The Global Market for Carpets and Rugs is Projected to Reach US$40 Billion by 2020

Global Recovery in Residential Construction Spending Spurs Sales of Carpets and Rugs, According to a New Report by Global Industry Analysts, Inc.

GIA announces the release of a comprehensive global report on Carpets and Rugs. The global market for Carpets and Rugs is projected to reach US$40 billion by 2020, driven by the encouraging recovery in residential construction spending, and the growing preference for modular carpet solutions.

The demand for carpets and rugs is largely reliant on housing renovation and new residential construction activity. Carpets find use in residential as well as commercial buildings as floor décor and performance floor coverings. A key factor driving the adoption of carpets includes its ability to add aesthetic appeal to the interiors of a building and offer thermal and acoustic insulation benefits. Use of carpets is therefore high in countries with extremely cold climatic conditions. Carpets also provide safety, as the texture of the fabric protects children and senior citizens from falls and enhances comfort while walking as compared to bare flooring. Carpets come in a wide range of colors and textures, with most of them tufted or woven using polyester, nylon or other synthetic materials. The rise in energy costs worldwide is driving the emphasis on thermal insulation. Against this backdrop, demand for carpet underlay is growing strongly. Insulation of homes ensures greater resistance to heat flow by slowing the process of flow of heat through the building envelope. The more the heat flow resistance, the lower will be the cooling and heating costs. Good insulation material conserves ambient heat and significantly cuts down on heating energy requirements and is therefore the key to achieving energy efficiency.

Carpets are therefore witnessing strong preference as compared to substitutes such as engineered hardwood, laminate or ceramic tile. The use of wall-to-wall carpets increases the insulation level of the carpet area, resulting in savings in utility costs. Therefore, technology developments in material science that help enhance insulation properties of carpet fibers will benefit the market. With growing consumer preference for soft padded floors, demand for carpets made from soft handed fibers is witnessing strong growth, especially in the residential sector. Carpet tiles are also witnessing strong demand worldwide, given their ease and speed in installation, higher economic value due to reduced costs as a result of lower wastage during installation, and availability of better design options. Synthetic carpets, particularly those made from fibers derived from polyester, polypropylene and nylon dominate the global carpets market. Although currently taking a major share of the market, nylon is expected to continue to lose sheen due to the growing demand for low cost polyester options. A promising development currently underway in the market is nanotechnology based molecular carpet weaving. Also expected to witness strong demand are eco-friendly carpets made from natural, biodegradable renewable fibers like sisal.

As stated by the new market research report on Carpets and Rugs, Tufted Carpets represents the largest product market. The United States and Europe constitute the leading markets worldwide, supported by their cold climatic conditions.  Future growth in the market is forecast to come from developing markets. Asia-Pacific ranks as the fastest growing market worldwide with a CAGR of 4.5% over the analysis period, led by factors such as, rapid urbanization, expanding base of middle class population & a parallel rise in demand for well provisioned houses, lifestyle upgrades & increased spending on home furnishings and interiors, and robust demand for decorative rugs.    

Major players covered include Atlas Carpet Mills, Axminster Carpets Limited, Balta Group, Beaulieu of America, Beaulieu Canada, Brintons Carpets Limited, Cormar Carpets, Desso Group, Dream Weaver Carpet, Heckmondwike FB, Hokanson Carpets, ICE International, Interface, Inc., J+J Flooring Group, Masland Contract, J&J Flooring, Mohawk Industries, Nobel® Carpets, Oriental Weavers Group, Scott Group Custom Carpets, Inc., Shaw Industries Group Inc., Tandus Flooring, Tarkett, Thomas Witter Carpets, Victoria Carpets Pty. Ltd., and Whitestone Weavers Ltd., among others.

The research report titled “Carpets and Rugs: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, drivers, mergers, acquisitions and other strategic industry activities. The report provides market estimates and projections for Carpets and Rugs in dollars for all major geographic markets including the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China, India and Rest of Asia-Pacific), Middle East and Latin America (Brazil, Mexico, and Rest of Latin America). Key product segments analyzed in the report include Woven, Tufted and Other Carpets (Needlefelt Carpets, Knitted Carpets, Needlepunch Carpets, Knotted Pile Carpets, Hooked Rugs, and Braided Rugs).