The carpet industry is one of the largest and most rapidly expanding segments of the global home textile market. Given the rising demand for carpets and rugs in the residential, non-residential, and transportation sectors across the globe, the global carpet industry is anticipated to experience stable growth over the coming years.
According to the most recent report published by Lucintel, the global carpet industry is projected to reach an estimated $39.1 billion by 2021 and grow at a compound annual growth rate (CAGR) of 2.6% from 2016 to 2021.
This market’s primary growth drivers are the expansion of the construction and transportation sectors, as well as the increase in renovation activities. Carpet and rug consumers are gravitating toward vibrant, alluring hues and non-geometric designer patterns, which also drive market demand.
According to Lucintel, the residential end-user segment currently accounts for the majority of the global carpet and rug market and is anticipated to continue to be the largest and fastest-growing segment by value and volume over the next five years.
The growth in demand for carpets and rugs is largely attributable to housing renovation and new residential construction, which are the primary factors expected to drive this segment’s growth during the forecast period.
On the regional market, it is anticipated that North America will remain the largest market due to the continued expansion of residential and commercial building construction activities. Asia-Pacific, on the other hand, is expected to grow faster in the coming years, mostly because of its growing economy, rising incomes, and growing construction activities.
In terms of value and volume, India is currently the largest producer and exporter of handmade carpets in the world. Approximately 70–75% of Indian-made carpets are exported.
According to the Indian Brand Equity Foundation, exports of handmade carpets and other floor coverings from India totaled $1.4 billion in 2015/16, an increase of nearly 5% from the previous year.
Due to the exquisite design, subtle elegance, attractive colors, and craftsmanship of its carpet manufacturing, Pakistan is another of the world’s leading carpet suppliers for the home textiles market. Even so, Pakistan’s carpet business is losing market share, mostly because the government isn’t helping it.
Emerging trends such as the growing acceptance of carpet tiles, the demand for eco-friendly carpet, and the preference for contemporary area rugs are altering the carpet industry’s dynamics.
In spite of this, demand, particularly for handmade carpets of superior quality, remains high, and consequently, the industry is expected to continue to expand over the coming years.
If you join BizVibe today, you can add thousands of the world’s leading textile and apparel companies to your contact list.
BizVibe can help you reach out to sales prospects and decision-makers in the textile industry across the globe, whether you are looking for dependable suppliers, leading textile manufacturers, wholesalers, and potential customers in over 70 countries, or if you want to learn what your competitors are purchasing and which suppliers they use.
The market size for carpets was valued at $51.9 billion in 2018 and is projected to reach $73.9 billion by 2026, increasing at a CAGR of 4.6% from 2019 to 2026. In terms of market share, the residential end-user segment led in 2018 and is anticipated to maintain its dominance throughout the forecast period.
The carpet industry has undergone a radical transformation in recent years. The global market is driven by optimal pricing, prompt delivery, and high quality. In the extremely competitive carpet market, the primary factor for growth opportunities will be technological intervention supported by sustainability.
By involving industry stakeholders, continuous progress is being made toward the production of cost-effective, high-quality recyclable carpetsnd high quality.
In the extremely competitive carpet market, the primary factor for growth opportunities will be technological intervention supported by sustainability.
By involving industry stakeholders, continuous progress is being made toward the production of cost-effective, high-quality recyclable carpets.
In addition, the implementation of innovative technologies has improved inventory management, real-time monitoring, manufacturing cycle efficiency, and supply chain optimization.
Furthermore, the introduction of antimicrobial, anti-allergenic, and LED-embedded carpets has provided all new growth opportunities to the stagnant market.
Environmental sustainability, carbon emissions, and climate change are gaining the much-needed attention of involved parties. As a result, major players are now investing in sustainable, eco-friendly carpets to reduce their environmental impact.
Now, carpets will be at the forefront of the environmentally conscious flooring movement. Moreover, consumers, particularly millennials, are increasingly making eco-friendly and sustainable decisions in almost every aspect of their lifestyle.
Millennials now view products holistically and place the utmost importance on a brand’s ethos and value system. Consequently, the “green carpet” product concept is anticipated to gain significantly more traction in the coming years.
Carpet contributes to a home’s warmth and coziness. In addition, carpeting on floors aids in noise absorption, dust and dirt trapping, pet dander absorption, and moisture absorption.
In addition, carpets serve as a breeding ground for asthma-related pests like dust mites and cockroaches. When carpet is vacuumed, allergens are typically released into the home’s environment, which can trigger asthmatic symptoms in susceptible individuals.
Moreover, adhesive glues and padding materials release potentially hazardous chemicals that may cause further distress in children and the elderly.
Such contaminants in flooring would degrade indoor air quality, leading to an increase in health-related diseases such as skin irritation, breathing issues, and fatigue, to name a few.
Material, end user, sales channel, price point, and region are used to divide the global carpet market. The global market is studied for nylon, olefin, polyester, and other materials.
Based on the end user, the market is divided into residential and commercial segments. The global market is analyzed in terms of hypermarkets and supermarkets, specialty stores, and online sales channels.
The global market is divided into economy and luxury segments based on price point.Regionally, the market is studied in North America, Europe, Asia-Pacific, and Latin America and the Caribbean.
The global market is studied for nylon, olefin, polyester, and other materials. Nylon is widely regarded as the fiber of choice for carpet production.
Carpets made from nylon fiber are more durable than those made from other materials. Nylon can withstand high levels of wear and tear for an appreciable length of time.
Traditional ceramics are vital to our daily lives and human evolution as a whole. Archaeologists have traced the beginnings of ceramics back thousands of years, from the use of beautiful figurines to the storage of grains in ceramic jars. Here, we’ll talk about the history of ceramics, how it can be used in the real...
Leave a comment