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 market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.
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. Significant technological advancements, rising environmental concerns, burgeoning real estate and construction projects, and the surge of online retail are factors shaping the market's trajectory.
Global Carpet Market Trends:
The increasing adoption of eco-friendly and sustainable carpet options, driven by heightened environmental awareness among consumers and stricter regulations on sustainable practices, is acting as a growth-inducing factor. Additionally, the growing interest in modular carpet tiles, which offer flexibility and ease of installation, making them ideal for residential and commercial applications, is bolstering the market growth. Besides this, the rise of e-commerce platforms, enabling consumers to access a wider range of products and customization options online, is providing a considerable boost to the market growth.
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Factors Affecting the Growth of the Carpet Industry:
Rising Consumer Demand for Home Renovation and Decor: The increasing consumer demand for home renovation and interior decor is one of the major factors boosting the market growth. Moreover, the growing demand for carpets, as homeowners seek to enhance the aesthetic appeal and comfort of their living spaces, is acting as a growth-inducing factor. Besides this, the growing popularity of home improvement shows and digital platforms that inspire homeowners with ideas and tips on interior design is catalyzing the market growth. Moreover, carpets offer a range of benefits, including insulation, noise reduction, and a cozy atmosphere, making them an attractive option for various rooms in a home. Additionally, the availability of a wide variety of carpets, such as luxurious wool and cost-effective synthetic options, allowing consumers to select products that suit their budget and style preferences, is fueling the market growth.
Rapid Technological Advancements in Carpet Manufacturing: The rapid technological advancements in carpet manufacturing, leading to enhanced product quality, durability, and design possibilities, are enhancing the market growth. Moreover, the rising innovations in manufacturing processes, such as advanced dyeing techniques and the development of stain-resistant and hypoallergenic materials that improve the functionality and longevity of carpets, are fueling the market growth. Besides this, the burgeoning integration of smart technology, such as carpets with built-in sensors for monitoring room conditions or health-related data, is boosting the market growth. Moreover, the introduction of eco-friendly manufacturing practices and the use of sustainable materials that align with the growing consumer preference for environmentally responsible products is stimulating the market growth.
Growth of the Commercial Sector and Increased Infrastructure Development: The expansion of the commercial sector and increased infrastructure development are key factors driving the market growth. Additionally, the rise of new commercial buildings, office spaces, hotels, and retail establishments, creating the demand for high-quality flooring solutions that offer durability, aesthetic appeal, and ease of maintenance, is bolstering the market growth. Carpets are favored in commercial settings due to their ability to reduce noise, enhance indoor air quality, and provide a professional appearance. Besides this, the burgeoning product demand in the hospitality industry, as hotels and resorts seek to create inviting and luxurious environments for their guests, is enhancing the market growth.
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Key Companies:
- 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.
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.
Key Highlights of the Report:
- Market Performance (2018-2023)
- Market Outlook (2024-2032)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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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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