Dublin, Feb. 17, 2023 (GLOBE NEWSWIRE) -- The "Carpet Flooring Market - Global Outlook & Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The carpet flooring market is expected to grow at a CAGR of approximately 5.74% from 2022 to 2028. Remodeling activities are one of the major opportunities for vendors in the carpet flooring market.
Remodeling means modifying the interiors and exteriors of the existing structure and involves upgradation according to recent trends. It involves alterations, maintenance, repairs, and various additions. Re-innovations make old space interesting, and because of this, people across the world are investing significantly in home renovation and improvement activities.
However, there is less demand for carpet flooring from the renovations and home remodeling homes sector in developing and underdeveloped countries in the regions such as Latin America, Middle East & Africa, and APAC. Therefore, regions such as North America and Europe are anticipated to generate the highest demand for carpet flooring during renovation and home improvement activities. However, improving economies in countries such as India, Brazil, Mexico, and few others in both residential and commercial sectors are expected to create significant potential for the growth of carpet flooring during renovations.
Market Dynamics
Market Opportunities & Trends
- Escalating Demand for Carpet Tiles
- Rise in Renovation and Remodeling Activities
- Rising Demand for Sustainable Carpets
Market Growth Enablers
- Growth of Hospitality Industry
- Hotel Construction
- Rising Demand in Automotive Industry
- Increasing Demand from Transportation Sector
Market Restraints
- High Maintenance & Initial Cost
- Availability of Other Substitutes
- Lack of Skilled Labor
SEGMENTATION INSIGHTS
INSIGHTS BY PRODUCT
The global broadloom carpet flooring market was valued at USD 51 billion in 2022 and dominated the product segment. However, the industry for carpet tiles is expected to witness the highest growth during the forecast period owing to rising demand for modular and innovative designs and eco-friendly carpets. Broadloom Carpets are not easy to recycle and reuse, but carpet tiles can be easily recycled as they are small in pieces. People in low- and middle-income areas have less affordability, so they refrain from choosing carpet tiles. Moreover, shifting towards eco-friendly products has driven demand for carpet tiles in the flooring market.
Segmentation by Product
- Broadloom Carpet
- Carpet Tiles
INSIGHTS BY APPLICATION
The replacement segment dominates the industry, accounting for over 59% of the share. The advent of technology, raw materials, durability, appearance, smoothness, comfort, hardness, fire resistance, and maintenance for remodeling flooring are propelling the demand for replacing carpet flooring.
However, even though replacing carpet flooring currently dominates the global carpet flooring market, demand for replacement is expected to witness a CAGR of around 6% compared to over 5% for new installation. Significantly increasing construction activities, rapid infrastructural development, rising government concern in new buildings, and significantly increasing installment of new carpet tiles are expected to boost the demand for new installation.
Segmentation by Application
- New Installation
- Replacement
INSIGHTS BY DISTRIBUTION CHANNEL
The global offline carpet flooring market was valued at USD 53.88 billion in 2022 and dominated the distribution channel segment. Carpet Floorings are mainly sold through offline distribution channels, such as specialty stores, dealerships and distributors, supermarkets, and hypermarkets. Moreover, the distribution environment is rapidly evolving, with systems and processes being upgraded at a rapid pace. Changes are being spurred by expanding competition, accelerating digitization, constant disintermediation, and consumerization of expectations. B2B commerce is witnessing an increase in expectations largely associated with B2C, such as transparent pricing, communities, and social connections. This is expected to continue further, focusing on lowering costs, improving efficiencies, and opening new opportunities.
Segmentation by Distribution Channel
- Offline
- Online
INSIGHT BY END-USER
The global carpet flooring market has been broadly classified into residential, commercial, and transportation by end-users. Presently the carpet flooring market has been dominated by residential, accounting for around 46-47% share in the industry. The higher industry share is due to the rise in global housing units and growing demand for carpet flooring across various regions. Rising urbanization and growing per capita income have driven demand for architectural projects for building and construction, thereby increasing the demand for carpet flooring in the industry. The growth in population in the APAC region is boosting residential construction, along with new housing projects by the government. The advent of technology, raw materials, durability, appearance, smoothness, comfort, and luxury propel the demand for replacement carpet flooring.
Segmentation by End-User
- Residential
- Commercial
- Offices
- Hospitality
- Education
- Sports & Entertainment
- Retail
- Medical & Care Centers
- Other End- Users
- Transportation
GEOGRAPHICAL ANALYSIS
North America accounted for the largest carpet flooring market share of over 35% in 2022. The region holds a significant share of the global industry owing to the huge penetration of commercial and residential sectors and the high disposable income of consumers. By 2050, commercial building floor space is expected to reach 126.1 billion square feet. This, in turn, reflects the huge potential for the growing demand for carpet flooring. Moreover, North America is home to a developed retail sector that witnesses millions of people walking in daily. This creates a requirement for robust, sound-absorbent, slip-resistant flooring, which has driven demand for carpet flooring in North America.
Segmentation by Geography
- North America
- US
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- APAC
- China
- Japan
- South Korea
- India
- Australia
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- UAE
- Turkey
- South Africa
Key Vendors
- Beaulieu International Group (B.I.G.)
- Interface
- MOHAWK INDUSTRIES, INC.
- The Dixie Group
- Tarkett
- ORIENTAL WEAVERS
- Victoria
Other Prominent Vendors
- Axminster Carpets
- Betap
- Brintons Carpets
- Brumark
- Cormar Carpet
- Dorsett Industries
- ege
- Forbo Flooring
- Gerflor Group
- Kane Carpet
- Mannington Mills
- Milliken
- Shaw Industries Group
- Suminoe Textile Group
Key Topics Covered:
1 Research Methodology
2 Research Objectives
3 Research Process
4 Scope & Coverage
5 Report Assumptions & Caveats
6 Premium Insights
7 Market at a Glance
8 Introduction
9 Market Opportunities & Trends
10 Market Growth Enablers
11 Market Restraints
12 Market Landscape
13 Product
14 Application
15 Distribution Channel
16 End-User
17 Geography
18 North America
19 APAC
20 Europe
21 Middle East & Africa
22 Latin America
23 Competitive Landscape
24 Key Company Profiles
25 Other Prominent Vendors
26 Report Summary
27 Quantitative Summary
28 Appendix
A selection of companies mentioned in this report includes
- Beaulieu International Group (B.I.G.)
- Interface
- MOHAWK INDUSTRIES, INC.
- The Dixie Group
- Tarkett
- ORIENTAL WEAVERS
- Victoria
- Axminster Carpets
- Betap
- Brintons Carpets
- Brumark
- Cormar Carpet
- Dorsett Industries
- ege
- Forbo Flooring
- Gerflor Group
- Kane Carpet
- Mannington Mills
- Milliken
- Shaw Industries Group
- Suminoe Textile Group
For more information about this report visit https://www.researchandmarkets.com/r/4y1usd-flooring?w=12
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
