Carpets consist of textile floor coverings which are used for primarily improving the aesthetics of the floor area. The upper layer of carpet is a pile with a backing, further the major variants of synthetic fibers consists of polypropylene, nylon or polyester that are being widely used over by a different shape, size, patterns, textures and materials.
According to study, “Carpet Market by Material (Nylon, Olefin, Polyester and Others), End User (Residential and Commercial), Sales Channel (Hypermarket & Supermarket, Specialty Store and Online sales Channel) and Price Point (Economy and Luxury): Global Opportunity Analysis and Industry Forecast, 2019-2026”. Some of the key companies operating in the global carpet market are Armstrong Flooring, Inc., Beaulieu International Group N.V., Balta Group, Shaw Industries Group, Inc., Mannington Mills, Inc., Brumar, Dorsett industries, Mohawk Industries, Inc., The Dixie Group and Tarkett S.A.Some of the key companies operating in the market focus on strengthening their overall market position over an existing markets in the developed geographies. The industry is also primarily driven by the continuous activities such as joint venture expansion, mergers and acquisitions, and the significant distribution in order to expand the overall market share of the manufacturers. Moreover, the industry is further anticipated to witness overall growth with a rise in demand for carpets over the residential and commercial sectors globally.
Based on raw material, carpet market is segmented as olefin, nylon, polyester and others. Based on price point, market is segmented as luxury and economy. Based on product, market is segmented as tufted, woven, knotted and others. Knotted carpets segment dominates the market owing to their high durability as compared to their counterparts. Based on sales channel, market is segmented as specialty stores, hypermarket & supermarket and online sales channel. Online distribution has emerged as a significant sales channel for carpets market, as leading players in the industry are increasing their presence on e-commerce. In addition, based on end-user, market is segmented as commercial and residential. Residential segment is expected to exhibit considerable growth rate due to rise in expenditure on household products and growth in innovative marketing strategies used by companies during the forecast period.
The carpet market is driven by rise in demand for insulation material, followed by growth of hospitality industry, gains in the flooring market, rise in demand for environment friendly carpets, increase in adoption of carpet tiles, upsurge in affordability, and growth in improvement in the aerospace & defense sector. However, threat of substitutes is a restraining factor for market.
Based on geography, the North-American region holds significant market share in global carpet market owing to high consumer interest towards interior decoration and increase in renovation & remodeling activities in real estate sectors in the region. Whereas, the European and Asian-Pacific regions are likely to exhibit higher CAGR due to growth in real estate sector coupled with increase in per capita disposable income over the forecast period. In near future, it is projected that the market will be reached at rapid pace because of rise in demand for natural & biodegradable products like jute and rapid expansion of the construction & housing activities during the forecast period.
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Ankur Gupta, Head Marketing & Communications