Carpets and Rugs Market Analysis North America,APAC,Europe,Middle East and Africa,South America - US,Canada,China,UK,Germany - Size and Forecast 2023-2027

Carpets and Rugs Market Forecast 2023-2027

The carpets and rugs market size is estimated to increase by USD 10.64 billion and grow at a CAGR of 4.4% between 2022 and 2027. The market's growth is driven by several key factors. Firstly, there is a noticeable increase in consumer preference for home decor, driving demand for a variety of decorative products. Secondly, the market benefits from the growth in residential and commercial construction activities, as these projects often require a range of decor items. Additionally, the rising number of renovations and remodeling activities contributes to market expansion as homeowners seek to update and personalize their living spaces. These factors collectively indicate a positive outlook for the home decor market, with increasing opportunities for growth and innovation in response to evolving consumer preferences and market trends.

What will be the size of the Carpets And Rugs Market During the Forecast Period?

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Market Segments

This market report extensively covers market segmentation by material (nylon, polypropylene, polyester, and others), end-user (residential and commercial), and geography (North America, APAC, Europe, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.

By Material

The market share growth by the nylon segment will be significant during the forecast period. Nylon has become one of the most commonly employed materials for carpet production due to its excellent properties and performance. Nylon is known for its extraordinary durability and resilience.  Nylon has the ability to withstand heavy foot traffic and wear, making it an ideal material for carpets and rugs in high-traffic areas such as commercial spaces, hallways, and living rooms.

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The nylon segment was the largest segment and was valued at USD 21.44 billion in 2017. Manufacturers are constantly looking at improving nylon's performance, incorporating new characteristics such as antibacterial properties to fight against mould and mildew growth so that carpets often come with built-in stain resistance treatments, which make them easy to clean and maintain. These developments improve the value proposition for nylon carpets and rugs as a whole. Also, manufacturers are offering sustainable nylon options made from recycled materials, aligning with the rising consumer choice for sustainable products. Such factors are anticipated to drive the demand, which, in turn, is expected to fuel the growth of the nylon segment of the market during the forecast period.

Key Region

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APAC is estimated to contribute 35% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Another region offering significant growth opportunities to vendors is North America. In North America, the US and Canada are the major markets. The region has a strong culture of home improvement and renovation. This preference is compatible with the use made using natural fibres, recycled materials, or environmentally friendly manufacturing processes. The flooring sector is also characterized by the region's affinity for technology.

In North America, consumers are looking for carpets and rugs with improved characteristics, including stain resistantness, simplicity of maintenance as well as increased durability. The demand for essential components of interior spaces is expected to grow as consumer lifestyles evolve and the region continues to experience growth and development, which in turn is expected to fuel the growth of the regional market during the forecast period.

Market Dynamics and Customer Landscape

The market is influenced by various factors, including consumer preferences, regulations, and economic conditions. Consumers seek carpets and rugs for aesthetics, insulation, and non-slip flooring, particularly in cold climates. The market caters to new dwelling buildings and construction projects, offering alternative solutions to concrete floors. Economic uncertainties and micro-economic factors impact stakeholders, influencing pricing signals and financial performance analysis. Competitors strategize using tools like the Ansoff matrix, considering consumer inclination towards contemporary area rugs and carpet tiles. Interior decoration drives demand, positioning carpets and rugs in different quadrants based on human emotions and technological advancements. Understanding these dynamics is crucial for navigating the diverse landscape of the carpets and rugs market. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

Key Market Driver

The market is experiencing substantial growth driven by consumers' growing preference for home decor. Factors such as the increasing population of working women and rising incomes promote spending on interior decoration. Consumers are investing more time and money in decorating their homes with the best interiors, facilitated by easy availability and web tools like Pinterest and design blogs. Additionally, there is a rising demand for organic carpet and rug materials, including recycled and repurposed options, aligning with consumers' interest in sustainable home decor. Vendors are focusing on offering advanced options like contemporary area rugs and carpet tile, enhancing interior design possibilities. This trend towards natural textures and colors, along with soft-textured wall coverings, fuels market growth by providing consumers with diverse and eco-friendly choices.

Significant Market Trends

Technological advances are an emerging trend shaping market growth. In the case of carpets and rugs, technological progress is increasing. For example, luminous carpets are the latest trend in the market. Desso, a Tarkett-acquired company, has partnered with Koninklijke Philips NV (Philips) to develop luminous carpets. These carpets combine the light-emitting diodes (LEDs) by Philips with the light-transmissive carpets that are specially developed by Tarkett. Luminous carpets are durable and make a stylish flooring solution that can direct users with the help of LED lights on the carpets. The virtual rooms of these commercial products can be viewed, designed and configured by customers for the purposes of making an informed purchase decision. For instance, Mohawk has adopted Virtual Interactive Studio, a VR technology, to give its customers a better idea of the designs it offers.

Moreover, such a platform helps consumers try out many combinations of commercial carpets virtually on the virtual platform. Also, Tarkett provides a VR platform called the Room Visualizer to allow a virtual atmosphere while choosing carpets. During the purchase process, many companies are also expected to adopt VR on their websites to provide customers with a real-time experience. Thus, such technological innovations in carpets and rugs are anticipated to boost market growth during the forecast period. 

Major Market Challenge

The high cost of raw materials used is a significant challenge hindering market growth. The increasing prices of high-quality raw materials can influence the overall manufacturing cost. The cost of raw materials is a major element in confining the manufacturing cost. This increased cost would transmit to the consumers in the form of increased prices of carpets and rugs, which leads to a limit on the purchase of such products. Acrylic, cotton, polyester, nylon, polypropylene, jute, and wool are some of the raw materials used to produce carpets and rugs. Green carpets are rapidly being adopted by consumers due to growing concerns about pollution from the environment and deterioration in air quality at home. All the materials for green carpets are purely organic, so they come with a high price. This will result in a higher overall cost of producing green carpets and rugs.

Moreover, a potentially detrimental impact on the world carpet and rug market has occurred as a result of increases in commodity prices and resource scarcity. Secondly, there has been a global shortage of materials due to an increase in China's production capacity. This has led to the rapid and sharp rise in prices of basic materials, particularly linen, wool, silk, jute, or cotton, on the market. The price of synthetic fibres like polypropylene and polyamides has also increased. Therefore, the high cost of raw materials is anticipated to pose a major challenge to the market growth during the forecast period. 

Market Customer Landscape

The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Global Market Customer Landscape

Who are the Major Carpets and Rugs Market Companies?

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

Engineered Floors LLC - The company offers carpets and rugs such as Silver Liningiv, Stellar, and Gold standard I.

The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:

• Bhadohi Rug Co.
• BRINTONS AGNELLA Ltd.
• Capel Inc.
• Harounian Rugs International
• House of Tai Ping
• Inter IKEA Holding B.V.
• Koch Industries Inc.
• Lowes Co. Inc.
• Mannington Mills Inc.
• Milliken and Co.
• Mohawk Industries Inc.
• Oriental Weavers Group
• RUGS INC.
• Saraswati Global Pvt. Ltd.
• Stark Carpet Corp.
• Tarkett Group
• TAT MING FLOORING
• The Home Depot Inc.
• Victoria Plc

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Segment Overview

The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. 

• Material Outlook 
  • Nylon
  • Polypropylene
  • Polyester
  • Others

• End-user Outlook 
  • Residential
  • Commercial

• Region Outlook 
  • North America
    • The U.S.
    • Canada
  • South America
    • Brazil 
    • Argentina
  • Europe
    • U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa

Market Analyst Overview

The market is a dynamic industry influenced by various factors, including aesthetics, insulation, and non-slip flooring, catering to diverse needs in both developed and cold-climate regions. Amid economic uncertainties and purchasing power parity concerns, consumers seek alternative solutions such as technologically carpets and rugs. Online channels and e-commerce platforms drive accessibility, especially in urban regions, offering woven, knotted, and tufted carpets. Nylon and polypropylene segments dominate, responding to supply and demand curves shaped by macro and micro-economic factors. Competitive players like Abbey Carpet & Floor and Cormar Carpets navigate the industry's regulatory landscape while employing Ansoff matrix analysis for diversification. Housing starts and nonresidential buildings influence market dynamics alongside motor vehicle production and hard surface flooring trends, ensuring a robust market performance amid evolving consumer preferences and regulatory scenarios. Also, the construction industry often uses installed carpeting for decorative purposes, providing formal floor coverings that enhance the overall aesthetic appeal.

Moreover, the market is a dynamic sector influenced by various macro-economic factors and industry dynamics. In the developed world, particularly in cold climates, there is a growing demand for carpets and rugs, especially in new dwelling buildings and construction projects. Technologically advanced options like woven, knotted, and tufted carpets cater to diverse consumer preferences. Factors such as disposable incomes, regulatory scenarios, and pricing signals shape market dynamics. With recent developments and impending economic slowdown, stakeholders closely monitor the competitive landscape and market performance. The market caters to consumer inclination towards luxury vinyl tile, needlepunch carpeting, and wall-to-wall carpeting, offering decorative options for both formal and informal settings. Carpet and rug suppliers play a crucial role in meeting replacement demand and supporting new construction activity, navigating challenges such as building fires and severe weather to provide quality floor coverings for consumers.

Industry  Scope
Report Coverage	Details
Page number	165
Base year	2022
Historic period	2017 - 2021
Forecast period	2023-2027
Growth momentum & CAGR	Accelerate at a CAGR of 4.4%
Market growth 2023-2027	USD 10.64 billion
Market structure	USD Fragmented
YoY growth 2022-2023(%)	4.11
Regional analysis	North America, APAC, Europe, Middle East and Africa, and South America
Performing market contribution	APAC at 35%
Key countries	US, Canada, China, UK, and Germany
Competitive landscape	Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks
Key companies profiled	Bhadohi Rug Co., BRINTONS AGNELLA Ltd., Capel Inc., Engineered Floors LLC, Harounian Rugs International, House of Tai Ping, Inter IKEA Holding B.V., Koch Industries Inc., Lowes Co. Inc., Mannington Mills Inc., Milliken and Co., Mohawk Industries Inc., Oriental Weavers Group, RUGS INC., Saraswati Global Pvt. Ltd., Stark Carpet Corp., Tarkett Group, TAT MING FLOORING, The Home Depot Inc., and Victoria Plc
Market dynamics	Parent market analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period
Customization purview	If our market forecast report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting of the market between 2023 and 2027
• Precise estimation of the size of the market size and its contribution to the parent market
• Accurate predictions about upcoming market trends and analysis and changes in consumer behavior
• Growth of the market industry across Europe, North America, APAC, South America, and Middle East and Africa
• Thorough market growth analysis of the market’s competitive landscape and detailed information about vendors
• Comprehensive market analysis and report on the factors that will challenge the market research and growth of market companies

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