Wilmington, Delaware, Aug. 13, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Carpet Tiles Market by Type (Square, and Rectangle), and Application (Residential, Commercial, and Others) and Distribution Channel (Retail Store, and Online Store): Global Opportunity Analysis and Industry Forecast, 2024-2032". According to the report, the carpet tiles market was valued at $12.6 Billion in 2023, and is estimated to reach $21.8 Billion by 2032, growing at a CAGR of 6.4% from 2024 to 2032.
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Prime determinants of growth
The growth of the carpet tiles market is driven by several key factors. Increase in demand for flexible and modular flooring solutions in both commercial and residential spaces significantly boosts the popularity of carpet tiles. Their ease of installation and maintenance, along with the ability to replace individual tiles rather than entire carpets, adds to their appeal. Secondly, advancements in manufacturing technology have led to improved design aesthetics and durability, making carpet tiles an attractive option for a wide range of applications. Thirdly, the growing trend towards sustainable and eco-friendly building materials has led to the development of carpet tiles made from recycled and recyclable materials, attracting environmentally conscious consumers. Additionally, the rise in construction activities and the expansion of the real estate sector, particularly in developing regions, have further fueled market growth.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2032 |
| Base Year | 2023 |
| Market Size in 2023 | $12.6billion |
| Market Size in 2032 | $21.8 billion |
| CAGR? | 6.4% |
| No. of Pages in Report | 288 |
| Segments Covered | Type, Application, Distribution Channel and Region. |
| Drivers | Modularity and Ease of Installation Technological Advancements Sustainability Trends |
| Opportunity | Growth in Construction and Real Estate |
| Restraints | High Initial Cost
|
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Segment Highlights
Rectangle carpet tiles have high demand in the carpet tiles market due to several factors. Firstly, their shape offers versatility in design, allowing for various patterns and layouts to be easily created, ranging from classic grid formations to more intricate arrangements. This flexibility appeals to both residential and commercial customers looking to customize their spaces to suit their aesthetic preferences. Secondly, rectangle carpet tiles are often more straightforward to install compared to irregularly shaped tiles, reducing labor costs and installation time. This ease of installation makes them particularly attractive for large-scale projects where efficiency is crucial. Additionally, rectangle carpet tiles are perceived as more traditional and timeless, fitting seamlessly into a wide range of interior styles and settings. Their familiarity and perceived reliability contribute to their sustained popularity in the market.
Commercial carpet tiles have high demand in the carpet tiles market for several compelling reasons. Firstly, their durability and resilience make them ideal for high-traffic areas such as office buildings, retail spaces, and hospitality establishments. Unlike traditional broadloom carpets, carpet tiles are designed to withstand heavy use and frequent foot traffic without showing signs of wear and tear, making them a practical choice for commercial settings where longevity is essential. Moreover, commercial carpet tiles offer versatility in design and customization, allowing businesses to create unique and visually appealing environments that reflect their brand identity. With a wide range of colors, patterns, and textures available, commercial carpet tiles can be used to create dynamic flooring designs that enhance the overall aesthetic appeal of a space.
Retail stores have high demand in the carpet tiles market for several reasons. Firstly, their aesthetic appeal and versatility make them an attractive choice for creating inviting and visually appealing retail environments. Carpet tiles come in a wide range of colors, patterns, and textures, allowing retailers to customize their flooring to match their brand identity and create a unique shopping experience for customers. Moreover, the durability and resilience of carpet tiles make them well-suited for the demanding environment of retail spaces. Retail stores experience heavy foot traffic on a daily basis, and carpet tiles are designed to withstand this wear and tear without showing signs of damage or deterioration. This longevity ensures that retailers can maintain a fresh and attractive appearance in their stores for an extended period, reducing the need for frequent replacement and saving on maintenance costs.
Regional Outlook
In North America, there is high demand for carpet tiles as it has a robust commercial sector, including office buildings, retail spaces, healthcare facilities, and educational institutions, all of which frequently utilize carpet tiles for their flooring needs. The durability, versatility, and ease of maintenance of carpet tiles make them an attractive option for these commercial applications, driving significant demand. Moreover, there is a strong emphasis on interior design aesthetics in North America, with consumers and businesses alike placing importance on creating visually appealing spaces. Carpet tiles offer a wide range of design possibilities, including various colors, patterns, and textures, allowing for customization to match the desired aesthetic of any setting.
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Players: -
- Suminoe Textile Co., Ltd.
- Tapibel, Nabel Ceramics
- SUMINOE Co.Ltd.
- Hunan Tianxin Technology Co.Ltd.
- Japan Carpet Co., Ltd. (JCC)
- Beaulieu, EO Technology Co. Ltd.
- Shaw Industries
- Wuxi Diamond Carpet Manufacturing Co., Ltd.
The report provides a detailed analysis of these key players in the global carpet tiles market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Recent Developments
- In June 2021, Suminoe Textile Co., Ltd revealed plans to initiate the manufacturing of "ECOS, " a fresh series of carpet tiles boasting a notably elevated recycled content rate compared to prior offerings. The recycled materials incorporated into ECOS tiles are the result of a collaborative effort with Sumitomo Corporation. This innovative line aims to contribute to the circularity of materials within the carpet tile production process.
- In March 2022, Milliken & Company unveiled the introduction of its textile business's inaugural brand campaign, titled "Anything. Everywhere." Centered around a fresh landing page and brand video, the campaign delves into the diverse functions that textiles fulfill in daily existence. This initiative is anticipated to broaden the campaign's consumer outreach.
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