Carpets & Rugs Market is predicted to Expand at a CAGR of 5% during the Forecast Period, notes TMR Study

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07 Jul, 2022, 07:30 ET

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WILMINGTON, Del., July 7, 2022 /PRNewswire/ -- The worth of the global carpets & rugs market was clocked at US$ 77.23 Bn in 2021. Carpet industry statistics estimated the market to grow at a CAGR of 5% during the forecast period, from 2022 to 2031. The global carpets & rugs market is anticipated to attain value of US$ 123.73 Bn by 2031. The future of carpet industry is likely to be driven by the increase in building activities in both developing and developed countries throughout the world. The global carpets and rugs market is being driven by people's increased preference for higher aesthetic quality in their homes and places of business. Important suppliers are investing more on R&D and concentrating on creating technologically superior carpets and rugs.

In order to deliver high-value goods to their customers, manufacturers have introduced cutting-edge technologies and environmentally friendly materials. The selling of carpets and rugs is expected to increase through e-commerce platforms and online channels, which is likely to result in more opportunities for market participants. Carpet market research predicts that considerable rise in construction activities in the Asia Pacific region is anticipated to emerge as a leading application in the global carpets & rugs market throughout the forecast period.

Rugs and carpets are utilized in both home and business settings because they offer a layer of cushioning to protect flooring. They also improve the overall design of a home or office space, which is expected to present growth to the top carpet manufacturers & suppliers. Additionally, rugs and carpets prevent the floor from being too chilly in the winter. Due to growing urbanization, increasing building activity, rising consumer expendable income, and rising demand for furnishings in developing nations, the global carpet & rug market is anticipated to expand at a reasonable pace during the forecast timeframe.

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Key Findings of Market Report

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Global Carpets & Rugs Market: Growth Drivers

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Global Carpets & Rugs Market: Key Players

Some of the key market players are

Global Carpets & Rugs Market: Segmentation

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Rugs Market - North America is the largest market in the global rugs industry, accounting for 5.1% of the total revenue. Europe was the second largest market in 2018, generating around 5.4% of the total rugs revenue globally.

Carpet Yarn Market - The global carpet yarn market is expected to surpass the value of US$ 26.8 Bn by the end of 2031, expand at a CAGR of 5.14% from 2021 to 2031

Flooring Market - The global demand for flooring stood nearly US$ 274 Bn in 2018 and is projected to reach over US$ 473 Bn by 2027

Fancy Yarn Market - Fancy Yarn Market is expected to expand at a healthy CAGR of ~6% during the forecast period.

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Mattress Topper Market - The global mattress topper market is estimated to exceed the value of US$ 1.7 Bn by 2031, expanding at a CAGR of 7% during the forecast period

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