Enduring Comfort, Warmth & Elegance Helps Carpets Withstand Competition from Hard Surface Flooring

The global market for Carpets and Rugs is projected to exceed US$41 billion by 2024, driven by new technologies aimed at improving durability and aesthetics; healthy demand from the commercial sector, and increasing demand for premium carpets. Man’s incessant desire to decorate his place of inhabitance led to discovery of variety of household things that adorn dwellings and offer comfort. Carpets are one of those several things discovered that offer aesthetic as well as functional benefits to the floor. Comfort while walking or sitting is a major feature in terms of carpet flooring. 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.

Carpets come in various classic and traditional patterns and colors with modern soft surface flooring offering multiple styles and patterns. 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. Therefore, adoption of woven and other products has been higher than tufted products. However, tufted products will continue to remain popular due to rising adoption of carpet tiles, which is preferred over hard-surface flooring in commercial applications. While the aesthetic appeal has gained carpets widespread popularity, their high beneficial insulation properties expanded their usage tremendously, especially in countries with extremely cold climates.

Healthy growth is projected for the market in the coming years driven by new technologies that are boosting performance attributes of carpets. Resistance to staining, enhanced water-resistance, and ease of cleaning represent some of the recent innovations in carpet-flooring technology. Other innovative carpet offerings feature exceptional dimensional stability, flexibility, and are completely free of latex and are lighter, flexible and softer, enabling easier installation. Growing demand from the commercial sector represent another important growth driver where carpets offer significant benefits including comfort, aesthetics, noise reduction, ease of maintenance, and safety. Although Nylon represent the most used raw material for carpets owing to its good resilience, abrasion, and stain resistance properties in addition to withstanding weight, heavy traffic and frequent furniture movement, polypropylene is growing in prominence as designers easily create versatile patterns and designs in carpets and rugs made of polypropylene. Revival in the renovation/remodeling sector in many developed countries, rising construction spend particularly in emerging economies, growing affordability of residential homes and subsequent demand for high-priced carpets, and increasing preference for modular carpet solutions in commercial buildings are few of the many factors currently spurring adoption of carpets and rugs in various regional markets. High prices, competition from substitute products and surging prices of wool are, however, some of the key challenges hindering market prospects in the long term.

As stated by the new market research report on Carpets and Rugs, the United States represents the largest market worldwide, followed by Europe, supported by their cold climatic conditions. Asia-Pacific ranks as the fastest growing market with a projected CAGR of 5.1% over the analysis period, led by factors such as presence of leading carpet manufacturing countries of China and India, rapid urbanization, expanding base of middle class population and the corresponding rise in demand for well provisioned houses, lifestyle upgrades and increased spending on home furnishings and interiors, and robust demand for decorative rugs.

Key players in the market include 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., Milliken Floor Coverings, Mohawk Industries, Inc., Oriental Weavers Group, Scott Group Studio, Shaw Industries Group, Inc., Societe Ateliers Pinton SARL, Suminoe Textile Co., Ltd., Tai Ping Carpets International Ltd., Tarkett S. A., The Dixie Group, and Victoria PLC, among others.

The research report titled “Carpets and Rugs – Market Analysis, Trends, and Forecasts” 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 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 & Africa, and Latin America (Brazil, Mexico, and Rest of Latin America). Major product segments analyzed in the report include Woven, Tufted and Other Carpets.

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