Global Carpets and Rugs Market Share Is Expected To Grow At A CAGR Of 5.51% By 2030

29-Mar-2023 | Facts and Factors

According to the Facts & Factors report, the global carpets and rugs market size was worth around USD 82.15 billion in 2022 and is predicted to grow to around USD 126.21 billion by 2030 with a compound annual growth rate (CAGR) of roughly 5.51% between 2023 and 2030.

The industry revolves around the functions of producers and sellers of rugs or carpets. These products are a part of the larger textile industry and are used as flooring covering. The most commonly used materials for the manufacturing of carpets or rugs are polyester and nylon. However, there is a significant number of sellers that retail environmentally friendly carpets made of biodegradable materials like cotton and silk. However, the latter type is generally segmented into the premium category.

Browse the full “Carpets and Rugs Market Size, Share, Growth Analysis Report By Material (Polypropylene, Polyester, Nylon, Silk, Cotton, Jute, and Others), By Product Type (Tufted, Knotted, Woven, Needle-Punched, and Others), By End-Users (Commercial and Residential), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2023 – 2030” report at https://www.fnfresearch.com/carpets-and-rugs-market

Apart from being used as aesthetic-enhancing objects, carpets or rugs are also used for practical reasons. One such application is the use of carpets as a protective covering on wet floors. Additionally, they are also used in residential or commercial spaces for soundproofing and offering insulation.

The global carpets and rugs market is projected to grow owing to the increasing employment rate leading to a rise in disposable income of various families including dual-income groups. With the rise in spending power, more consumers can spend extra money on objects that may not truly be essential but are a part of leisure items.

Furthermore, the rise in the number of home renovations and decor events attracts major revenue in the industry. Although nylon or polyester-made carpets may be essential for everyday use to prevent accidents on wet floors, the more premium range is used to improve the aesthetic of the housing unit, including commercial spaces like high-end restaurants or hotels.

Additionally, the growing investment toward the adoption of advanced technology for the production of high-quality carpets and rugs could act as a beneficial point for the industry players. Advanced technologies like 3D printing are gaining a lot of attention from carpet makers and buyers. Moreover, a lot of consumers are preferring naturally derived products as opposed to mass-produced items which are generally made of nylon or polyester. This is an important trend that the market is expected to gain from.

However, fluctuating prices of the raw materials are influenced by socioeconomic factors of the trading nations because products like dyes, synthetic fibers, and wool are highly price sensitive, which could impact the global market growth trajectory. There are several health concerns that are associated with prolonged exposure to the synthetic compound.

As consumer awareness regarding the ill impact of carpets and rugs made of synthetic material is growing, the industry could witness growth restrictions. This is a major factor to take into consideration when analyzing the industry. In addition to this, carpets and rugs that are not regularly cleaned pose a threat to the safety of the users due to the accumulation of allergens, pollutants, and dust or dirt.

The growing research and use of sustainable material may open more doors for growth while the growing competition from alternative solutions could challenge further growth.

Segmental Overview:

The global carpets and rugs market is segmented based on material, product type, end-users, and region

Based on material, the global market segments are polypropylene, polyester, nylon, silk, cotton, jute, and others.

• In 2022, the highest CAGR was observed in the nylon segment because it offers excellent durability, and products using nylon can be made in different shapes and sizes with various designs. In addition, it also offers high resistance to stains
• Polyester is another commonly used material for carpets and rugs due to its inexpensive trading along with being versatile in terms of producing items like rugs
• Silk, on the other hand, is one of the most premium materials used in expensive rugs and carpets. Although the cost of silk-made materials is high, the demand is also growing due to the richness it exudes when used as a decorative item
• On average, a 2*3 rug can cost between a few hundred to a few thousand dollars

Based on product type, the global market divisions are tufted, knotted, woven, needle-punched, and others.

• 2022 registered the highest growth in the tufted segment. These type of carpets or rugs are produced through a process in which yarn is tufted into a primary backing material and applying a secondary backing that acts as a yarn holder
• Since these products are relatively easy to produce and are highly versatile in terms of shapes, size, texture, and design, they are more popular
• Another important segment of the industry is the knotted type, especially among consumer groups who prefer handcrafted rugs
• Tufted rugs can be produced within 2 weeks on an average

Based on end-users, the global market is segmented into commercial & residential.

Regional Overview:

North America is projected to register the highest CAGR in the global carpets and rugs market owing to the presence of a high consumer database along with a large number of suppliers. Furthermore, the increasing influence of social media has allowed more people access to the latest trends and designs in terms of home or office decor.

Furthermore, the e-commerce segment allows people to purchase products from across the globe and get their hands on some of the best rugs or carpets in the market. Growth in Asia-Pacific is driven by the rising population alongside the economic growth of the people empowering them to spend on aesthetically pleasing products like rugs or carpets. Growth in Europe is a result of rising concentration industries along with growing demand for environment-friendly products.

Report Scope

Competitive Landscape:

The global carpets and rugs market is led by players like Balta Group, Mohawk Industries, Dixie Group Inc., Shaw Industries, Victoria PLC, Beaulieu International Group, Interface Inc., Stanton Carpet Corporation, The Wool Carpet Company, Tarkett, Tai Ping Carpets International Limited, Axminster Carpets Ltd., Brintons Carpets Limited, Brintons Carpets Limited, Godfrey Hirst, and Merinos Hali Sanayi Ve Ticaret AS.

Recent Developments:

• In November 2021, OBEETEE, a leading carpet brand, launched its new store in Mumbai, India. The store is located at the Famous Studio and is spread across 3000 square feet
• In April 2021, Karastan announced its intention to launch a new range of carpet collections along with new technologies with the aim to improve the consumer experience
• In March 2021, B.I.G. Yarns announced the launch of eco-cycle yarns that are designed to deliver exceptional performance in the carpet industry

The global carpets and rugs market is segmented as follows:

By Material 

• Polypropylene
• Polyester
• Nylon
• Silk
• Cotton
• Jute
• Others

By Product Type 

• Tufted
• Knotted
• Woven
• Needle-Punched
• Others

By End-Users 

• Commercial
• Residential

By Region

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Nordic Countries
    • Denmark
    • Sweden
    • Norway
  • Benelux Union
    • Belgium
    • The Netherlands
    • Luxembourg
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Southeast Asia
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Rest of Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

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