Carpets and Rugs Market: Research Outlines Huge Growth In Market

Carpets and Rugs Market
Geothermal Power Generation Market

The global carpets and rugs market size is expected to reach USD 163.75 Billion in 2028 and register a revenue CAGR of 4.4% over the forecast period, according to the latest report by Reports and Data. High consumer spending on renovation activities and home interior aesthetics, and rapid globalization and urbanization are factors expected to drive market revenue growth.

Carpets and rugs are used in homes and offices for artistic, aesthetic, and functional properties. These not only cover floors, but also enhance the overall appeal as a part of interior decoration. Carpets and rugs offer a protective layer to floors and are a crucial part of home and office interiors in regions with cold climate for trapping warmth. Homeowners are expressing interest in plush and comfortable homes to improve the quality of homestay, which is creating a high demand for carpets and rugs. Rising number of residential and commercial projects across the globe and increasing focus of people on the aesthetic aspect of interiors are expected to boost global carpets and rugs market revenue growth.

Moreover, major players operating in the global market are focusing on developing new products that are more environmentally friendly, durable, versatile, as well as easy to install and maintain. Adoption of biodegradable and natural materials such as jute is also driving market revenue growth. Materials such as sisal and sea grass improve the eco-friendly appeal of carpets and rugs, whereas use of chemical additives such as anti-microbial, flame retardant, and pest-repellant make these products more effective. Furthermore, availability of a wide range of products on online distribution channels will propel revenue growth of carpets and rugs market over the forecast period.

To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/carpet-and-rugs-market

Some Key Highlights From the Report

  • In June 2019, Universal Fibers, Inc., which is a leading manufacturer of nylon fibers, acquired twisting and heat-setting assets for its production facilities in Taicang, China and Taicang, China to strengthen its position in Asia and Europe. Both plants is expected to help the company to expand its capacity in these areas and provide high-quality products and services to its customers.
  • Tufted carpets and rugs segment is expected to grow at a rapid rate in terms of revenue during the forecast period, attributable to easy and quick manufacturing process and reasonable prices. Tufting is suitable for all types of yarns and can be made in a variety of finishes. Tufted carpets have a reputation for being sturdy, reliant, and hardwearing. These are mainly used for wall-to-wall carpeting, and are springy, which makes these products ideal for rooms with heavy furniture.
  • Nylon segment accounted for largest revenue share in 2020 as it is a durable material and tends to last longer than other materials. Nylon cannot be easily destroyed, and it can withstand a high level of wear and tear. Nylon-based carpets and rugs are durable as these cannot be destroyed easily by spills and stains.
  • Residential segment revenue is expected to grow at a fast pace during the forecast period. High demand from homeowners to replace older or worn out carpets and rugs with newer ones, as well as increasing interest in interior decoration with proliferation of social media is boosting revenue growth of this segment.
  • Specialty stores segment accounted for moderately large revenue share in 2020. These stores specialize in different varieties of carpets and rugs, as well as offer more detailed advice in terms of interiors than other places, which in turn, is boosting revenue growth of this segment.
  • Market in Asia Pacific is expected to register a significantly fast revenue CAGR during the forecast period due to increasing construction activities in developing countries such as India, China, Japan, and Indonesia, coupled with rising inclination towards using carpets and rugs for enhancing aesthetic appeal of the living rooms and bedrooms in residential sector, as well as of the spaces in commercial set-ups. In addition, presence of a large number of handloom workers and rising disposable income are other factors driving revenue growth of carpets and rugs market in this region.
  • Some major companies profiled in the global market report are Victoria Plc., Tarkett S.A., Ikea Group, Interface Inc., Mohawk Industries, Inc., Milliken & Company, Oriental Weavers, Dixie Group Incorporation, Tai Ping Carpets International Limited, and Home Depot Inc.

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