Wilmington, Delaware, United States, Dec. 04, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – The global carpet and rug market was estimated to have acquired US$ 77.23 billion in 2021. It is anticipated to register a 5.0% CAGR from 2022 to 2031 and by 2031, the market is likely to gain US$ 123.73 billion.
The rise of elastic or flexible flooring materials, including certain types of carpets that offer comfort and resilience is expected to attract consumers looking for versatile and durable options.
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Global Carpet and Rug Market: Key Players
The following companies are well known participants in the global carpet and rug market:
- Mohawk Industries, Inc.
- Milliken and Company
- Tarkett Group
- Shaw Industries Group, Inc.
- The Dixie Group, Inc.
- Balta Industries NV
- Mannington Mills, Inc.
- Tai Ping Carpets International Ltd
- Marquis Industries, Inc.
- Victoria PLC
Innovations in installation methods, such as easy to install modular carpet systems, can reduce installation time and costs, appealing to both consumers and commercial property owners.
Key Findings of the Market Report
- The preference for natural and sustainable materials, such as wool, jute, and sisal, is expected to experience a resurgence. Consumers seeking eco friendly options is expected to drive demand for carpets made from these materials.
- The luxury segment of the carpet and rug market is anticipated to benefit from the growing affluent consumer base and their willingness to invest in high quality, aesthetically pleasing flooring options.
- Keeping abreast of current design trends, such as minimalist designs, bold patterns, and sustainable aesthetics, can help manufacturers align their product offerings with consumer preferences.
- Carpets with integrated technologies, such as sensors for temperature control, lighting, or even smart home connectivity, can align with the increasing trend of integrating digital features into home environments.
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Trends for Carpet and Rug Market
- The demand for carpets and rugs is often linked to the housing and real estate market. Growth in the construction industry, particularly in residential and commercial sectors, is expected to boost the demand for flooring materials, including carpets and rugs.
- Changing consumer preferences, including a focus on interior design and home decor, is anticipated to propel the demand for carpets and rugs. Trends in home improvement and a desire for personalized and stylish interiors may boost the market.
- Innovations in manufacturing technologies and materials can enhance the quality, durability, and design options of carpets and rugs, which can attract consumers looking for products with improved features.
- The rise of e-commerce provides manufacturers with new distribution channels, and online retailing is anticipated to contribute to market growth by reaching a wider consumer base.
Global Market for Carpet and Rug: Regional Outlook
Various reasons are propelling the growth of the carpet and rug market in different regions. The regions include,
North America
- Home renovation and remodeling projects contribute to the demand for new flooring, including carpets and rugs. The market for floor coverings tends to grow, as homeowners invest in upgrading their living spaces.
- Changing consumer preferences, especially a preference for comfortable and aesthetically pleasing interiors, can drive the demand for carpets and rugs. Trends in interior design and home decor influence consumer choices.
- Advancements in manufacturing technologies and the introduction of innovative features, such as stain resistance, antimicrobial properties, and enhanced durability, can contribute to market growth by attracting consumers seeking high performance flooring solutions.
Asia Pacific
- The thriving tourism and hospitality industry in the region, including hotels and resorts, contributes to the demand for carpets and rugs in commercial settings. Luxurious and well designed carpets are often sought after for such establishments.
- Advances in manufacturing technologies and processes can enhance the quality, design, and cost effectiveness of carpets and rugs. Manufacturers incorporating innovative features may gain a competitive edge in the market.
Recent Developments
- In 2022, Jacaranda, the United Kingdom based brand specializing in rugs and carpets, partnered with Tencel to introduce Seoni, the inaugural collection of handwoven rugs and carpets crafted exclusively from 100% authentic carbon zero Tencel Lyocell fibers. The initiative aimed to enhance the sustainability of home décor and furnishings.
Global Carpet and Rug Market Segmentation
Product Type
- Carpets
- Rugs
Method of Construction
- Woven
- Tufted
- Loop Pile
- Cut Pile
Category
- Man Made
- Machine Made
End User
- Residential
- Commercial
Material
- Nylon
- Olefin (polypropylene)
- Polyester
- Wool
- Jute
- Cotton
- Others (Acrylic, Trixeta, Animal Skins etc.)
Price
- Low
- Medium
- High
Distribution Channel
- Direct Sales
- Indirect Sales
- Hypermarket/Supermarket
- Brand/Multi Brand Stores
- Others (Independent Retail Stores, Designer Boutiques, etc.)
- Online
- E-commerce Websites
- Company Owned Websites
Region
- North America
- South America
- Europe
- Asia Pacific
- Middle East and Africa
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