Dublin, Aug. 27, 2024 (GLOBE NEWSWIRE) -- The "Global Carpet Flooring Market - Focused Insights 2024-2029" report has been added to ResearchAndMarkets.com's offering.
The global carpet flooring market is expected to reach a value of $125.3 billion by 2029 from $89.55 billion in 2023, growing at a CAGR of 5.76%
The global carpet flooring market report contains exclusive data on 25 vendors. The market is highly competitive, dominated by key players such as Beaulieu International Group, Gerflor, Interface, Milliken, Mohawk Industries, Oriental Weavers, Shaw, Tarkett, The Dixie Group, and Victoria. These companies focus on innovation, sustainability, and quality to maintain their market positions. Beaulieu and Gerflor emphasize eco-friendly products, while Interface leads in modular carpet tiles. Milliken and Tarkett leverage advanced manufacturing and design capabilities, and MOHAWK and Shaw benefit from extensive distribution networks. The Dixie Group targets the high-end segment, and Victoria strengthens its position through strategic acquisitions and diverse offerings.
North America accounts for a significant share of the global market owing to the huge penetration of commercial and residential sectors as well as the high disposable income of consumers. This reflects the huge potential for the growing demand for carpet flooring. Moreover, North America is home to a developed retail sector that witnesses billions of people walking in daily.
This creates a requirement for robust flooring that is sound-absorbent and slip-resistant. This, in turn, has driven demand for carpet flooring in North America. Rising expenditure on aesthetic improvements to give a luxurious look to houses or offices and advancements in carpets such as eco-friendly carpet tiles make people shift towards carpet tiles in the North American region.
MARKET TRENDS & DRIVERS
Escalating Demand for Carpet Tiles
The global carpet flooring market is experiencing a notable surge in demand for carpet tiles, driven by their practicality and versatility. Carpet tiles are increasingly favored in commercial settings due to several advantages over traditional broadloom carpets. Their ease of installation is one of the most significant benefits; carpet tiles can be laid down quickly and efficiently, reducing labor costs and downtime for businesses.
This feature benefits offices, retail spaces, and other commercial environments requiring fast, non-disruptive flooring solutions. In terms of maintenance, carpet tiles offer unparalleled convenience. Should a section become stained or damaged, individual tiles can be replaced without disturbing the entire floor, resulting in cost savings and minimal disruption to daily operations. This makes them an excellent choice for high-traffic areas where wear and tear are more likely to occur.
Furthermore, carpet tiles provide flexibility in design. They come in various colors, patterns, and textures, allowing for creative combinations and unique floor designs that can enhance the aesthetic appeal of any space. Companies like Interface Inc. have capitalized on this trend by offering various modular carpet tile options that blend aesthetic appeal with functional benefits. Interface Inc. is known for its innovative designs and commitment to sustainability, which resonate well with the modern consumer's preferences.
Rising Focus Towards Sustainable Carpets
Sustainability has become a key focus in the global carpet flooring market, driven by consumer environmental awareness and stringent regulatory pressures. This heightened awareness prompts manufacturers and consumers to seek eco-friendly solutions that minimize environmental impact. Manufacturers such as Mohawk Industries have responded proactively to this demand by developing carpets made from recycled materials, including reclaimed nylon and PET fibers from plastic bottles.
This shift towards sustainable carpets addresses consumer demand for environmentally responsible products while aligning with corporate sustainability goals. Many companies are now integrating sustainable practices into their business models, reflecting a broader commitment to reducing their environmental footprint. For instance, Mohawk's "Greenworks" initiative focuses on creating closed-loop recycling systems and producing carpets that are not only durable and stylish but also sustainable.
Furthermore, various certification programs such as LEED (Leadership in Energy and Environmental Design) and the Carpet and Rug Institute's Green Label Plus support the push for sustainability. These certifications ensure that products meet rigorous standards for indoor air quality and environmental performance, providing consumers with assurance of the sustainability of their purchases.
Rise in Renovation and Remodeling Activities
The global carpet flooring market is witnessing a significant boost from increased renovation and remodeling activities worldwide. As homeowners and businesses seek to upgrade their living and working spaces, carpets are being chosen for their ability to enhance aesthetics and comfort. This trend is particularly pronounced in mature markets where existing infrastructure prompts refurbishment rather than new construction.
Renovation and remodeling projects are driven by the desire to modernize interiors, improve functionality, and increase property value. Carpets play a crucial role in these upgrades by offering various design options that can instantly transform spaces. Companies like Brintons Carpets have capitalized on this trend by offering various designs that cater to evolving consumer tastes. Their collections often include contemporary patterns, traditional motifs, and custom designs, allowing consumers to find the perfect fit for their renovation needs. Carpets' versatility and aesthetic appeal make them a preferred choice for many renovation projects, contributing to the market's growth through renovation-driven demand.
INDUSTRY RESTRAINTS
Lack of Skilled Labor
The global carpet flooring market faces a significant challenge due to a shortage of skilled labor. Installation and maintenance of carpets require specialized skills and expertise, which are increasingly scarce in some regions. This shortage affects the quality and efficiency of carpet installation service delivery and customer satisfaction. Skilled labor is crucial for properly installing carpets, affecting their longevity and performance. A poorly installed carpet can lead to problems such as uneven wear, wrinkling, and reduced durability, negatively impacting customer satisfaction and increasing maintenance costs.
Companies like Gerflor Group are addressing this challenge by investing in training programs and technology that streamline installation processes and reduce dependency on manual labor. These initiatives include offering certification programs for installers, partnering with vocational schools, and developing user-friendly installation systems that simplify the process. Additionally, advancements in pre-cut and modular carpet systems are helping to reduce the complexity of installation, making it easier for less experienced workers to achieve professional results. By investing in training and technology, companies aim to mitigate the impact of the skilled labor shortage on market operations, ensuring that they can continue to deliver high-quality products and services to their customers.
SEGMENT ANALYSIS
- The broadloom carpet segment dominates with the largest market share, often chosen for its seamless appearance and extensive design options.
- The replacement segment shows significant growth with the fastest-growing CAGR during the forecast period.
- The offline segment holds the largest share of the global carpet flooring market based on distribution channels.
- Based on end-users, the residential segment remains a significant driver for the global carpet flooring market, with the highest CAGR during the forecast period.
KEY QUESTIONS ANSWERED:
- Which region dominates the global carpet flooring market?
- What are the key drivers of the global carpet flooring market?
- How big is the global carpet flooring market?
- What is the growth rate of the global carpet flooring market?
- Who are the major global carpet flooring market players?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 136 |
| Forecast Period | 2023 - 2029 |
| Estimated Market Value (USD) in 2023 | $89.55 Billion |
| Forecasted Market Value (USD) by 2029 | $125.3 Billion |
| Compound Annual Growth Rate | 5.7% |
| Regions Covered | Global |
COMPETITIVE LANDSCAPE
Key Vendors
- Beaulieu International Group
- Gerflor
- Interface
- Milliken
- Mohawk Industries
- Oriental Weavers
- Shaw
- Tarkett
- The Dixie Group
- Victoria
Other Prominent Vendors
- Axminster Carpets
- Betap
- Brintons Carpets
- Brumark
- Cormar Carpet
- Dorsett Industries
- Ege Carpets
- Forbo Flooring
- Suminoe Textile Group
- Dinarsu
- Haima Carpet
- Kaili Carpet
- INFLOOR-GIRLOON
- Mannington Mills
- Kane Carpet
SEGMENTATION
By Product
- Broadloom
- Carpet Tiles
By Application
- Replacement
- New Installation
By Distribution Channel
- Offline
- Online
by End-users
- Residential
- Commercial
- Transportation
By Commercial
- Hospitality, Sports & Entertainment
- Offices
- Retail
- Education
- Medical & Care Centers
- Others
For more information about this report visit https://www.researchandmarkets.com/r/c3a7lk
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