Dublin, Oct. 11, 2023 (GLOBE NEWSWIRE) -- In a recent revelation, Standard Carpets, one of the world's dominant forces in the carpet, rugs, and artificial grass industry, made waves with the inauguration of their new factory, 'Standard Turf', in Dubai Industrial City. Further ramping up their market position, they have committed an impressive investment of AED600 million ($163.35 million). Such monumental moves in the industry set the stage for the newly released research report, “Global Carpets & Rugs Market 2023-2032” available on ResearchandMarkets.com.
With its comprehensive analysis of the $53 billion global carpets and rugs industry, the research report is an invaluable tool for business entrepreneurs and managers. It boasts 230 tables and 76 figures that chart the industry's progression, including historical demand data from 2012, 2017, and 2022, and crucially, forecasts for 2027 and 2032. These forecasts and insights are indispensable for anyone keen on tapping into the next significant market trend or capitalising on emerging opportunities.
Amidst the shifting tides of the carpet industry, there's an anticipated 2.3% annual increase in global demand for carpets and rugs, amounting to a projected value of $63.7 billion by 2027. This surge can be attributed to:
- Construction Boom: Especially in the Asia/Pacific and Africa/Mideast regions, heightened activity in new residential and nonresidential buildings is on the horizon.
- Evolving Preferences: The global tilt towards carpet tile, favoured in nonresidential buildings for its ease of installation and replacement, is evident.
- Vehicle Production Rebound: With the resurgence in motor vehicle production, particularly post the pandemic slowdown, there's an invigorated demand for carpets and rugs, especially needlepunch carpeting.
However, it’s also essential to navigate the challenges. Notably, carpets are gradually losing ground to hard surface flooring, especially in historically carpet-friendly regions like the US, Canada, and the UK. But this decline opens the door for rugs, both decorative and utilitarian, to fill the void, tapping into the growing preference for hard surface flooring. Additionally, woven rugs are projected to shine, especially in corporate settings and luxury accommodations in the Asia/Pacific and Africa/Mideast regions. Also, with a notable Muslim population, regions like Saudi Arabia see a rising demand for prayer rugs.
The report further delves into historical market trends, underscoring the influence of the construction industry on carpet and rug demand. One consistent observation is the insulation of global carpet and rug demand from economic fluctuations due to the significant replacement demand in building applications. Carpets and rugs often face wear, damages from unforeseen events, or are replaced for aesthetic shifts, underpinning their enduring market relevance. Furthermore, as developing nations progress, the reduction in homes without formal floorings presents additional opportunities, even during periods of diminished construction activity.
The expansion of market giants like Standard Carpets is a testament to the ever-evolving nature of the global carpets and rugs industry. The “Global Carpets & Rugs Market 2023-2032” report provides a roadmap, guiding businesses through these changes, helping them strategise, innovate, and ultimately, thrive.
For further insights and detailed data, procure a copy of the report and stay a step ahead in the dynamic world of carpets and rugs.
For more information about this report visit https://www.researchandmarkets.com/r/gaydul
Article Source: Zawya
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