Flooring and Carpets Market Projected to Surge with 5.1% CAGR by 2031 | Future Market Insights

The flooring and carpet sales will grow at a healthy CAGR of over 5.1% through 2031, despite a period of muted growth in 2020, according to a latest study by ESOMAR-certified market research firm, Future Market Insights. The study tracks flooring and carpet sales in 20+ countries, offering a lucid analysis on how growth will unfold.

Among countries in the Middle East, Saudi Arabia is estimated to account for majority in terms of revenue share at 33.7%, followed by Egypt and Turkey. Qatar and Kuwait markets are expected to expand at a CAGR of 9.4% and 8.7% respectively, and expected to register higher growth in terms of value over the forecast period.

The study reveals that sustainability has come to the forefront rather than an afterthought as a legion of carbon-conscious consumers demands products which are in line with issues they care about. Sustainability is an irrefutably significant thought for designers and architects, as well as for the customers they design for. Due to the insignificant waste that produce in installation of flooring and carpet, choosing them for further design implies the companies as of now on the way to sustainability.

Moreover, introduction of plant fibers such as sea grass and sisal aimed at eco-friendly appeal and use of chemical additives in fiber materials to impart flame retardant, anti-microbial, pest repellant properties etc. In terms of carpet manufacturing technology, tufted, woven and needle felt types are employed, of which tufted type is being used primarily.

Currently, modular carpets and carpet tiles have become increasingly popular, especially for application in commercial spaces, hospitality, and in healthcare and hospitals due to easier installation and significant degree of customization with respect to material and size. Further, many flooring and carpet manufacturers globally are using bitumen and PVC in their flooring and carpet backing, which help the manufacturers to reduce expenses.

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FMI in its latest study has forecast the market to rise at a CAGR of 5.1% between 2021 and 2031.

Key Takeaways from the Flooring and Carpet Market Study

Application in education, hospital and healthcare sectors will continue to create sustained opportunities for flooring and carpet industry manufacturers during the forecast period
Modern aesthetics, durability, and easy maintenance key influencing factors for consumers
Increasing tourism, planned world events such as Qatar FIFA World Cup 2022, ICC Cricket World Cup 2023, etc. are expected to fuel continuous revenue growth of hospitality and retail segments in Middle East and South Asia, thus in turn driving demand for flooring and carpets in the region.
Hospitality and retail segments typically witness stronger growth as compared to other applications due to demand based on a shorter lifecycle and more renovation.
Public, manufacturing, and industrial segment is expected to grow in terms of revenue, backed by robust foreign investment and government investment in infrastructure.
US holds the largest share in the global flooring and carpet market owing to rapidly expanding hospitality as well as retail business and commercial sector in the region.

Who is winning?

Some of the key players operating in the flooring and carpet market are Mohawk Industries Inc., Interface Inc., Beaulieu International Group N.V., Tarkett S.A., Balta Group, Shaw Industries Group Inc., ALSORAYAI Group, Forbo Holding AG, Armstrong World Industries LLC, Gerflor Group, Oriental Weavers Group, Al Abdullatif Industrial Investment Company (AIIC), Polyflor Ltd., Brintons Carpets Limited, Milliken & Company Inc., and Betap Tufting B.V.

On October 2020, Interface Inc. launched its first carbon negative carpet tile styles "Embodied Beauty" with the idea of working in alignment with nature. This would help the company to be consistent in its mission of Climate Take Back to lower the carbon footprints of its products.
On 10 July 2020, Tarkett S.A. entered into a strategic partnership with Clean Hospitals with an objective to contribute in the improvement of hospital hygiene and to promote effective, and sustainable based cleaning guidelines. This collaboration would bring improvement in environmental hygiene which is expected to benefit the public health by lowering rates of healthcare-associated infections and reducing antimicrobial resistance.
On October 2020, in the 15th  Annual w3 Awards Shaw Industries Group Inc. received Gold and Silver honors, by the Academy of Interactive and Visual Arts.

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Key Segments

Flooring Type

Carpets
Tufting
Woven
Rugs
Accent Rugs
Area Rugs
Other Rugs
Artificial Grass
Carpet Tiles
Vinyl Flooring
Laminate Parquet Flooring

Material Type

Polypropylene
Nylon
Polyester
Others

Application

Residential
Commercial Offices
Retail
Hospitality
Healthcare and Hospitals
Educational Institutes
Automotive
Industrial
Others

Region

North America
Latin America
Europe
East Asia
South Asia
Middle East and Africa (MEA)
Oceania

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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

This release was published on openPR.