The carpet and rugs market is expected to grow with a CAGR of 4% during 2018-2024.
- The market is outstanding to the rise in the renovation and remodeling activities, the growing interest of consumers toward interior decoration, and rapid urbanization and globalization.
- Healthy product demand from information technology banking, insurance, business process outsourcing, and financial services sectors are expected to fuel the growth of the market.
- The market is also gaining traction due to the increase in adoption of carpets and rugs in the countries with cold climatic conditions as they provide thermal insulation benefits.
- Tufted carpets and rugs account for the majority of carpet and rug demand by area because of the low cost, ease of installation, and favorable aesthetic and performance properties.
- However, hard surface flooring, which has taken market share from carpets and rugs in the floor covering market over few years, are estimated to continue to do so going forward.
- The growing construction industry also provides an opportunity for the market to grow further of the market.
Scope of the Report
A complete background analysis of the carpet and rugs market, which includes an assessment of the parental market, emerging trends by segments and regional markets, significant changes in market dynamics and market overview is covered in the report. The report also features the qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry's value chain.
Key Market Trends
Rising Residential Construction Activity Drives the Installation of Carpets and Rugs
- By application, the residential segment is expected to grow at the highest rate due to the increase in adoption of carpets for the purpose of floor coverings among residential end-users.
- Carpets are available in a range of colors and textures, which make them suitable for use by residential end-users in all types of decors.
- The increasing investment in new housing constructions and the rapid increase in home renovation projects are driving the growth of the residential sector in the carpets and rugs market.
North America Region is Dominant in the Market
- North America has been leading the global carpets and rugs industry and is expected to continue on the position in the near future.
- The rapid expansion of housing and construction activities in the residential sector across countries, such as the United States, is the main factor behind the dominance of the North America carpets and rugs industry.
- The high number of market players are in North America is another significant factor that is supporting this regional carpets and rugs industry.
The report covers major international players operating in the carpet and rugs market. The major players are focusing on innovation, as well as on including advanced technologies in their existing products. However, with technological advancement and product innovation, mid-size to smaller companies are increasing their market presence by securing new contracts and by tapping new markets. In the future years, the companies are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the carpets and rugs market.
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