The Global Carpets & Rugs Market projected to reach USD 112.69 billion by 2022, at a CAGR of 4.2%. The carpets & rugs market is growing rapidly in accordance with the growth in the interiors sector of the construction market, globally. The rising interest of comsumers toward interior decoration in residential and non-residential sectors has largely contributed to the growth of the carpets & rugs market. The carpets & rugs market has been classified on the basis of type, material, end-use sector, and region.
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Drivers & Opportunities in global industry:
- Rise in the Number of Renovation & Remodeling Activities
- Growing Interest of Consumers Toward Interior Decoration
- Rapid Urbanization & Globalization
- Rise in the Number of Construction Activities in the Developing Economies
- Growing Importance of Organized Retailing
The growth of Carpets & Rugs Market was largely influenced by acquisitions and expansions, in the past six years. The years between 2011 and 2017 witnessed a large number of acquisitions adopted by top players in the market. Expansions also formed an essential part of their strategies, which led to the flow of considerable income within the company. These strategies formed an important part of growth in emerging markets. The major players include companies such as Mohawk Industries, Inc. (U.S.), Shaw Industries group (U.S.), Lowe’s Companies, Inc. (U.S.), Taekett S.A. (France), and Home Depot, Inc. (U.S.). The other prominent players in the market include Interface, Inc. (U.S.), Dixie Group, Inc. (U.S.), Orientals Weavers Company for Carpets (Egypt), Tai Ping Carpets International Limited (China), and Victoria PLC (U.K.).
Mohawk industries, Inc. (U.S.) held the leading position in the global carpets & rugs market in 2016. The company has maintained its leadership position through its strong distribution network across Asia-Pacific, Europe, the Americas, and emerging markets. Mohawk industries, Inc. (U.S.) is among the leading manufacturers of carpets & rugs for many of the markets it operates in. Its operations are divided into three business sectors, namely, Flooring NA, Global Ceramic, and Flooring RoW. The company caters to varied application sectors such as housing, education, healthcare, offices, retails & hospitality, and sports. Also, it develops eco-friendly products and solutions in the carpets & rugs market that are skid-free and easy to maintain.
Shaw Industries Group (U.S.) is a global provider of carpets & rugs solutions. The company manufactures and supplies flooring products for various applications. Shaw Industries Group adopted expansion as its key strategy to gain a competitive advantage in the market. In December 2016, Shaw Industries Group, Inc. (U.S.) constructed a new carpet tile manufacturing facility in Adairsville, Georgia with an investment of USD 85.0 million. This expansion helped the company to expand its geographical reach and enhance its production capacity.
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The polypropylene segment is estimated to be the fastest-growing in the carpets & rugs market on the basis of material; this trend is projected to continue during the forecast period, as this fiber is priced relatively lower than the other materials used in manufacturing of carpets & rugs with resistance to water-based stains, bleaches, and sunlight fading. Also, it can be easily extruded by most manufacturers.
The residential segment is estimated to be the fastest-growing as well as the largest application in the carpets & rugs market. This trend is projected to continue during the forecast period, the demand from the residential sector is supported by increased investment in new housing constructions and home renovation projects, such as the replacement of worn or out-of-style carpets and rugs. Factors such as moderate cost, ease of installation, and favorable aesthetics are to spur the demand for carpets and rugs in newly built houses.
