Carpets come in a wide range of colors and textures, with most of them tufted or woven using wool, polyester, nylon or other synthetic materials.
Demand in the market is set to be driven by new technologies aimed at improving durability and aesthetics; healthy demand from the commercial sector, the increasing popularity of modular carpet solutions, increasing demand for premium carpets and rise in new construction and renovation activity globally.
Modern carpets offer higher levels of comfort as compared to the old ones. Memory foam is the new option for carpet flooring and prevents moisture.
While demand for carpets has been adversely impacted by the growing interest in hard-surface flooring, sales of area rugs however have been relatively unaffected, given that these rugs are generally used to enhance the appearance of hard-surface flooring.
Growing acceptance of carpet tiles and contemporary area rugs has also been contributing significantly to overall market growth.
Amid the COVID-19 crisis, the global market for Carpets and Rugs estimated at US$32 Billion in the year 2020, is projected to reach a revised size of US$38.8 Billion by 2026, growing at a CAGR of 3.3% over the analysis period.
Tufted, one of the segments analyzed in the report, is projected to record a 3.5% CAGR and reach US$28.9 Billion by the end of the analysis period.
After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Woven segment is readjusted to a revised 3% CAGR for the next 7-year period.
Tufted carpets witness strong demand due to their stain-resistant nature and long life. The carpets are considered ideal for areas that experience heavy footfall.
Nylon constitutes the most used material mainly because of its good resilience and abrasion and stain resistance. Nylon is also reputed for its high yarn memory for holding the twist, its capability of hiding soil and its higher cleaning efficacy.
The U.S. Market is Estimated at $10.3 Billion in 2021, While China is Forecast to Reach $4.6 Billion by 2026
The Carpets and Rugs market in the U.S. is estimated at US$10.3 Billion in the year 2021. China, the world`s second-largest economy, is forecast to reach a projected market size of US$4.6 Billion by the year 2026 trailing a CAGR of 4.7% over the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.6% and 3.2% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 2.6% CAGR.
The United States and Europe represent the largest markets worldwide, supported by their cold climatic conditions. Rapid industrialization and growing focus on enhancing interiors, especially in commercial and corporate settings is encouraging demand for carpets is various emerging markets.
Other growth-driving factors include increasing middle-class population and the rapid growth of the transportation sector.
Residential Application Segment to Reach $24.1 Billion by 2026
In residences, the main purpose of carpets and rugs is for thermal and sound insulation and improvement of aesthetic appeal of the interiors.
Demand in the market is set to be driven by the level of housing renovations and new residential constructions, with strong growth in renovations and sales of newly constructed structures translating to higher demand for carpets.
In the global Residential Application segment, USA, Canada, Japan, China and Europe will drive the 3.4% CAGR estimated for this segment.
These regional markets accounting for a combined market size of US$15.4 Billion in the year 2020 will reach a projected size of US$19.3 Billion by the close of the analysis period.
China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$1.5 Billion by the year 2026, while Latin America will expand at a 3.9% CAGR through the analysis period.
