Rise In Residential And Commercial Construction Globally Is Expected To Drive The Carpet And Rugs Market Growth
Global Carpets and Rugs Market: Key Highlights
- According to the new market research report “Carpets and Rugs Market by Material (Natural, Synthetic) by Application (Construction, Automotive, Aerospace, Others) by Region (Asia Pacific, North America, Europe, Middle East & Africa, South America) — Global Forecast From 2020 To 2025, the global carpets and rugs market is estimated to reach USD 126.2 Billion in 2027 at a CAGR of 3.8% during the forecast period 2020–2027.
- Growing residential construction activities across the globe with increasing demand for automotive vehicles is expected to drive the global carpets and rugs market.
- The growth of the market is mainly hampered due to increasing preference towards decorative flooring.
Global Carpets and Rugs Market: Key Market Dynamics
- Growing residential construction owing to rise in global population, ongoing trend of nuclear families with increase spending on enhancing home décor is projected to drive the market growth
- Rise in demand for automotive vehicles especially electric vehicles owing rising concerns regarding environmental degradation is expected to fuel the growth of this market
- However, the market growth is restrained by the rising consumer preference towards decorative flooring.
- Recycling of carpets and rugs in emerging economies to minimize the health and environmental hazards associated with incineration is projected to escalate the market growth uphill in the forecast period.
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Global Carpets and Rugs Market: Regional Overview
Asia-Pacific carpets and rugs market is projected to grow in the forecast period owing to dynamic exports of the carpets and rugs across boundaries. According to UN Comtrade, export of the carpets & other flooring from the Asian countries accounted for more than 50% of the total world export in 2018. The growth of the region is further dragged by the ongoing construction activities in the region owing to rising population resulting to higher demand for residential apartment. Increase in disposable income, betterment in living standards with hike in consumer spending towards enhancing home décor are some of key factors favoring the growth of the carpets and rugs market in Asia-Pacific.
Europe is one of the promising region for the global carpets and rugs market owing to rising demand for carpets from Germany, France, and Belgium among others. Increasing focus towards enhancing home décor is the prominent cause propelling the demand for carpet across the Europe. Increasing awareness regarding environmental and health hazardous of incineration of carpets and rugs to gradual shift is observed towards use of recycled materials, which is likely to open new growth avenues for the carpet market growth in the upcoming timespan.
Global Carpets and Rugs Market: Key Players Overview
- Shaw Industries Group, Inc.:
Shaw Industries Group, Inc. is a united states-based company operates through manufacturing carpets, rugs, flooring, laminates for the commercial and residential sector globally. The company is the wholly owned subsidiary of the Berkshire Hathaway, Inc. The company in 2017, invested USD 42 million to refurbishment and increasing production capabilities of the carpet plant based in Meigs County, Tennessee, US.
France based Tarkett is the multinational corporation engages in manufacturing of floor and floor covering. The product portfolio includes vinyl, linoleum, laminate, rubber, carpet, wood and other flooring covering to the global market. The company acquired Lexmark Carpet Mills, a company manufacturing carpets and rugs in the North America. The company acquired the company USD 120 million.
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