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The global carpets and rugs market size was valued at USD 50.29 billion in 2022 and is projected to grow from USD 55.28 billion in 2023 to USD 106.01 billion by 2030, exhibiting a CAGR of 10.03% during the forecast period.
Carpets and rugs are used in commercial and residential sectors to provide an extra layer of padding to protect the floor. They add color and provide a decorative effect to the overall interior of a workplace or residence. Furthermore, carpets and rugs are in high demand in cold regions as they keep the floor from getting too cold during winter. The demand for carpets and rugs is growing significantly worldwide due to their practical qualities and aesthetics. The surge in construction activities, increasing disposable income of consumers, rise in need for furnishing products, and rapid urbanization in developing countries are also driving the carpets and rugs market growth worldwide.
Pandemic Threatened the Market Prospects Owing To Worldwide Lockdown
The government imposed worldwide travel restrictions and lockdowns to minimize the spread of the coronavirus in 2020. Government-imposed lockdowns led to huge disruptions in the raw material supply chain and impacted carpet and rug production. The demand for carpets and rugs declined in the commercial sector due to the shutdown of restaurants, hotels, and offices.
The export and import of carpets & rugs were affected due to the rise in shipping costs in 2020. The market growth was affected negatively due to increased consumer demand during the pandemic and limited supply, which had put a strain on logistics for carpets and rugs. The prices of raw materials such as cotton, silk, jute, and wool hiked during the pandemic, which tightened the production of the product. The export is mostly by sea or air, and the increased freight costs reduced export volume during the pandemic, adversely impacting the market growth.
The demand for anti-viral and anti-microbial carpets that require less maintenance increased during the pandemic. The manufacturers focused on launching new advanced products to cater to the increasing consumer demand. For instance, in September 2020, Welspun Flooring, an India-based manufacturer, launched a new range of carpets for consumers in India. The newly launched product has anti-microbial and anti-fungal properties.
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Sustainable Product Shopping to Boost Market Development
Post-lockdown, environmental and social sustainability are the most significant trends worldwide. Consumers are shifting towards eco-friendly shopping and living behavior. Millennials and Gen Z consider themselves with more sustainable values than their older generation. This factor has enabled the rugs and carpets market to adopt sustainability actions such as eco-friendly raw materials and sustainable products. The manufacturers in the market are focusing on launching eco-friendly products to cater to the rising demand for sustainable products worldwide. For instance:
Rising Number of Technologically Advanced Products to Favor Market Expansion
The availability of technologically advanced products has increased significantly owing to trends like convenience, unique theme designs, and customizations in both residential and commercial sectors. Manufacturers focus on launching new innovative products, increasing product demand, and boosting market growth. For instance:
Governments across countries are also taking initiatives and introducing modern technologies to boost market growth. For instance, in March 2022, the Governor of Jammu & Kashmir launched a Geographical indication tag for the famed hand-knotted Kashmiri Carpets. The GI tag comes with a Quick Response code to preserve the genuineness and authenticity of the hand-knotted carpets. The GI tag is launched to help revive the Kashmiri carpets market. The first batch of GI-tagged hand-knotted carpets was exported on 11th March 2022 in Germany.
Increasing Renovations and Remodeling to Increase Product Demand
The rising product demand due to increasing renovation and remodeling drives the market growth. The products are utilized for their useful characteristics, such as floor heat insulation, slip prevention, and aesthetic appeal. These are gaining importance in the world of interior designing and growing consumer inclination towards interior aesthetics coupled with growth in e-commerce platforms, increasing standard of living driving the market growth. For instance, according to the U.S. Houzz & Home Study 2022, home renovation spending increased by 21% 2021 compared to the previous year and hit the highest rate in four years.
High Raw Material Prices Rules and Increasing Duties by Government to Restrain Market Growth
The rapid fluctuations in the prices of raw materials such as crude oil, the main ingredient for producing nylon and polyester staple fiber. The fluctuation in the cost of crude oil increases the cost of nylon and other fibers, increasing the prices of raw materials required for manufacturing carpets and rugs. This factor is restraining the market growth. Furthermore, high duties on trade and the dumping of carpets and rugs by several countries' governments also limit market growth. For instance, in July 2022 Moroccan government announced it would be applying anti-dumping duties on carpets imported from Egypt and China. The new anti-dumping customs on imported manufactured textile floor coverings and carpets increased in Egypt by 35.3% and in China by 144% for five years.
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Tufted Segment is expected to Hold a dominant Share of the Market
The market is segmented into Knotted Pile, Needle Punched, Woven, Tufted, and others based on product type. Tufted held a significant market share due to the easy availability of various designs, fast product production time, durability, and cost-effectiveness. Consumers' preference is dynamically changing in the market, and they prefer washable and affordable carpets. Tufted carpets are treated with stain-resistant chemicals to extend the carpet fibers' life. These carpets are ideal for wall-to-wall carpeting in rooms with heavy furniture and high foot traffic. These factors are driving the market growth. Manufacturers are focusing on launching new products owing to the increasing demand. For instance, in April 2022, Gossamer, a carpet manufacturer, in collaboration with Alex Proba, an artist, launched a new collection of hand-tufted rugs, Volume Seven: Touch.
The woven segment is expected to grow significantly through the forecast period owing to the wide availability, long product life, and comfort. These are symbols of luxury for interior decoration as they are handmade with traditional design. These factors are driving the market demand.
High Resilience and Stain Restraint Features to drive the demand for Synthetic-Yarn Fibers
The rugs and carpets market is segmented into animal-made yarn, plant-made yarn, and synthetic fibers based on material. The synthetic-made yarn holds a major share of the market owing to the high preference among consumers as they are stain restraint, durable and cost-efficient. The synthetic fibers include nylon, olefin, and polyester. These materials dry quicker, are relatively strong, and have less absorbency. Moreover, due to their resilience, nylon carpets are ideal for high-traffic areas such as hallways and stairwells. These factors are driving the market growth.
The animal-made yarn is expected to grow steadily through the forecast period. The increasing demand for silk products is owing to their strength, durability, and mold resistance. Silk is considered a luxurious fiber, and the availability of handmade silk products with ancient traditional designs drives the market growth. Manufacturers are launching new products to cater to the increasing demand for luxurious and unique products made from materials such as silk and wool. For instance, In March 2021, Hands Carpets, an India-based carpets and rugs manufacturer, launched a new extraordinary collection of Persian hand-knotted carpets made from wool, botanical and pure silk.
Rising Number of New Residential Homes to Boost Market Growth
This market is segmented into residential and commercial based on application. The residential segment held a major market share owing to the rising trend of carpeting in the household to enhance the décor with unique patterns and colors. The increasing interest in home renovation, such as removing out-of-style or worn rugs and carpets, is boosting the market demand. The rising usage of carpets to prevent accidents and provide a comfortable play surface for children is driving the market growth.
The commercial segment is also expected to grow steadily in the coming years. The rising demand for the product in commercial spaces is due to providing thermal insulation, an attractive & flexible accent, reducing atmospheric pressure, and soundproofing abilities. These factors are driving the market demand. Manufacturers also focus on launching new products for offices, hotels, and others. For instance, in October 2021, Carcus Flooring, a division of Beaulieu International Group, launched a new unique collection of commercial broadloom carpets, XL Insinia Chromo.
North America Carpets and Rugs Market Size, 2022 (USD Billion)
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Based on geography, the global market is categorized into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
North America dominated the market and was valued at USD 18.08 billion in 2022. The rapid expansion of housing and construction activities, especially in the U.S., is bolstering the market growth in this region. In addition, the increasing demand for new homes and the rising home decoration trend are increasing product demand in the coming years. For instance, according to the NAR (National Association of Realtors in the U.S.), house sales reached 6.12 million in 2021, an 8.5% rise from the previous year.
Manufacturers in the market are focusing on launching new products to cater to the increasing demand from consumers for unique and sustainable products. For instance, In October 2022, Crate & Barrel, a U.S.-based home décor manufacturer, launched an artisan-crafted rug line with 90 new patterns that combine soft palettes, a wide range of sizes, and high-quality materials such as premium viscose.
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Europe is expected to grow considerably owing to an increase in the demand for eco-friendly & sustainable carpets and a rising inclination towards contemporary surface rugs. Germany is one of the major contributors to this region's growth due to the increase in residential real estate and infrastructure improvements, such as production sites and commercial offices. The increasing demand for the usage of products as consumers rising inclination towards bold colors, non-geometrical, and attractive exclusive patterns are driving the market demand in this region.
Prominent players such as Tai Ping Carpets International Ltd, Tarkett Group, Shaw Industries Group Inc. have focused on store launches, partnerships & expansions for a strong foothold in the market. Players focus on promotion and marketing strategies to create strong brand awareness. For instance, in September 2022, OBEETEE Carpets, a carpet manufacturer, launched its new collection in collaboration with JJ Valayaa and opened its new flagship store in New Delhi.
An Infographic Representation of Carpets & Rugs Market
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The global carpets and rugs market report analyzes the market in-depth and highlights crucial aspects such as prominent companies, product types, and sizes. Besides this, the research report provides insights into the market trends and highlights significant industry developments. In addition to the aspects mentioned earlier, the report encompasses several factors contributing to the market's growth.
CAGR of 10.03% from 2023 to 2030
Value (USD Billion)
By Product Type
North America (By Product Type, Material, Application, and Country)
Europe (By Product Type, Material, Application, and Country)
Asia Pacific (By Product Type, Material, Application, and Country)
South America (By Product Type, Material, Application, and Country)
Middle East and Africa (By Product Type, Material, Application, and Country)
Fortune Business Insights says that the worldwide market size was USD 50.29 billion in 2022 and is anticipated to reach USD 106.01 billion by 2030.
In 2023, the worldwide market value stood at USD 55.28 billion.
At 10.03%, the market is projected to grow in the forecast period (2023-2030).
By product type, the tufted segment is expected to dominate the market throughout the forecast period (2023-2030).
The rising number of eco-friendly and sustainable products worldwide is accelerating market growth.
Tai Ping Carpets International Ltd, Oriental Weavers Company, Mohawk Industries Inc., Lowe's Companies Inc., Tarkett Group, Victoria Carpets Ltd., and Shaw Industries Group Inc. are the leading companies worldwide.
North America dominated the worldwide market in 2022.
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