Market Analysis & Forecasts

2023-02-02

Carpets & rugs market to grow at a CAGR of 5% during forecast period - Transparency Market Research, Inc.

Rise in disposable income, especially in developing countries, is projected to drive the global carpets & rugs industry

Transparency Market Research Inc. - The global carpets & rugs market was valued at US$ 77.23 Bn in 2021. The market is expected to reach US$ 123.73 Bn 2031, expanding at a CAGR of 5% during the forecast period from 2022 to 2031. Increase in construction projects in both developing and developed countries is a major driver of the global carpets & rugs market. Demand for carpets and rugs is driven by rise in consumer preference for aesthetic appeal in workplaces and homes.

Development of technologically advanced carpets and rugs is a priority for major suppliers who are raising their R&D investment. Manufacturers are utilizing cutting-edge and environment-friendly materials to offer end customers with high-value products. Increase in sales of carpets and rugs through online platforms and e-commerce channels are projected to present new opportunities for industry participants. Asia Pacific is anticipated to account for major market share during the forecast period due to significant rise in construction activity.

Rugs and carpets are utilized in both home and business settings, as these offer a layer of cushioning to protect flooring. These also enhance the décor of a home or office in general. Furthermore, carpets and rugs keep the floor from becoming excessively cold in winter. Higher disposable income, rapid urbanization, and rise in construction activities are projected to drive demand for carpets and rugs. Increase in demand for furniture and other related items in developing countries is expected to propel industry growth.

Functional qualities offered by carpets and rugs include heat insulation and slip resistance. Carpets are a necessity in households due to frigid conditions. Research by Wools of New Zealand revealed that carpets offer around ten times more insulation compared to hard floor coverings. These factors are likely to increase the usage of rugs and carpets in the next few years.

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Key Findings of Market Report

Nylon is the most resilient and stain-resistant carpet fiber when compared to other materials. Hence, the nylon segment is anticipated to grow at a rapid pace during the forecast period. The sturdiness of nylon carpets makes them perfect for high-traffic spaces such as stairwells and corridors.

Based on product type, the carpets segment is anticipated to account for a sizable market share during the forecast period. The segment is expected to grow at the fastest CAGR during the forecast period. Global carpet producers and retailers are launching innovative carpets to satisfy consumer demand. Carpets are preferred over rugs due to features and benefits such as softness and cushioning effect.

Global Carpets & Rugs Market: Growth Opportunities

Expansion in infrastructure construction and development activities across the globe has increased demand for carpets and rugs. Usage of furnishings is rising in both residential and commercial settings to enhance aesthetic appeal of homes and offices. Demand for carpets and rugs is expected to rise along with the need for home furnishings.

Modern interiors are becoming popular and customers are spending more on aesthetic enhancements of their workplaces and homes. This is likely to drive the rugs and carpets market in the near future.

Increase in government and industry assistance for the production of carpets and rugs is expected to drive the market. Households in countries, such as Afghanistan, have relied on the carpet business for years as a source of livelihood. The Carpet Manufacturers' Union in Afghanistan strives to increase the number of regions, where carpets are produced, from 18 to 34. Hence, the global carpets and rugs industry is expected to expand at a rapid pace in the next few years.

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Global Carpets & Rugs Market: Regional Landscape

Asia Pacific is anticipated to account for the largest share of the global carpets & rugs market during the forecast period. This is ascribed to increase in construction activities in both commercial & residential areas and rise in disposable income. India and China are the top manufacturers and exporters of carpets globally. The world's largest textile industry is also located in the region. Top producers of carpets and rugs in Asia Pacific are focusing on making sophisticated products, including area rugs, carpet runners, carpet floors, handmade rugs, and handmade carpets, to increase revenue share.

Global Carpets & Rugs Market: Key Players

Some of the key market players are