4.7%, Carpet Market Expected to Reach a Value of USD 74.1 billion by 2028

 

In 2019, the Carpet Market was valued at USD 52,1 billion. By 2028, it is expected to rise to USD 74.1 billion. The CAGR for 2019-2028 is 4.7%. In 2019, the market share for residential end-users was leading. It is expected that it will remain dominant throughout the forecast period.

Impact of COVID-19 on Carpets a Market:

The recent coronavirus outbreak negatively affected the market for carpets. The government instituted a nationwide lockdown to stop the spread of the Wuhan disease. This caused significant disruptions in the supply chain and disrupted production. The government’s restrictions on offices, hotels, and restaurants led to a substantial drop in carpet demand. Due to the COVID-19 pandemic, restrictions on hypermarkets and brand stores caused significant disruption in the distribution channel.

E-commerce is crucial for boosting the supply chain and distribution channel. Due to the risk of spreading coronavirus diseases, people have started to avoid in-store shopping.

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Carpet Market Growing Demand:

There is a rise in carpets used in the aerospace and aviation sectors and other industries. This is driving the demand for Carpet Market. Carpet manufacturers are concentrated in the following areas: industrial, marine, sports, aviation, and marine. Because of their proven presence and attractive characteristics, carpets are more popular than ceramics and wood, particularly in the residential market. Increasing construction investment has driven the expansion of carpet market demand.

Volatility in raw material prices, as well as increased health and environmental concerns, could be a hindrance to market growth over the forecast period. In the future, carpet manufacturers will have lucrative opportunities in emerging economies like India, China, and Brazil. This includes increased government investment in construction and renovations to airports, government buildings, and hospitals. These high-growth regions are expected to increase demand for carpets in Europe and the United States.

Carpet Market Driving Factors:

The region has identified several market opportunities. These include increased end-use applications, product and process innovation in carpet designs and technologies, and increasing demand for these products. The market for Middle East carpets is expected to grow due to rising demand in the end-use industry, such as the growing popularity of artificial grass in outdoor sports fields and other outdoor uses.

Another factor driving growth in the Middle East’s carpet market is the expected increase in construction investments between 2014 and 2020.

Carpet Market Restraining Factors:

Fluctuating prices for raw materials and increased regulations regarding raw materials are some factors that have resisted the growth of the carpet market. Manufacturers have been focusing more on eco-friendly alternatives to raw materials in recent years.

Carpet Market Recent development:

  1. In January 2022, the Tarkett Group entered into distribution cooperation with Reader’s Wholesale Distributors. Reader’s has represented the company’s robust product line for residential and commercial customers throughout southern Texas, Louisiana, and central and South Mississippi. We are expanding our distribution channel to address the needs of residential and commercial customers in these markets.
  2. Mannington Commercial unveiled a new line of carpets: rubber, luxury vinyl tile (LVT), and resilient sheet lines on June 2022. The company uses cradle–to-gate manufacturing for raw material extraction to reduce carbon dioxide emissions. These products are intended to accelerate the company’s supply chain and decarbonize its operations.
  3. Mohawk Industries, Inc. launched a carpet range under SmartStrand, which includes a blend of wool, nylon, and fiber. New launches provide the company with a wide range of products and allow them to target more customers, which will help increase its sales.

Carpet Market Key Companies:

  1. Shaw Industries
  2. Mohawk
  3. Oriental Weavers
  4. Milliken
  5. Beaulieu
  6. Interface
  7. Dinarsu
  8. Balta
  9. Infloor
  10. Tarkett
  11. Dixie Group
  12. Brintons
  13. Merinos
  14. Dongsheng Carpet Group
  15. Jiangsu Kaili Carpet
  16. Shanhua Carpet
  17. Haima Carpet
  18. TY Carpet
  19. COC Carpet
  20. Shenzhen Meijili Carpet

Carpet Market Segmentation:

Type

  1. Woven
  2. Needle felt
  3. Knotted
  4. Others

Application

  1. Commercial
  2. Home
  3. Transport

Carpet Market Key questions:

1.     What will be the market value in the future for the Carpets Market?

2.     What’s the Global Carpets Market’s growth rate?

3.     What are the major players in the Carpet Market?

4.     Which region has the highest share of the Carpet Market’s revenues?

 

 

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About the author

Avatar of Linda Hohnholz

Linda Hohnholz

Editor in chief for eTurboNews based in the eTN HQ.

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