Global Carpets and Rugs Market to Reach $38.8 Billion by 2026
SAN FRANCISCO, May 25, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Carpets and Rugs - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 20; Released: January 2021
Executive Engagements: 6580
Companies: 776– Players covered include Al Abdullatif Industrial Investment Company; Axminster Carpets Limited; Balta Group NV; Beaulieu International Group; Brintons Carpets Limited; Cormar Carpet Company; Engineered Floors LLC; Dream Weaver Carpet; J&J Flooring Group LLC; Heckmondwike FB; ICE International; Interface, Inc.; Mannington Mills, Inc.; Merida Meridian, Inc.; Milliken Floor Coverings; Mohawk Industries, Inc.; Oriental Weavers Group; Saif Carpets Pvt. Ltd.; Scott Group Studio; Shaw Industries Group, Inc.; Anderson Tuftex; Societe Ateliers Pinton SARL; Suminoe Textile Co., Ltd.; Tai Ping Carpets International Ltd.; Tarkett S. A.; DESSO Holding BV; Tandus Centiva Inc.; The Dixie Group, Inc.; Atlas Carpet Mills; Victoria PLC; Thomas Witter Carpets; Victoria Carpets Pty. Ltd.; Hugh Mackay Carpets and Others.
Coverage: All major geographies and key segments
Segments: Product Segment (Tufted, Woven, Other Product Segments); Application (Residential, Commercial)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.
Complimentary Project Preview - This is an ongoing global program. Preview our research program before you make a purchase decision. We are offering a complimentary access to qualified executives driving strategy, business development, sales & marketing, and product management roles at featured companies. Previews provide deep insider access to business trends; competitive brands; domain expert profiles; and market data templates and much more. You may also build your own bespoke report using our MarketGlass™ Platform which offers thousands of data bytes without an obligation to purchase our report. Preview Registry
ABSTRACT-
Global Carpets and Rugs Market to Reach $38.8 Billion by 2026
Carpets come in a wide range of colors and textures, with most of them tufted or woven using wool, polyester, nylon or other synthetic materials. Demand in the market is set to be driven by new technologies aimed at improving durability and aesthetics; healthy demand from the commercial sector, increasing popularity of modular carpet solutions, increasing demand for premium carpets and rise in new construction and renovation activity globally. Modern carpets offer higher levels of comfort as compared to the old ones. Memory foam is the new option for carpet flooring and prevents moisture. While demand for carpets has been adversely impacted by the growing interest in hard-surface flooring, sales of area rugs however have been relatively unaffected, given that these rugs are generally used to enhance the appearance of hard-surface flooring. Growing acceptance of carpet-tiles and contemporary area-rugs has also been contributing significantly to overall market growth.
Amid the COVID-19 crisis, the global market for Carpets and Rugs estimated at US$32 Billion in the year 2020, is projected to reach a revised size of US$38.8 Billion by 2026, growing at a CAGR of 3.3% over the analysis period. Tufted, one of the segments analyzed in the report, is projected to record a 3.5% CAGR and reach US$28.9 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Woven segment is readjusted to a revised 3% CAGR for the next 7-year period. Tufted carpets witness strong demand due to their stain-resistant nature and long life. The carpets are considered ideal for areas that experience heavy footfall. Nylon constitutes the most used material mainly because of its good resilience and abrasion and stain resistance. Nylon is also reputed for its high yarn memory for holding the twist, its capability of hiding soil and the higher cleaning efficacy.
The U.S. Market is Estimated at $10.3 Billion in 2021, While China is Forecast to Reach $4.6 Billion by 2026
The Carpets and Rugs market in the U.S. is estimated at US$10.3 Billion in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$4.6 Billion by the year 2026 trailing a CAGR of 4.7% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.6% and 3.2% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 2.6% CAGR.
The United States and Europe represents the largest markets worldwide, supported by their cold climatic conditions. Rapid industrialization and growing focus on enhancing interiors, especially in commercial and corporate settings is encouraging demand for carpets is various emerging markets. Other growth driving factors include increasing middle class population and the rapid growth of the transportation sector.
Residential Application Segment to Reach $24.1 Billion by 2026
In residences, the main purpose of carpets and rugs is for thermal and sound insulation and improvement of aesthetic appeal of the interiors. Demand in the market is set to be driven by the level of housing renovations and new residential constructions, with strong growth in renovations and sales of newly constructed structures translating to higher demand for carpets. In the global Residential Application segment, USA, Canada, Japan, China and Europe will drive the 3.4% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$15.4 Billion in the year 2020 will reach a projected size of US$19.3 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$1.5 Billion by the year 2026, while Latin America will expand at a 3.9% CAGR through the analysis period. More
MarketGlass™ Platform
Our MarketGlass™ Platform is a free full-stack knowledge center that is custom configurable to today's busy business executive's intelligence needs! This influencer driven interactive research platform is at the core of our primary research engagements and draws from unique perspectives of participating executives worldwide. Features include - enterprise-wide peer-to-peer collaborations; research program previews relevant to your company; 3.4 million domain expert profiles; competitive company profiles; interactive research modules; bespoke report generation; monitor market trends; competitive brands; create & publish blogs & podcasts using our primary and secondary content; track domain events worldwide; and much more. Client companies will have complete insider access to the project data stacks. Currently in use by 67,000+ domain experts worldwide.
Our platform is free for qualified executives and is accessible from our website www.StrategyR.com or via our just released mobile application on iOS or Android
About Global Industry Analysts, Inc. & StrategyR™
Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world's only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.
CONTACTS:
Zak Ali
Director, Corporate Communications
Global Industry Analysts, Inc.
Phone: 1-408-528-9966
www.StrategyR.com
Email:
[email protected]
LINKS
Get Full Report Details
https://www.strategyr.com/market-report-carpets-and-rugs-forecasts-global-industry-analysts-inc.asp
Join Our Expert Panel
https://www.strategyr.com/Panelist.asp
Connect With Us on LinkedIn
https://www.linkedin.com/company/global-industry-analysts-inc./
Follow Us on Twitter
https://twitter.com/marketbytes
Journalists & Media
[email protected]
SOURCE Global Industry Analysts, Inc.
Related Links
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article