Carpets and Rugs Market Size, Share & Growth Report | 2031

Report Description

The global carpets and rugs market size was USD 49.9 Bn in 2022 and is likely to reach USD 115.75 Bn by 2031, expanding at a CAGR of 9.8% during 2023–2031. The market growth is attributed to the increasing demand for carpets and rugs for aesthetic purposes.

Rising construction industry is anticipated to significantly contribute to the growth of the carpet and rugs market. Higher emphasis on interior aesthetics is shifting consumers to focus on visually appealing and comfortable living environments. This is leading to increased demand for customization options as consumers are showcasing cultural and traditional values within their living spaces.

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Carpets and rugs are textile floor coverings that are used to provide comfort, insulation, and decorative elements to indoor spaces. The use of these products in various settings including residential homes, commercial spaces, hospitality establishments, and more. The demand for carpets and rugs is increasing in the cold region as they provide an extra layer of padding to protect the floor from cold weather.

The market report finds that the COVID-19 pandemic hampered the carpet and rugs market. The pandemic disrupted the supply chains due to factory closures, transportation restrictions, and labor shortages. Governments around the world implemented travel restrictions to prevent the spread of the virus.

Post-pandemic witnessed a surge in demand for anti-viral and antimicrobial carpets that require minimal maintenance. In response, manufacturers turned their strategies towards launching advanced products that catered to this escalating consumer demand.

• For instance, Welspun Flooring, an India-based manufacturer introduced a new line of carpets that were equipped with anti-microbial and anti-fungal properties in 2020.

Carpets and Rugs Market Dynamics

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Major Drivers

Increasing renovations and remodeling activities is one of the factors that drive the market. Carpets and rugs play a versatile role in this transformation by introducing new color schemes, patterns, and textures that align with updated design aesthetics. Additionally, they provide practical benefits such as preventing slips and offering insulation against floor heat. These products also serve as protective layers for floors by enhancing their appearance and contributing to the overall design aesthetics of homes and workplaces.

Existing Restraints

High raw material costs hamper the carpets and rugs market. Carpets and rugs are typically made from synthetic fibers like polypropylene, nylon, or polyester, as well as natural fibers like wool. Many synthetic fibers are derived from petrochemicals which are closely linked to crude oil prices. When oil prices rise the cost of producing these synthetic fibers also increases. Additionally, the imposition of substantial trade duties and measures against the influx of carpets and rugs by various governments is impeding market expansion. For instance,

• In July 2022, the Moroccan government announced the implementation of anti-dumping duties on carpet imports from both Egypt and China. These new anti-dumping tariffs resulted in a 35.3% increase in Egypt and a staggering 144% increase in China.

Emerging Opportunities

Rising number of technologically advanced products creates lucrative opportunities for the market Products that integrate features such as stain resistance, easy maintenance, and smart capabilities align with tech-savvy consumers which increases the adoption rates.

Technological advancements in manufacturing have facilitated the production of eco-friendly and sustainable carpets and rugs that align with the growing demand for environmentally conscious products. This allows manufacturers to tap into the expanding market of consumers who prioritize sustainability.

• For instance, in September 2021, Nourison a leading floor covering and home accents manufacturer launched a new range of machine-washable area rug collections which are named 57 Grand by Nicole Curtis series 1 for the New York fashion market with a blend of cotton and chenille.

Scope of Carpets and Rugs Market Report

The market report includes an assessment of the market trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Market Segment Insights

Type Segment Analysis

Based on type, the carpets and rugs market is divided into woven, knotted pile, needle-punched, tufted, and others. The turfed segment holds the dominant share of the market during the projection period due to its accessibility to a wide range of designs, rapid production time, and durability.

Turfed carpets and rugs offer a wide range of design options including intricate patterns and vibrant colors to suit diverse consumer preferences and interior decor themes. The rapid production time of turfed rugs and carpets enables manufacturers to change as per the ongoing trends. The manufacturing process of turfed carpet securely holds fibers in place and increases the durability of the product. Their durability is suitable for high foot traffic areas such as homes, businesses, and hospital venues. Additionally, the increasing demand for eco-friendly products encourages manufacturers to explore biodegradable and recyclable materials for innovative carpeting solutions.

• For instance, as per the Architect and Interiors India, Carpet Intern, a leading carpet brand launched an eco-friendly carpet named EcoSoft by 2021. It Is made of consumers' recycled PET which is 80% and post-industrial recycled PET around 5% from reused drinking water bottles.

The woven segment is expected to expand at a significant growth rate in the coming years due to increasing demand for carpets and rugs as these provide high-quality aesthetics. Woven carpets and rugs are handcrafted which appeals to consumers who value craftsmanship, authenticity, and heritage. Manufacturers focus on intricate patterns, textures, and designs that enrich interior aesthetics by making them a top choice for enhancing decor. These products are crafted from high-quality materials such as wool, silk, or natural fibers while ensuring both durability and a luxurious comfortable feel underfoot.

• For instance, in September 2022, Jacaranda and TENCEL launched a carbon zero carpet and rug collection and named this collection Seoni. It is a world-first collection that is handwoven and made of 100% true carbon zero, boosting the sustainability goals of home decoration and furnishing.

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Material Segment Analysis

On the basis of material, the global market is segregated into plant-made yarn, synthetic Fibers, and animal-made yarn. The synthetic fibers segment is projected to register a high CAGR during the forecast period due to and increasing the ability to resist stains. Synthetic fibers offer a cost-effective alternative to natural ones which appeals to budget-conscious consumers due to their stain resistance, water repellency, and durability. They offer a wide variety of styles and colors which makes synthetic carpets a popular choice for those seeking design versatility and ease of maintenance.

The plant-made yarn segment is anticipated to hold a significant share of the market due to growing eco-consciousness among consumers and it provides comfort. Plant-made yarns derived from natural fibers such as cotton, jute, and bamboo, are aligned with the growing global emphasis on sustainability.

Consumers are increasingly seeking environmentally friendly products and plant-based materials offer a unique visual appeal through natural textures. Natural fibers are often prized for their breathability and comfort. They are less expected to cause skin irritations or allergies which makes them a popular choice for households with sensitive individuals.

Distribution Channel Segment Analysis

Based on segment, the carpets and rugs market is divided into e-commerce and offline. The offline segment is expected to generate a major revenue share of the market due to established consumer behavior and it provides a personalized experience.

Traditional offline retail channels including retail stores and specialty carpet shops, are a part of traditional consumer shopping habits. Many consumers are familiar with visiting physical stores to purchase carpets and rugs. Offline shopping offers a personalized experience where customers can see, touch, and feel the products before making a purchase. This physical engagement is important majorly when selecting items with qualities such as texture and softness.

The e-commerce segment is projected to expand at a considerable growth rate during the projection period due to it offers global reach and provides convenience with flexibility. E-commerce platforms surpass geographical boundaries by offering access to a vast and diverse customer base.

E-commerce platforms surpass geographical boundaries and connect with a wide customer base worldwide. Manufacturers and retailers can reach a global audience via this platform by offering customers to shop for carpets and rugs from home. This convenience encourages more consumers and provides them with a hassle-free shopping experience. 

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End-user Segment Analysis

On the basis of end-user, the carpets and rugs market is segmented into commercial, industrial, and residential. The residential segment is anticipated to register a robust growth rate during the forecast period due to increasing home improvement projects and ongoing trends for aesthetic enhancement.

Consumers are increasingly investing in upgrading their living spaces including the replacement and enhancement of carpets and rugs to refresh their interiors. Carpets and rugs play a significant role in enhancing the overall aesthetic appeal of residential interiors. Consumers are seeking products that offer comfort and functionality with their interior design preferences.

The commercial segment is expected to hold a significant share of the market owing to increasing renovation and growing hospitability & tourism sector. The hospitality and tourism sectors heavily rely on carpets and rugs for both aesthetics and functionality. Hotels and resorts invest in floor upgrades to attract guests while various commercial establishments are renovating interiors to improve customer experiences. Manufacturers are responding by introducing new carpeting options for hotels, restaurants, retail stores, and offices as growing demand for carpet replacement in renovation projects.

Regional Analysis

In terms of region, the global carpets and rugs market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to dominate the market during the projection period due to rising construction activities and high disposable income.

North America particularly the United States witnessed consistent growth in housing and construction activities.  The demand for carpets and rugs is closely linked to these sectors as they are essential components of interior design and decor in residential and commercial spaces. The high disposable income drives the purchasing power of consumers on home improvement and interior decor products.

• For instance, as per the recent data published, the United States construction sector was valued at around USD 1.8 trillion in 2022.  

The market in Europe is projected to grow rapidly during the forecast period, owing to rising sustainable focus and growing contemporary surface rugs trend. In Europe, there's a rising demand for eco-friendly and sustainable carpets due to rising awareness among consumers. Modern aesthetics and versatility in designs make contemporary rugs popular. The growth is fueled by a thriving residential real estate sector, infrastructure improvements, and the demand for carpets in commercial office spaces.

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