IMARC Group has recently released a new research study titled “Carpet Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032”, offers a detailed analysis of the carpet market trends, size, drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios.
How big is the carpet market?
The global carpet market size reached US$ 62.8 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 86.2 Billion by 2032, exhibiting a growth rate (CAGR) of 3.5% during 2024-2032.
Global Carpet Market Trends:
The global carpet market is driven by a diverse range of factors that collectively contribute to its growth and expansion, such as the increasing demand for residential and commercial construction projects significantly boosts the market, as carpets are widely used for flooring solutions due to their aesthetic appeal and comfort. Moreover, the rise in consumer spending on home decor and renovation projects further fuels the demand for carpets, reflecting a growing interest in enhancing living spaces.
Additionally, technological advancements in carpet manufacturing, such as the development of eco-friendly and sustainable materials, cater to the rising consumer preference for environmentally friendly products, which is fueling the market growth. Apart from this, the expansion of distribution channels, including online retail platforms, has made carpets more accessible to a broader audience, thereby bolstering the market growth.
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Factors Affecting the Growth of the Carpet Industry:
Increasing Demand for Residential and Commercial Construction Projects:
The surge in residential and commercial construction activities globally acts as a primary driver for the carpet market. As urbanization and economic growth spur the development of housing projects, office spaces, and commercial establishments, the demand for carpets escalates. Carpets play a crucial role in interior design, offering not just aesthetic appeal but also comfort and noise insulation. This rising construction activity directly correlates with an increased need for flooring solutions, where carpets are favored for their versatility, warmth, and ability to complement various architectural styles.
Rise in Consumer Spending on Home Décor:
Consumer expenditure on home decor has seen a significant uptick, with carpets being a central element of interior decoration projects. This trend is driven by a growing desire among homeowners to create personalized and comfortable living spaces. Carpets, with their wide variety of designs, materials, and textures, offer an immediate transformation of spaces, adding color, warmth, and personality. The emphasis on creating a unique home environment that reflects individual taste and lifestyle preferences leads to higher demand for quality carpets, making consumer spending a vital driver for the carpet market.
Technological Advancements in Carpet Manufacturing:
The carpet industry has witnessed considerable technological advancements, making the production process more efficient and environmentally friendly. Innovations in manufacturing technology have led to the development of carpets that are durable, stain-resistant, and require less maintenance. Moreover, the push towards sustainability has resulted in the creation of carpets made from recycled and eco-friendly materials, appealing to environmentally conscious consumers.
Carpet Market Report Segmentation:
By Material:
- Nylon
- Olefin
- Polyester
- Others
Nylon represented the largest segment by material due to its durability, resilience, and ease of maintenance, making it highly desirable for both residential and commercial applications.
By Price Point:
- Economy
- Luxury
Economy represented the largest segment by price point as consumers often seek affordable flooring solutions that offer value for money, especially in cost-sensitive markets.
By Sales Channel:
- Supermarkets and Hypermarkets
- Specialty Stores
- Online Stores
Specialty stores represented the largest segment by sales channel because they offer personalized service, expert advice, and a wide range of products, appealing to customers looking for quality and customization in their carpet purchases.
By End User:
- Residential
- Commercial
Residential represented the largest segment by end user as carpets are extensively used in homes for their aesthetic appeal, comfort, and warmth, making them an integral part of home decor.
Regional Insights:
- North America
- Asia-Pacific
- Europe
- Latin America
- Middle East and Africa
North America was the largest market by region, driven by high consumer spending on home renovations and improvements, along with a robust construction sector fueling the demand for carpets.
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Top Manufacturers in the Carpet Industry
- Armstrong Flooring Inc.
- Balta Industries nv.
- Beaulieu International Group
- Brumark, Dorsett Industries
- Interface Inc.
- Mannington Mills Inc.
- Milliken & Company
- Mohawk Industries Inc.
- Shaw Industries Group Inc. (Berkshire Hathaway Inc.)
- Tarkett
- Victoria PLC
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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