Carpets & Rugs Market | Key players operating in the market includes Mohawk Industries Inc., Shaw Industries Group, Lowe's Companies Inc., Taekett S.A., Home Depot Inc.

The global Carpets & Rugs Market is growing rapidly in accordance with the growth in the residential and non-residential sectors, globally. Factors such as rise in renovation & remodeling activities, growth in interest of consumers toward interior decoration, and rapid urbanization & globalization are largely contributing toward 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. It has experienced continuous progress with regard to acquisitions and expansions, to expand its geographical reach in the interior decoration segment of the construction industry. According to MarketsandMarkets, the global market for carpets & rugs, in terms of value, is projected to reach USD 112.69 Billion by 2022, at a CAGR of 4.2%.

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The global carpets & rugs market is witnessing a growth in demand, owing to the rise in the renovation & remodeling activities, growing interest of consumers toward interior decoration, and rapid urbanization & globalization. The growth in demand from the residential industry also provides an opportunity for market growth, especially in the emerging Asia-Pacific and Middle East & African regions.

Tufted segment, by type, to gain maximum share during the forecast period

The tufted segment is estimated to account for the largest share by 2022, mainly because new residential construction and commercial projects are increasingly adopting tufted carpets & rugs. Carpets are lucrative for several reasons such as aesthetic enhancement, improvement of indoor air quality, and noise reduction. Due to the technological advancements, the majority of carpets are made from the recycled fiber. The high demand and rapid growth of this type of carpet are supported by its easy and quick manufacturing process, coupled with reasonable pricing. In addition, tufting is suitable for all types of fibers and yarns and can be made in a variety of finishes. The growing construction industry also provides an opportunity to the market to grow further of the market.

The market for carpets & rugs made from polypropylene is projected to grow at the highest rate during the forecast period

Raw materials such as nylon, polypropylene, and polyester are used for manufacturing carpets & rugs. The high demand can be attributed to this type of fiber's ability to produce versatile designs and patterns, resilience, stain & abrasion resistance, and ability to withstand heavy foot traffic. The polypropylene fiber has relatively lower priced than the other materials used in manufacturing carpets & rugs with resistance to water-based stains, bleaches, and sunlight fading. Also, it can be easily extruded by most manufacturers.

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North America is projected to account for the largest share in the carpets & rugs market in 2016

On the basis of key regions, the carpets & rugs market is segmented into North America, Europe, Asia-Pacific, South America, and the Middle East & Africa. The North American market accounted for the largest share among all the regions in 2016, in terms of value. However, the growth in the region is projected to trail behind the global average. The U.S. accounted for the largest market share in the North American region in 2016, followed by Canada. The U.S. is also projected to register the highest growth during the forecast period due to the upsurge of housing activities in the country. The North American market has been a leader with respect to product innovation, in terms of quality and application development. The U.S. and Canada are the most developed countries in North America, followed by Mexico.

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The major players include Mohawk Industries, Inc. (U.S.), Shaw Industries Group (U.S.), Lowe's Companies, Inc. (U.S.), Taekett S.A. (France), Home Depot, Inc. (U.S.), 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.). Companies have adopted strategies such as acquisitions and expansions to cope with the increase in demand in the emerging markets.

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