (Nylon, Polyester, Polypropylene), End-use Sector (Residential, Non-residential, Automotive & Transportation), and Region - Global Forecast to 2022", The carpets & rugs market size is projected to grow from USD 91.60 Billion in 2017 to reach USD 112.69 Billion by 2022, at a CAGR of 4.2%.
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Drivers & Opportunities in global industry:
- Rise in the Number of Renovation & Remodeling Activities
- Growing Interest of Consumers Toward Interior Decoration
- Rapid Urbanization & Globalization
- Rise in the Number of Construction Activities in the Developing Economies
- Growing Importance of Organized Retailing
This report has been segmented on the basis of type, material, end-use sector, and region. On the basis of type, the tufted segment, which is projected to be the fastest-growing market during the forecast period, accounted for the largest share in 2016. Tufted carpets are treated with stain-resistant chemicals to increase the longevity of the carpet fibers. These carpets are used for wall-to-wall carpeting and are ideal for rooms with heavy furniture and high footfall.
On the basis of material, the nylon segment accounted for the largest share in 2016 and is projected to grow at the second-highest CAGR during the forecast period. This growth can be attributed to nylon’s good resilience, stain and abrasion resistance, good yarn memory to hold twist, ability to hide soil, and superior cleaning efficacy. Due to its high strength, carpets manufactured from nylon fiber are used in areas with heavy foot traffic, mainly for industrial and commercial carpeting. The polypropylene segment is projected to grow at the highest rate in this market during the forecast period.
Under the end-use sector, the residential sector is projected to grow at the highest rate, as carpets are mainly used as floor covering. In this sector, it is used for its enhancement of the aesthetic appeal of a room and sound & thermal insulation. Carpets are available in a wide range of colors and textures to suit all decors. The demand from this sector is supported by increased investment in new housing constructions and home renovation projects such as the replacement of worn or out-of-style carpets and rugs, which is also driven by increase in disposable income. Factors such as moderate cost, ease of installation, and favorable aesthetics are to spur the demand for carpets and rugs in newly built houses.
The global Carpets & Rugs Market is witnessing a growth in demand, owing to the rise in the renovation & remodeling activities, growing interest of consumers toward interior decoration, and rapid urbanization & globalization. The growth in demand from the residential industry also provides an opportunity for market growth, especially in the emerging Asia-Pacific and Middle East & African regions.
The global carpets & rugs market is dominated by players such as Mohawk Industries, Inc. (U.S.), Shaw Industries Group (U.S.), Lowe’s Companies, Inc. (U.S.), Taekett S.A. (France), Home Depot, Inc. (U.S.), Interface, Inc. (U.S.), Dixie Group, Inc. (U.S.), Orientals Weavers Company for Carpets (Egypt), Tai Ping Carpets International Limited (China), and Victoria PLC (U.K.). These players adopted various strategies such as acquisitions and expansions to cater to the needs of this market.
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