The Global Carpets and Rugs Market size is expected to reach $102.4 billion by 2030, rising at a market growth of 4.2% CAGR during the forecast period.
Asia-Pacific has the largest textile industry in the globe. To increase their revenue share, leading producers in the Asia Pacific carpets and rugs market concentrate on creating cutting-edge products like carpet runners, handmade carpets, handmade rugs, and area rugs. Therefore, the Asia Pacific segment will capture 2/5thshare of the market by 2030. The expansion of the textile industry has resulted in a global supply chain, allowing manufacturers to source materials and components from various parts of the world. China and India are prominent producers and exporters of carpets globally. Some of the factors impacting the market are increasing number of technologically developed products, remodelling and renovation activities to boost demand, and High prices of raw material and increasing duties by government.
Due to trends in the residential and commercial sectors, including convenience, distinctive theme designs, and modifications, the availability of technologically advanced items has substantially increased. Manufacturers concentrate on the introduction of new, innovative products, the expansion of product demand, and the expansion of the market. The GI tag was introduced to help the sector for Kashmiri carpets to recover. On March 11, 2022, Germany exported the first batch of hand-knotted carpets with GI tags. Therefore, all these elements are propelling the growth of the market. The market expansion is driven by increased product demand brought on by increased remodelling and renovation. The products are used for their useful characteristics, including floor heat insulation, slip prevention, and aesthetic appeal. In the field of interior design, these are becoming more relevant, and growing consumer interest in interior aesthetics, together with developing e-commerce platforms, is propelling market expansion. The economic crisis's easing has partly spurred a renewed demand for carpets and rugs. Moreover, the increasing disposable income of consumers along with all the above factors, is likely to foster the expansion of the market in the coming years.
However, rapid fluctuations in the prices of raw materials such as crude oil, the primary constituent in the production of nylon and polyester staple fiber, have a negative impact on the market. The price of nylon and other fibers fluctuates with the price of crude oil, raising the cost of the raw ingredients used to make carpets and rugs. Rugs and carpets produced in other nations or with materials from outside might impose import taxes imposed by governments. These duties increase the price of imported products, impacting consumers and producers. High trade taxes and the dumping of carpets and rugs by the governments of numerous nations further constrain the market's growth.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Tai Ping Carpets, Mohawk Industries Inc., Lowe's Companies inc., Tarkett group, Victoria PLC Group (Victoria Carpets Ltd), Shaw Industries Group, Inc. (Berkshire Hathaway, Inc.), Interface Inc., Beaulieu International Group, Royalty Carpet, and Oriental Weavers.
Asia-Pacific has the largest textile industry in the globe. To increase their revenue share, leading producers in the Asia Pacific carpets and rugs market concentrate on creating cutting-edge products like carpet runners, handmade carpets, handmade rugs, and area rugs. Therefore, the Asia Pacific segment will capture 2/5thshare of the market by 2030. The expansion of the textile industry has resulted in a global supply chain, allowing manufacturers to source materials and components from various parts of the world. China and India are prominent producers and exporters of carpets globally. Some of the factors impacting the market are increasing number of technologically developed products, remodelling and renovation activities to boost demand, and High prices of raw material and increasing duties by government.
Due to trends in the residential and commercial sectors, including convenience, distinctive theme designs, and modifications, the availability of technologically advanced items has substantially increased. Manufacturers concentrate on the introduction of new, innovative products, the expansion of product demand, and the expansion of the market. The GI tag was introduced to help the sector for Kashmiri carpets to recover. On March 11, 2022, Germany exported the first batch of hand-knotted carpets with GI tags. Therefore, all these elements are propelling the growth of the market. The market expansion is driven by increased product demand brought on by increased remodelling and renovation. The products are used for their useful characteristics, including floor heat insulation, slip prevention, and aesthetic appeal. In the field of interior design, these are becoming more relevant, and growing consumer interest in interior aesthetics, together with developing e-commerce platforms, is propelling market expansion. The economic crisis's easing has partly spurred a renewed demand for carpets and rugs. Moreover, the increasing disposable income of consumers along with all the above factors, is likely to foster the expansion of the market in the coming years.
However, rapid fluctuations in the prices of raw materials such as crude oil, the primary constituent in the production of nylon and polyester staple fiber, have a negative impact on the market. The price of nylon and other fibers fluctuates with the price of crude oil, raising the cost of the raw ingredients used to make carpets and rugs. Rugs and carpets produced in other nations or with materials from outside might impose import taxes imposed by governments. These duties increase the price of imported products, impacting consumers and producers. High trade taxes and the dumping of carpets and rugs by the governments of numerous nations further constrain the market's growth.
Application Outlook
On the basis of application, the market is divided into residential and commercial. In 2022, the residential segment dominated the market with maximum revenue share. The growth of the segment is owed to the rising trend of carpeting in the household to enhance the décor with unique patterns and colors. The demand for this market segment is rising as more people are interested in remodelling their homes, including removing out-of-style or worn rugs and carpets. The residential use of carpets and rugs is also rising as they prevent accidents and provide a comfortable play surface for children.Material Outlook
Based on material, the market is classified into animal yarn, plant-made yarn, and synthetic fibres. In 2022, the animal yarn segment acquired a substantial revenue share in the market. Silk products' growing popularity is due to their durability, strength, and mold resistance. Silk is regarded as a luxurious fiber, and the availability of handmade silk products with ancient traditional designs drives the expansion of this market segment. Manufacturers are introducing new products to cater to the rising demand for luxurious, unique products made from silk and wool. Therefore, in the coming years, a steady increase in the use of animal-made yarn is projected.
Product Type Outlook
By product, the market is categorized into knotted pile, needle punched, woven, tufted, and others. The tufted segment held the highest revenue share in the market in 2022. Consumers' preferences constantly shift in the market, with preference towards affordable and washable carpets. Tufted carpets receive a stain-resistant chemical treatment to lengthen the life of the carpet fibers. These carpets are suitable for use in rooms with heavy furniture and heavy foot traffic. These elements are fueling segment market expansion.Regional Outlook
Region-wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the North America region led the market by generating the highest revenue share. This region's market growth is supported by the rapid growth of housing and construction activities, particularly in the US. Product demand will rise in the coming years due to rising decoration trends and demand for new homes. Additionally, an increasing number of people are using internet to shop online, which has increased the availability of carpets and rugs on such distribution channels.The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Tai Ping Carpets, Mohawk Industries Inc., Lowe's Companies inc., Tarkett group, Victoria PLC Group (Victoria Carpets Ltd), Shaw Industries Group, Inc. (Berkshire Hathaway, Inc.), Interface Inc., Beaulieu International Group, Royalty Carpet, and Oriental Weavers.
Strategies Deployed in the Market
- Apr-2023: Beaulieu International Group took over Signature Floors, a floor-designing company that provides new and innovative flooring solutions to commercial and residential markets. Through this acquisition, both companies would be able to grab the opportunities to grow their business across Australia and New Zealand. Moreover, both companies are looking forward to accelerating product designing and innovation, to meet their customers' requirements.
- Mar-2023: Shaw Industries Group, Inc. signed a partnership with Encina, a provider of basic chemicals to produce products that consumers and industries rely on daily. With this acquisition, Shaw Industries would be able to reduce wastage and provide Encina with more material for recycling purposes. Moreover, Shaw Industries are looking forward to enhancing environment safety by reducing waste and using more innovative technologies to utilize this wastage.
- Nov-2022: Beaulieu International Group announced the acquisition of Act Global, a synthetic turf manufacturing company for sports. Through this acquisition, B.I.G would be able to empower its existence in the global artificial grass market, mainly in the sports category. Further, all the product segments of Act Global would be added to the product portfolio of Beaulieu International Group.
- Apr-2022: Victoria PLC Group took over the Balta Group, a Belgium based flooring company that produces polypropylene carpets and non-woven carpets. Through this acquisition, Balta group's wide range of products will be added to the product portfolio of Victoria Plc Group.
- Apr-2021: Lowe's Companies completed the acquisition of STAINMASTER, a carpet brand that delivers resistant and easy-to-clean products. Through this acquisition, Lowe's would be the leading company to deliver home upgradation solutions, STAINMASTER carpet. Moreover, Lowe's is aimed to offer their customers a better home strategy.
- Oct-2020: Interface, Inc. announced the launch of Embodied Beauty, a collection of carpet tile designs that are inspired and dedicated to nature. With the launch of this new collection, the interface would be able to reduce the carbon emission of its products, as all the products included in Embodied Beauty collection are carbon neutral during its life cycle.
- Dec-2019: Tarkett Group came into partnership with Aquafil, a producer of yarn for carpets and other textile products. Through this partnership, both companies would try to reduce resource wastage and recycle the yarn to make sportswear, eyewear, and carpets. In addition, Tarkett would be able to accelerate the carpet recycling process with the help of Aquafil's innovative technologies.
Scope of the Study
Market Segments Covered in the Report:
By Application
- Residential
- Commercial
By Material
- Synthetic Fibers
- Animal Yarn
- Plant-made Yarn
By Product Type
- Tufted
- Woven
- Knotted Pile
- Needle Punched
- Others
By Geography
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Tai Ping Carpets
- Mohawk Industries Inc.
- Lowe's Companies inc.
- Tarkett group
- Victoria PLC Group(Victoria Carpets Ltd)
- Shaw Industries Group, Inc.(Berkshire Hathaway, Inc.)
- Interface Inc.
- Beaulieu International Group
- Royalty Carpet
- Oriental Weavers
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Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market At a Glance
Chapter 3. Market Overview
Chapter 5. Global Carpets and Rugs Market by Application
Chapter 6. Global Carpets and Rugs Market by Material
Chapter 7. Global Carpets and Rugs Market by Product Type
Chapter 8. Global Carpets and Rugs Market by Region
Chapter 9. Company Profiles
Companies Mentioned
- Tai Ping Carpets
- Mohawk Industries Inc.
- Lowe's Companies inc.
- Tarkett group
- Victoria PLC Group (Victoria Carpets Ltd)
- Shaw Industries Group, Inc. (Berkshire Hathaway, Inc.)
- Interface Inc.
- Beaulieu International Group
- Royalty Carpet
- Oriental Weavers
Methodology
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