The Global Carpets and Rugs market is projected to reach the valuation of USD 102,755.78 Million by 2026 with a CAGR of 3.2%
Published | September 2020
In recent years, the Global Carpets and Rugs Market has gained traction with a CAGR of 3.2 percent, in terms of value over the 2020-2026 forecast period, and estimated to cross USD 102,755.78 million by 2026. Carpets and rugs are used for their artistic and functional properties. In addition to covering floors, increase the overall appearance of a home or office decoration. The rugs and carpets provide a protective layer to floors. Carpets and rugs are more useful in regions having cold climate, rugs, and carpets, which is, provide protection against cold to peoples. The demand for carpets and rugs is higher in developed economies. The major application of the carpets and rugs is in residential, commercial, and industries.
Carpets and rugs are available in various varieties such as knotted, woven, tufted, needle punch, and many others. Woven types of carpets and rugs are mostly preferred by the consumers due to the hypo-allergenic property, comfortable, easy to clean. Carpets and rugs are manufactures from different kinds of raw materials such as nylon, polyester woven, wool woven, and many other types of material. Nylon is widely used in the manufacturing of carpets and rugs because it is cheaper as compare to other, durability, versatility as well as easy to clean so these characteristics make the choice of nylon carpets among the consumers. However, the rising trend of the natural product also increasing preference for carpets and rugs, which are mainly, consist of organic materials.
Rising Demand for Interior Decoration to drive the carpets and rugs market
Interior decoration can be represented as the human power of creating and arranging products that permit a human being to achieve their personal and collective purpose. A place in the office, house, and hotel looks more attractive, gorgeous, and attractive through decoration. For Instance: Interior decoration, especially in the hospitality industry, directly influences the demand for customers and their profitability, which raised the need for carpets in hospitality industries.
Carpets and Rugs, besides covering floors, further improving the overall appeal of a home or office decor and offer a protective layer to floors. In regions with mostly cold climate, carpets & rugs are used for keeping the floor from getting too cold. A few decades ago, the demand for carpets & rugs was the highest in developed economies. However, this trend has changed in the last few years, with consumers spending more money on bringing about aesthetic improvements to their homes or office spaces. Rising renovation & remodeling activities coupled with interior designing are expected to bolster the demand for carpet and rugs in developing regions.
Nylon is the major driver for the global Carpets and Rugs market
Amidst the segmentation, the nylon segment projected to dominate the global Carpets and Rugs market. The nylon segment is leading the market with a growing CAGR. This growth can be attributed to nylon's great durability, resistance to stain and abrasion, good yarn memory to hold twist, soil concealing capability, and superior purification quality. Due to its high strength, nylon fiber molding is primarily used for industrial as well as commercial installing in areas of heavy foot traffic. After that, the polyester segment will rise at the highest rate during the forecast period in the carpets and rugs industry.
Woven Type is expected to drive the market growth
The woven segment is dominating in the market among all the type segment because the woven carpet can be made either by a machine or hand. Yarn is woven around warps (vertical fibers) and locked to keep in place with horizontal strands. Woven carpet generally made from pure wool, or either 20% nylon or 80%. This nylon and wool combination of the two adds durability and strength to the carpet, which is making its natural carpet that provides low inflammability, resistant to water-based stains, has, springs back into shape, and is easy to clean. Woven carpet available in two different types; Axminster and Wilton, which both have backing yarn woven and pile together for extra stability and strength.
Europe expected to witness significant growth in the market during the forecast period
The carpets and rugs market represented the extreme growth in the European region. For example, the increasing demand for carpets due to the rising flooring and furnishing activity as well as building construction activity drive the growth of the carpets and rugs market in Europe. In addition to carpets and rugs is a cost-effective alternative as compared to a stone that provides an elegant appearance and reduces noise sound.
Carpets and Rugs: Competitive Landscape
The Leading Market players of Carpets and Rugs are Mohawk Industries Inc., Ikea Group, Shaw Industries Group, Inc., Interface Inc., Tarkett S.A., Oriental Weavers Company for Carpet., Dixie Group, Inc., Beaulieu International Group, Victoria PLC, Mannington Mills, Inc., Tai Ping Carpets International Limited, Milliken & Company, Cormar Carpet, and Other Prominent Players.
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The in-depth analysis of the report provides the growth potential, upcoming trends, and statistics of the carpets and rugs market size & forecast. The report promises to provide state-of-the-art technology of carpets, rugs, and industry insights, which help decision-makers to make sound strategic decisions. Furthermore, the report also analyzes the market drivers, challenges, and competitive analysis of the market.
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