Comprehensive Overview of Carpet Market to 2034
The carpet market encompasses the industry engaged in the production, distribution, and sale of carpets, rugs, and other flooring solutions. This market includes various kinds of carpets such as tufted, woven, needle-felt, and knotted carpets, along with carpet tiles and area rugs. Carpets find applications in both residential and commercial environments, with demand influenced by aspects such as aesthetics, comfort, insulation, acoustics, and safety.
According to SPER market research, ‘Global Carpet Market Size- By Material, By Application, By Distribution Channel - Regional Outlook, Competitive Strategies and Segment Forecast to 2034’ state that the Global Carpet Market is predicted to reach 28.38 billion by 2034 with a CAGR of 4.35%.
Drivers:
There has been a notable increase in the demand for eco-friendly carpets: A rising interest in carpets made from sustainable and recyclable materials has emerged. As consumers become more environmentally aware, they increasingly seek eco-friendly carpet alternatives. Focus on design and aesthetics has grown: The visual design and aesthetic quality of carpets have gained significance, particularly in residential contexts. Consumers aim for carpets that enhance their home's visual appeal and complement their interior design.
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Restraints:
The rapid changes in the prices of raw materials, particularly crude oil, which is the primary constituent for creating nylon and polyester staple fiber, have been observed. Fluctuations in crude oil prices raise the costs of nylon and other fibers, consequently elevating the prices of raw materials essential for manufacturing carpets and rugs. This scenario is hindering the growth of the market. Additionally, high trade tariffs and the dumping of carpets and rugs by various governments also restrict market expansion.
In 2024, North America represented the largest share of revenue. The rapid growth in housing and construction activities, especially in the United States, is a significant factor propelling market growth in this region. Additionally, the growing appetite for new homes and the rising trend of home decoration are expected to boost product demand in the near future. Some of the key market players are Tarkett S.A, Milliken & Company, Mohawk Industries, Inc, Shaw Industries Group, Inc, The Dixie Group Inc, and others.
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