Market Research Report
Global Carpets and Rugs Market - 2020-2027
|Published by||DataM Intelligence||Product code||982614|
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|Global Carpets and Rugs Market - 2020-2027|
|Published: January 14, 2021||Content info:||
Global Carpets and Rugs Market Overview
The global carpets and rugs market size was worth US$ XX billion in 2019 and is estimated to show significant growth by reaching up to US$ XX billion by 2027, growing at a CAGR of XX% during the forecast period (2020-2027).
Carpets and rugs are decorative textiles used for artistic and functional properties. These are made up of thick fibers using different raw materials such as wool, nylon, olefin, cotton, polyester, jute and others. Carpets and rugs are used as a floor covering to enhance the home and office's overall appearance. In cold regions, these floor coverings act as a boon for people as it provides thermal insulation and keeps the floor from not getting too cold.
The quintessential style of carpets, hand-knotted, originated from Asian locations, and later these floor coverings were imitated by the European nations. These carpets are constructed by clipping the length of yarn, and the clipped end of the yarn forms the pile of carpet that are tied up in the end in crossways to wraps.
For the past few years, the demand for carpets and rugs has been seen in economically developed countries. They are in great demand in residential, non-residential buildings and industries. Besides, owing to raising innovation and remodeling activities, the consumer's growing interest in interior decoration has built a huge market of carpets and rugs in Asian countries.
Carpets and Rugs Dynamics
The global carpets and market are majorly driven by increasing demand from residential, non-residential buildings for decor and thermal insulation. Carpets and rugs have heat restraining properties, thus have a huge market in a colder region of the globe.
Increasing demand for carpets and rugs from residential, non-residential buildings for decor purpose
As per the Center for Sustainable Systems 2020 report, between 2000 to 2018, the U.S. population increased by 16.3%, while there has been an increment of 19.5% seen in the number of housing units. These rising numbers of housing units have built a huge market for carpets and rugs in recent years. These floor covering impressed the population inclined towards home decoration and brought sophistication and superiority to the office's four walls. Besides, these carpets and rugs reduce the debris and indoor dirt, making the doors healthier and cleaner.
For instance, in July 2018, Mohawk Industries, Inc. acquired Godfrey Hirst Group, Australia and New Zealand's leading flooring companies. The acquisition aims further to expand Mohawk's business globally and offer broadloom, hard surface products and modular carpets for both commercial and residential applications.
Increasing demand for carpets and rugs from colder regions of the globe
The carpets and rugs offer heat restraining properties and are best known for maintaining inside space temperature. Besides, to keep the temperature, they reduce the echo and noise in tiled rooms, thus creating lucrative opportunities for carpets and rugs in the globe's colder regions. Wool is one of the leading raw materials used for the manufacturing of carpets.
It provides effective thermal insulation by saving 8-13% of heating cooling costs, and thick carpets offer the greatest insulation on underlays. The thermal advantage of wool carpets comes from the wall's low thermal conductivity, high crimp and the absorption/release of heat that escorts absorption/release of water vapor. The thermal properties create opportunities for the key players to target a larger base audience in the forecast period.
Companies such as Stevens and Graham, Tai Ping, Stanton carpet corporation, and Wool classics are the leading firms focusing their manufacturing on wool carpets and have generated immense business in regions like North America and the Asia-Pacific.
The arrival of eco-friendly carpets and rugs creates a booming demand for the product in the past few years.
Carpets and rugs are soft underfoot and sound-absorbing, a popular choice for flooring in many residential and commercial buildings. However, these floor covers have shown a huge impact environment due to off-gassing volatile organic compounds and toxic chemicals. It leads to the arrival of eco-friendly carpets in the market by various firms expected to create huge business for carpets and rugs in the timespan mentioned above.
The eco-friendly carpets are created from natural raw materials such as sisal, coir, seagrass, bamboo and organic cotton, biodegradable. They do not require a high percentage of pesticides abd fertilizers for production. Many firms are bringing carpets and rugs by recycling and using pre-and post-consumer plastics such as polyethylene terephthalate (PET), industrial scraps or bottles.
For instance, in September 2019, Beaulieu flooring solutions launched its first recyclable event carpet-Rewind. It is a unique latex-free carpet specially designed to help the trade show and special events industries go greener. As compared to traditional carpets, in this carpet, no water is used, and gas consumption is cut upto 83% coupled with total Co2 emission reduction by 35%.
COVID-19 Impact Analysis
The global carpets and rugs market has seen a huge impact due to the COVID-19 pandemic as many manufacturing plants were in the shutdown stage for months. Many local players were involved in carpet designing in countries like India, where every home has a loom, and the entire family earns their monthly income by making carpets. However, the sudden arrival of COVID-19 has shut down the local shops and severely impacted local players' business.
Further, the major impact of lockdown due to COVID-19 outbreak leads to suddenly dropping down consumers' interest towards purchasing any goods and halt in transportation sectors has severely hampered the business of carpets and rugs market due to disruption in the product's supply chain management.
Carpet and Rugs Market Segment Analysis
The global carpets and rugs market is segmented based on type, product, raw material, end-user and region.
Good resilience, excellent inherent stain resistance and eco-friendliness of polyester have made it to be the dominating segment of carpets and rugs industries.
Carpets and rugs can be made from manmade or synthetic fibers such as Acrylic, Triexta, Polypropylene or Olefin, Polyester, Nylon & Others and Natural fibers such as Silk, Wool, Jute, Sisal & Others. Manmade carpets are always preferred over natural fiber as they offer excellent properties at a much affordable rate. Out of the mentioned segments, polyester is considered dominant due to its properties such as fade resistance, stain resistance, affordable cost and durability. Also, PET polyester is known for its eco-friendly behavior and can be made from recycled materials such as plastic drink bottles. Companies like Mohawk's Continuum and Shaw's clear touch are the most firms for collecting carpets from these recycled fibers.
On the other side, polypropylene is expected to show the fastest market growth in the projected period as it offers good stain and excellent resistance from moisture and is best suited for loop pile construction. It is ideal for installations where mildew fungus is a concern and expected to make upto 80%of commercial installation, making it the best seller in the near future.
On 25th November 2020, Autoneum unveiled the Relive-1 carpet made with recycled PET. Relive-1 carpet is an innovative tufted carpet that can match with the highest sustainable mobility standards. The Relive-1 offers technology to automotive carpets that give an aesthetic appearance and exceptional environmental performance.
Carpets and Rugs Market Geographical Analysis
Rising residential and construction buildings, key players in the North American region have made it the largest growing region for the carpet and rugs market
The U.S. industry holds about 45% of the world's carpet production in the North America region. Every year more than 13 million units of newly constructed apartments and housing are set up in the U.S. These rising construction units are more likely to uplift the market of carpets and rugs in the forecast period. In addition to the presence of key players in the residential carpet market in the U.S., including Shaw Industries, Mohawk Industries, Dixie Group Inc., and others, create opportunities for the market to target a larger audience base and generate bigger business in the region.
In July 2018, Mohawk Industries, Inc. acquired Godfrey Hirst Group, Australia and New Zealand's based flooring company. The acquisition aims to expand Mohawk's business on a global scale further and offer broadloom, hard surface products and modular carpets for both commercial and residential applications.
On the other side, the Asia-Pacific is expected to show the fastest growing market in the forecast period as manufacturers based in the region focus on developing low-cost options for carpets and rugs and promoting more local players the global scale. Increasing construction activities in countries like India, Japan, and China is another factor boosting the demand for carpets and rugs in the Asia-Pacific region.
Carpets and Rugs Market Competitive Landscape
The carpets and rugs market is fragmented with the presence of local as well as global companies. Some of the key players contributing to the market's growth include Shaw Industries Group, Mohawk Industries, Inc., Tarkett S.A, Interface, Inc., Oriental Weavers Company, Tai Ping Carpets International Limited, Dixie Group, Inc., Ikea Group, Beaulieu International Group, Milliken & Company and among others.
The major players are adopting several growth strategies such as product launches, acquisitions and collaborations, contributing to the growth of the carpets and rugs market globally.
Shaw Industries Corporation
Overview: The company is known to supply carpets, hardwood, resilient, laminate, tiles and stone flooring. These products and synthetic turf are majorly targeting residential and commercial markets across the globe. The company is based in Daltons with a salesforce in the U.S., Chile, China, Mexico, Canada, Brazil, U.K., UAE, France, and India.
Product Portfolio: The company product portfolio includes
The global carpets and rugs market report would provide access to an approx.: 71 market data table, 71 figures and 244 pages.
Target Audience 2022
Market Size Analysis and Y-o-Y Growth Analysis (%), By Type
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