Global Rugs and Carpets Market Report and Forecast 2024-2032

Global Rugs and Carpets Market Report and Forecast 2024-2032

Global Rugs and Carpets Market Report and Forecast 2024-2032

Market Outlook

According to the report by Expert Market Research (EMR), the global rugs and carpets market size reached approximately USD 64.76 billion in 2023. Aided by the rapid expansion of the travel and tourism sector and the rising popularity of home décor products, the market is projected to grow at a CAGR of 4.4% between 2024 and 2032, reaching a value of around USD 96.42 billion by 2032.

Rugs and carpets refer to decorative textile products developed from thick materials with the intended application of floor coverings. The movable and portable coverings are available in different shapes, sizes, styles, and designs and are often used for adding finishing touches to homes and offices, among other commercial spaces.

While they are often mentioned together and share some similarities, there are distinct differences between the two. Rugs are movable floor coverings that do not extend from wall to wall. They can vary significantly in size, from small mats that are just a few feet in dimension to large area rugs that can cover a significant portion of a room. Rugs can be easily removed for cleaning or redecoration purposes.

On the other hand, carpets refer to floor coverings that typically extend from wall to wall and are fixed to the floor. They are installed over an underpad and offer a seamless look that can visually expand the room's appearance. Carpets are known for their ability to add warmth and insulation to a room, reducing noise and making the space feel cosier.

The global rugs and carpets market growth is propelled by the increasing demand for home décor items in the residential sector, fuelled by rising global housing markets and interior refurbishment activities. In the commercial sector, the emphasis on workplace aesthetics, comfort, and branding has elevated the demand for customised and high-quality carpet solutions in offices, hospitality venues, and retail spaces.

Technological innovations in carpet manufacturing, including the development of eco-friendly and sustainable fibres, digital printing, and stain-resistant treatments, have further expanded the rugs and carpets market. These advancements have not only improved the quality and durability of rugs and carpets but also introduced a wider array of designs, textures, and colours, catering to diverse consumer preferences.

Following the global notion, increasing consumer awareness about environmental sustainability is one of the key rugs and carpets market trends, spurring demand for rugs and carpets made from natural, recycled, and bio-based materials. Manufacturers are focusing on sustainable practices, from sourcing to production and disposal, to minimise environmental impact and cater to the eco-conscious population.

There is a growing appreciation for artisanal and handcrafted rugs, especially those embodying traditional designs and techniques. This resurgence is part of a broader consumer trend towards products with a story, authenticity, and unique value, supporting the livelihoods of artisan communities and preserving cultural heritage.

Amidst evolving interior design trends, there is a noticeable shift towards soft flooring options that offer comfort and warmth. This trend is particularly evident in residential spaces, where comfort is paramount, and in commercial spaces seeking to create inviting and comfortable environments.

The North America rugs and carpets market is poised to secure a commanding position in the global scenario in the forthcoming years, a development underpinned by several pivotal factors. Paramount among these is the robust footprint of leading manufacturers within this geographic expanse, a factor that not only fosters innovation but also ensures a diverse and high-quality product portfolio accessible to consumers. This concentration of industry stalwarts is instrumental in driving forward the market dynamics, characterised by a relentless pursuit of excellence and innovation in floor covering solutions.

Further enhancing the growth of the rugs and carpets market in North America is the burgeoning consumer enthusiasm towards interior decoration. Contemporary consumers display a pronounced inclination towards aesthetically appealing, functional living spaces, translating into a heightened demand for rugs and carpets. These floor coverings, celebrated for their versatility, play a dual role - enhancing the visual allure of interiors while contributing to comfort and acoustic management.

Market Segmentation

The global rugs and carpets market can be divided based on type, material, application, distribution channel, and region.

Market Breakup by Type

• Tufted
• Woven
• Needle-punched
• Knotted
• Others

Market Breakup by Material

• Nylon
• Polyester
• Polypropylene
• Others

Market Breakup by Application

• Residential
• Commercial

Market Breakup by Distribution Channel

• Mass Merchandisers
• Home Centres
• Speciality Stores
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global rugs and carpets market. Some of the major players explored in the report by Expert Market Research are as follows:

• Mohawk Industries, Inc.
• IKEA Holding B.V.
• Victoria PLC
• Dixie Group Inc.
• Tai Ping Carpets International Ltd.
• Shaw Industries Group, Inc.
• Milliken & Company
• Tarkett Group
• Oriental Weavers Group
• Genie Carpet Manufacturers
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.