Pune, India, Aug. 07, 2023 (GLOBE NEWSWIRE) -- According to our latest study on “Area Rugs Market Size Report, Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, End Use, and Geography,” the area rugs market is expected to grow from US$ 11.35 billion in 2022 to US$ 15 billion by 2028; it is estimated to grow at a CAGR of 4.8% from 2023 to 2028. The projected expansion of the area rugs market is attributed to the strong growth of residential construction sector and increasing use of area rugs in interior designs.
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Area Rugs Market: Competitive Landscape
The key players operating in the global area rugs market include Dalyn Rug Co, Sams International Inc, Riztex USA Inc, Amer Rugs Inc, Capel Inc, Nodi Handmade Rugs Ltd, Riviere Rugs Ltd, Maa Collections, Faze Three Ltd, and Golden Carpets Ltd. Players operating in the global area rugs market focus on providing high-quality products to fulfill customer demand. They are also focusing on strategies such as investments in research and development activities, and new product launches.
In 2022, North America held the largest share of the global area rugs market. In the region, surging construction and home decoration and renovation activities in residential and commercial projects drive the demand for area rugs, as they are often used to enhance flooring aesthetics. Consumers in North America often spend on area rugs owing to their design benefits. Area rugs are merely a carpet, usually much smaller than the room's dimensions. They have a sound-dampening effect. It plays a significant role in protecting floors from damage as furniture, pet claws, and other sharp or heavy objects can gouge deep, unsightly scratches into floors. Since area rugs are lightweight and portable, they are easy to remove anytime. Hence, awareness regarding the benefits of area rugs and rising spending on home aesthetics are leading factors fostering the area rugs market growth in North America.
Strong Growth of Residential Construction Sector Propelling Demand for Area Rugs
The residential construction sector in different countries across the world is experiencing strong growth due to growing demand for housing in urban regions, increasing infrastructural development activities, rising population, and surging disposable income. The growth in population has resulted in more requirements for space for accommodation, especially in tier 1 cities. In Europe, Germany is one of the major construction markets and home to the continent’s largest building stock. Various drivers have led to a boom in the country’s construction investment. The residential construction sector is booming in Germany due to population growth, demographic changes, and a favorable economic environment, driving high demand for residential buildings. In the US, more people are moving into cities, which has resulted in more homes being developed in cities in the country. In areas such as New York, Pennsylvania, and New Orleans, there is continued growth in the new home market. In India, the factors such as growing population, urbanization, and disposable income are driving the growth in residential construction. Thus, growing construction activities is expected to drive the area rugs market growth.
Area Rugs Market: Segmental Overview
Based on type, the global area rugs market is segmented into wool, nylon, synthetic fibers, and others. In 2022, the synthetic fibers segment dominated the area rugs market and is likely to register the highest CAGR during the forecast period. Based on end use, the global area rugs market is segmented into residential and nonresidential. In 2022, the residential segment dominated the area rugs market. The nonresidential segment is expected to register a higher CAGR during the forecast period.
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Impact of COVID-19 Pandemic on Area Rugs Market
The COVID-19 pandemic affected economies and industries in various countries in North America, Europe, Asia Pacific (APAC), South & Central America (SAM), and the Middle East & Africa (MEA) with lockdowns, travel restrictions, and business shutdowns. These shutdowns disturbed global supply chains, manufacturing activities, delivery schedules, and essential and nonessential product sales. Due to the pandemic, the consumer demand for area rugs declined in 2020. From inventory to logistics to consumer behavior, the COVID-19 pandemic changed everything. Many area rug manufacturers shifted their business strategies, inventory decisions, and market approaches. The emergence of work-from-home culture during the pandemic had one plus side for the home furnishings industry. The work-from-home conditions inspired people to go online and spend on new furniture and accessories for their home offices and other areas of their houses. As a result, the online sales of area rugs increased in many regions. Several manufacturers also shifted to online platforms completely. In response to the increase in demand, various rug manufacturers launched a new range of products and expanded their production capacities. For instance, in July 2020, Welspun India Ltd. announced the launch of an exclusive range of anti-viral home textile products for the Indian market. Backed by advanced technology, the company introduced an array of anti-viral products, including terry towels, bed linens, rugs and carpets, and reusable cloth masks.
The global marketplace began recovering from the losses incurred as governments of different countries announced relaxation in social restrictions. Moreover, the rising vaccination rates led to conducive environments for industrial progress. Reopening of manufacturing plants and growing consumer demand fueled the area rugs market growth. In addition, investments in the construction and hospitality sectors are expected to boost the market growth.
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