NEWARK, Del, Feb. 01, 2024 (GLOBE NEWSWIRE) -- The carpet and rug market is estimated to be worth US$ 93.5 billion in 2024 and is projected to be valued at US$ 171.0 billion in 2034. Between 2024 and 2034, the industry is expected to expand at a 6.2% CAGR.
A growing preference for contemporary interior aesthetics in both residential and commercial spaces is driving heightened expenditures on aesthetic enhancements. This inclination is notably contributing to an increased demand for carpets and rugs. The rise in disposable income, particularly in developing nations, is anticipated to further propel market growth.
The surge in global infrastructure development and construction activities has led to a heightened demand for carpets and rugs. This demand extends to both residential and commercial spaces, as there is a growing need for furnishing products to enhance the aesthetics and functionality of workplaces and homes alike. There is a growing demand for carpets and rugs designed to promote a healthier indoor environment. The increasing popularity of antimicrobial treatments and materials resistant to allergens reflects a heightened consumer preference for flooring solutions that prioritize health and well-being.
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Advances in manufacturing technology and the introduction of innovative materials, such as stain-resistant and eco-friendly fibers, have expanded the options available to consumers. This, in turn, attracts individuals who are looking for durable and low-maintenance flooring solutions. The growth of e-commerce platforms has made it easier for consumers to explore and purchase carpets and rugs online. The convenience of online shopping, along with a wide range of product choices and competitive pricing, has driven the market's accessibility and increased sales.
Key Takeaways from the Market Study
- From 2019 to 2023, the carpet and rug market expanded at a CAGR of 7.9%
- By product type, woven carpet and rug sales are expected to rise at a CAGR of 6.0% from 2024 to 2034.
- Carpet and rug demand in China is predicted to rise at a CAGR of 6.9% through 2034.
- In the United States, the carpet and rug ecosystem is expected to advance at a CAGR of 6.5% from 2024 to 2034.
- The United Kingdom is projected to expand at a value CAGR of 7.3% between 2024 to 2034.
- The carpet and rug market in Japan is anticipated to record a CAGR of 7.7% during 2034.
“The increasing construction activities and growing application in residential and commercial spaces to drive the market growth during the forecast period.” -says Sneha Verghese, Senior Consultant for Consumer Goods and Products at Future Market Insights.
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Competitive Landscape
Key players in the carpet and rug industry are making substantial investments in extensive research and development initiatives, with a primary focus on introducing cutting-edge products. The expansion of product portfolios and engagement in mergers and acquisitions stands out as the primary strategic approach embraced by these firms.
- Tarkett - a multinational flooring company with a diverse product portfolio. Provides a range of flooring solutions, including carpets, vinyl, and laminate.
- Shaw Industries Group Inc. is a leading carpet and flooring company. Provides a broad spectrum of products, including carpets, rugs, hardwood, and laminate flooring. Emphasizes eco-friendly manufacturing processes.
- Genie Carpet Manufacturers is a notable player in the carpet manufacturing industry. It specializes in a variety of carpets and rugs, often incorporating traditional and modern designs.
Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global carpet and rug market, providing historical data from 2019 to 2023 and forecast statistics between 2024 and 2034.
To understand opportunities in the carpet and rug industry, the industry is segmented based on (Woven, Tufted, Knotted, Needle-Punched, and Others) By Material (Nylon, Polyester, Polypropylene, Cotton, Wool, Silk, Jute, Others) By End-Use(Residential, Commercial) Region (North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, the Middle East, and Africa).
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Report Scope:
| Attributes | Details | ||
| Estimated Market Size in 2024 | US$ 93.5 billion | ||
| Projected Market Valuation in 2034 | US$ 171.0 billion | ||
| Value-based CAGR 2024 to 2034 | 6.2 % | ||
| Forecast Period | 2024 to 2034 | ||
| Historical Data Available for | 2019 to 2023 | ||
| Market Analysis | Value in US$ billion | ||
| Key Regions Covered |
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| Key Market Segments Covered |
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| Key Countries Profiled |
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| Key Companies Profiled |
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Key Segmentation for Carpet and Rug Industry
By Product Type:
- Woven
- Tufted
- Knotted
- Needle-Punched
- Others
By Material:
- Nylon
- Polyester
- Polypropylene
- Cotton
- Wool
- Silk
- Jute
- Others
By End Use:
- Residential
- Commercial
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- Middle East and Africa
Authored by:
Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.
Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.
Explore FMI’s Extensive Ongoing Coverage on Consumer Product Domain:
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- The middle east flooring and carpet share during the forecast period, sales of flooring and carpet products in the Middle East is expected to rise at a 7.8% CAGR to reach US$ 21,521.3 million by 2033.
- The carpet extraction cleaner market growth is projected to record a solid CAGR of 4.7% over the forecast period. By 2033, the carpet extraction cleaner market size is projected to capture a valuation of US$ 2,668.2 million.
- The global flooring and carpet market demand projections for 2033 anticipate a promising trajectory leading to an estimated value of US$ 485,371.5 million. This steady progression is underscored by a CAGR of 5.0% from 2023 to 2033.
- The global carpet and upholstery cleaning services market expansion is anticipated to reach a valuation of US$ 97.8 billion by 2033. It is anticipated to record a steady CAGR of 5.3% from 2023 to 2033.
About Future Market Insights, Inc. (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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