Wool Carpet Market Size, Share & Industry Analysis, By Product (Woven wool , Homemade), By End-Use (Residential, Hotel, Offices, Others), By Distribution Channel (Online, Retail Store) and Regional Forecast, 2024-2032

Wool carpet is mostly manufactured from natural fiber which is strong, comfortable, tough and is completely renewable. Due to its longlasting quality, wool is often chosen over other types which in turn is expected to increase the demand for the product. Furthermore, the rising growth of hotels using wool carpet for the decoration of rooms, gymnasium, dining hall, hallway, and others create the need for wool carpet. According to Condor Ferries ltd, Luxury hotel statistics display that there are more than 4,400 4-star and 5-star hotels all over the world. Additionally, the growing number of well-furnished corporate offices also generates more needs for the product. According to the International Wool Textile Organisation, about 1.155 million kg (2018) of clean raw wool are created by over 1.177 billion sheep (2018) globally.

Moreover, wool carpet having the capability to resist flame also act as one of the leading opportunity for the growth of the market.

Key Market Driver -

The increasing growth of interior decoration act as one of the major driver for the growth of the market.

Key Market Restraint -

Its sensitivity to chemicals and stain act as a restraining factor for the growth of the market.

Wool carpet is largely used for decoration of various places like home, workplace, guesthouse, and others. Wool carpet can act as an insulator as it has the ability to confine heat and keep the room warm even in cold weather, and this is resulting to gain more traction. Moreover, due to its strength and elasticity, highly-graded wool carpets are more in demand. Additionally, since the shell of wool is hydrophobic, it is able to repel water. Likewise, mechanical self-cleaning quality also increases more requirements for the product. According to Indian Brand Equity Foundation, In 2018–19, India has exported raw wool at US$ 1.2 million and have also touched US$ 25,402 in 2019-20 (till September 2019)

However, due to highly reactive and easy absorption in nature wool carpet is vulnerable to stain and chemicals and this thus acts as a restraining factor that is hampering the growth of the market.

Key Players Covered:

 AeroSea Carpet, Oriental Weavers Group, TY Carpet, ITC Natural Luxury Flooring, Shaw Industries, Balta, Haima Carpet, Desso Aviation, and others are some of the key players in the global wool carpet market.

Likewise, companies are moving towards the creation of better innovative products like for instance, a prominent European carpet manufacturer Ege is now using specially merged  New Zealand wool in its innovative manufacturing process.

The global wool carpet market is segmented into by product, by end-use, by distribution channel, and by geography.

On the basis of the product, the market is fragmented into woven wool, and homemade. Woven wool is anticipated to be the large shareholder owing to the creation of better quality products and larger production of wool carpet as compared to homemade.

Based on end-use, the market is classified into residential, hotel, offices, and others. Residential is projected to hold the largest share owing to the manufacturing of a large number of wool carpet products which are meant for home use as it is in higher demand as compared to other segments.

Depending on the distribution channel, the market is divided into online and retail. Retail Store is anticipated to be the major shareholder as it gives consumers less complication while ordering for exact size, shape, and design which is often becoming a complication while doing online shopping.

Regional Analysis:

On the basis of region, the market is segmented into North America, Europe, Asia Pacific, South America, and Middle & East and Africa.

North America is projected to hold a significant share in the global wool carpet market owing to the growth of the household goods industry due to marketing and sales promotional activities. Furthermore, the rising health concern population has attracted more people to the product as wool carpet has the ability to retain dust, allergens, and other impurities. According to the Asthma and Allergy Foundation of America, More than 50 million Americans have experienced various types of allergies each year. Furthermore, due to the empowerment of women most families are having a dual-income, it results in having higher buying power and this propel to the necessity of household items, including wool carpet.

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The Asia Pacific is expected to show strong growth during the forecast period 2019-2026 owing to the economic growth in countries like South Korea, Japan, China, and India. Additionally, the progression in urbanization has resulted in having more necessities, including wool carpet. According to Trading Economics, the 2018 urban population of South Korea was estimated to be 81.46%. Furthermore, due to the adoption of corporate work culture, it gives rise to changing lifestyle and well-furnished household and thus this also helps to gain more requirements of the product in this region.

Segmentation

Key Industry Developments

• In October  2018, CP Wool declared its partnership with J Mish Mills to distribute NZ wool carpets. This partnership will result  J Mish to design and production of carpets and rugs from spun and yarn grown in New Zealand.


• In June  2019, Ulster Carpets announced the launched of New Wool Twist Carpet. This product comes in four on trend colours of greys and creams.