Carpet Market

Carpet Market Size (2023-2028):

The Carpet Market was at $ 61.9 billion in 2022 and is determined to reach $ 73.9 billion by 2028, progressing at a CAGR of 4.6% from 2023-2028

Carpets are often used to cover decorative floors. They are mainly produced from various raw materials, including nylon, polyester, cotton, jute, polypropylene, and other raw materials. Previous rugs were mainly used in commercial sectors. Recently, the demand for rugs is also increasing at a rapid rate in residential areas.

The carpet industry has undergone a radical change in recent years. Optimal prices, fast delivery, and high quality have driven the world market. The technological intervention supported by sustainability will be the main driver of growth opportunities in the highly competitive carpet market. Engaged industry stakeholders are continuously moving towards the production of high-quality and affordable recyclable mats. In addition, the adoption of innovative technologies has resulted in improved inventory management, real-time monitoring, efficient manufacturing cycles, and supply chain optimization. Also, the introduction of antimicrobial and antiallergic technology and LED mats have provided new avenues of growth for the stagnant market.

Carpet Market Growth and Trends:

India is currently a leader in the production of handmade rugs in terms of volume and value. Its heritage in handmade rugs is recognized around the world with its recognizable share in global exports. In fact, 90% of the rugs produced in India are exported. In April-November 2019, India's exports of handmade rugs amounted to INR 64,407.19 crore (USD 916.15 million).

India exports rugs to over 70 countries around the world. The main importers of Indian woven rugs are the USA, Germany, Canada, UK, Australia, South Africa, France, Italy, Brazil, etc. With the advent of globalization, new opportunities are opening up for the developing Indian carpet market. the countries.

Carpet weaving is an ancient Indian tradition that dates back to 16th-century Persian rugs and rugs. The rugs made are usually hand-knotted and have various patterns in their designs. India's carpet industry is a rural, labor-intensive cottage industry. Indian silk rugs are highly preferred by buyers and weavers because of their originality, color, quality, design, and durability.

However, the demand for tufted rugs is expected to increase in the market due to the use of synthetic materials, which makes them cheaper, and the manufacture of rugs is also less labor-intensive. Consumer preferences are changing with time in the international market and they are now turning towards washable and cheaper rugs.

Carpet Market Drivers and Restraints:

The carpet industry has undergone a dramatic change in recent years. Optimal prices, fast delivery, and high quality have boosted the world market. Technology intervention backed by sustainability will be the primary driver of growth opportunities in the highly competitive carpet market. Committed industry stakeholders continually advance the production of high-quality, cost-effective recyclable rugs. In addition, the adoption of innovative technologies has enabled better inventory management, real-time monitoring, efficient manufacturing cycles, and optimization of the supply chain. In addition, the introduction of antimicrobial and antiallergic technology, and LED mats have provided new growth avenues for the target market.

CARPET MARKET REPORT COVERAGE:

Carpet Market Segmentation:

On the basis of the material:

• Nylon

• Olefins

• Polyester

• Others

Nylon is considered to be the most preferred fiber type for carpet manufacturing. Nylon fiber rugs have high durability compared to their counterparts. This material can withstand high wear and tear for a considerable period of time.

According to the end-user: 

• Residential
• Commercial.

The residential end-user segment has a significant market share for carpets, due to the intensive use of these products by households. Several companies provide installation services, and after-sales services, to attract users to the residential segment and obtain a competitive advantage in the market. Rapid urbanization, innovative marketing strategies used by businesses, and increased spending on home products have driven demand in the residential segment.

On the basis of the sales channel: 

• Hypermarkets

• Supermarkets

• Specialty stores

• Online sales channels.

The online channel will continue to grow with a strong CAGR during the outlook period. Online distribution has become a key sales channel for carpets as the major players in the industry expand their presence in e-commerce.

According to the price: 

The worldwide market is divided into economy and luxury. The economy price segment leads in terms of market share and is supposed to maintain its dominant position throughout the outlook period.

Geographical Analysis:

Depending on the region, the global carpet market is studied in

• North America

• Europe

• Asia-Pacific

• Latin America 

• Middle East and Africa

North America leads in terms of market share throughout the analysis period. However, it is estimated that the LAMEA region will lead to the growth of the global carpet market during the envisioned timeframe.

Key market players:

1. Armstrong Flooring, Inc

2. Balta Group

3. Beaulieu International Group NV

4. Shaw Industries Group, Inc

5. Brumark

6. Dorsett Industries

7. Mannington Mills, Inc

8. Mohawk Industries, Inc

9. Tarkett SA

10. The Dixie Group.