Dublin, March 23, 2021 (GLOBE NEWSWIRE) -- The "Carpets and Rugs - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
The global market for Carpets and Rugs is projected to exceed US$ 41 billion by 2024, driven by the unflinching recovery of the construction industry over the last couple of years in most countries across the world; and the growing preference for modular carpet solutions.
Gracing folktales from Russia to Iraq, the magical heritage of carpets & rugs has today evolved into a commonplace, widely accepted and preferred type of floor covering and interior embellishment cherished for its ageless beauty and mythical lure.
Few of the functional benefits of carpeted flooring driving adoption rates in the market include higher thermal resistance/R-value and the ensuing energy efficiency benefits; lower noise and sound acoustic effects; improved air quality given carpets' low VOC emitting characteristics as against engineered hardwood which leak formaldehyde; imparts elegance and style; less labor intensive installation and low maintenance load.
Carpets are also safer with reduced risk of slip-and-fall accidents, a feature benefit that is driving adoption in the growing number of senior housing facilities. Other major factors also influencing growth include sustained demand for wall-to-wall carpeting solutions in Wool, Nylon, Polyester, Olefin (Polypropylene) and Triexta; rising prominence of eco-friendly carpets made from natural and biodegradable renewable fibers; and strong replacement demand supported by innovations in styles, colors, patterns, designs and textures keeps consumer interest alive.
The United States and Europe represent large markets worldwide, supported by cold climatic conditions that make warm and comfortable carpets the preferred flooring choice. The U.S ranks as the largest producer of flooring carpets with a 27.1% share in 2018.
Carpeted flooring in the U.S. accounts for 44% share in the flooring market, while in Europe and Asia the figures average to 25% and 6% respectively Asia-Pacific ranks as the fastest growing market with a projected CAGR of 5.1% over the analysis period, supported by the robust demand for decorative and ornamental area rugs rather than carpeted flooring.
Rugs in Asia have a rich cultural heritage and are widely perceived as vital for adding atmosphere, comfort and style to rooms in a home. Popular types of area rugs in the region include living room rugs, bedroom rugs, shag rugs, office rugs, wool rugs, braided rugs, and all flooring rugs.
Presence of leading carpet manufacturing countries such as China and India, rapid urbanization, expanding base of middle class population and the corresponding rise in demand for well provisioned and furnished houses, lifestyle upgrades and increased spending on home furnishings and interiors are major growth factors in the region.
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Impact of Covid-19 and a Looming Global Recession
- Retail and Production Site Closures, and Drop in Construction Activity Hurts Carpets and Rugs Business
- Carpets: The Age-Old Visually Appealing and Long-Lasting Floor Covering Option
- Historical Perspective
- Classification by Production Weave
- Asian Markets to Turbocharge Growth
- Global Carpet Production Landscape
- Hand-Woven Carpets Dominate Production in Asia and the Middle East
- Machine Made Carpets: A Threat to Hand Made Ones?
- Floor Covering Market: A Review
2. FOCUS ON SELECT PLAYERS (Total 123 Featured):
- Al Abdullatif Industrial Investment Company
- Axminster Carpets Limited
- Balta Group NV
- Beaulieu International Group
- Brintons Carpets Limited
- Cormar Carpet Company
- Engineered Floors LLC
- Dream Weaver Carpet
- J&J Flooring Group LLC
- Heckmondwike FB
- ICE International
- Interface, Inc.
- Mannington Mills, Inc.
- Merida Meridian, Inc.
- Milliken Floor Coverings
- Mohawk Industries, Inc.
- Oriental Weavers Group
- Saif Carpets Pvt. Ltd.
- Scott Group Studio
- Shaw Industries Group, Inc.
- Anderson Tuftex
- Societe Ateliers Pinton SARL
- Suminoe Textile Co., Ltd.
- Tai Ping Carpets International Ltd.
- Tarkett S. A.
- DESSO Holding BV
- Tandus Centiva Inc.
- The Dixie Group, Inc.
- Atlas Carpet Mills
- Victoria PLC
- Thomas Witter Carpets
- Victoria Carpets Pty. Ltd.
- Hugh Mackay Carpets
3. MARKET TRENDS & DRIVERS
- Key Carpet Trends for 2021
- Advent of Innovative Technologies Drive Market Growth
- Carpet Manufacturers Continue to Offer the Best Performance Attributes in their Products
- Carpets Designed for Cleaner Environment
- Innovations Continue to Drive Growth
- Self-Cleaning Carpets
- Airo Carpets: Fully Recyclable Carpets
- Stain Resistant Carpets
- Pet Friendly and Waterproof Carpets
- Select New Innovative Models
- Carpets with 2D Surfaces based on Optical Illusions: A Noticeable Trend
- Nanotechnology Based Molecular Carpet Weaving: A Promising Development
- Growing Sales of Higher End Carpets in the Residential Segment Benefit Market Expansion
- Premium Luxury Rugs Garner Interest
- Recent Decor Trends and Benefits Offered by Area Rugs for Different Rooms Spur Demand
- Steady Penetration of Custom Area-Rugs to Benefit Sales
- Carpet Runners & Area Rugs
- Digitization of the Marketplace Improve Connectivity with the Consumers
- Area Rug Suppliers & Retailers Focus on both Physical and Digital Presence
- Online Sales Channel Gains Share
- Focus on Environmentally Safe and Sustainable Carpets Boost Demand
- Carpet Recycling Gains Significant Attention
- Rise in Demand from the Commercial Sector Drive Healthy Growth
- Rising Energy Costs and Pressing Need for Energy Efficiency Drive Demand for Carpets
- Ease and Speed of Installation along with Other Benefits Drive Consumer Interest in Carpet Tiles
- Drop in Hospitality Industry Hits Demand for Carpets and Rugs
- Carpet Fiber Trends
- Polyester Fibers Experience an Upward Momentum
- Soft Handed Fibers Witness Growing Demand
- CAD Systems Improve Carpet Design and Production Efficiencies
- Carpets Find Increasing Use in Transport Sector
- Favorable Demographic Trends and Macro Drivers Strengthen Market Prospects
- Retailers Change Strategies to Adapt to Millennials
- Expanding Global Population
- Burgeoning Middle Class Population
- Exponential Increase in Urbanization
- Rising Standards of Living
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
IV. COMPETITION
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