Global Carpets and Rugs Market: Reinvigorating the Interest of Consumers with Innovations in Product Offerings

Global Carpets and Rugs Market

Carpets and rugs are home improvement aesthetic products that are majorly used for their aesthetics but also offer a variety of functional benefits. Their usage is quite significant in regions that have developed economies due to their high costs, as well as areas where the climate is colder in comparison to other regions of the world as it prevents the floors from being too cold.

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Carpets and rugs market is growing due to rise in the number of renovation & remodeling activities, growing interest of consumers toward interior decoration; the effects of these factors are mentioned below:

  • Rise in the number of renovation & remodeling activities: One of the major factors responsible for the steady growth of the market is the high volume of renovations and remodeling activities taking place by different household consumers and even commercial consumers. Different commercial users are expanding their commercial spaces and taking part in different construction activities, this factor is expected to present a large-scale consumer for carpets and rugs market as these products offer various aesthetic and functional benefits to floors. Another application which is having a positive impact on the growth of carpets and rugs is the growth of per capita income and disposable income of individuals which are purchasing greater volumes of the product for remodeling their households
  • Growing interest of consumers toward interior decoration: With the enhancement of purchasing power of individuals a variety of consumers are growing more conscious regarding the appeal and aesthetics of their households focusing on spending more to achieve better interiors. This interest of consumers wanting to have enhanced appeal in the interiors of their household will be one of the major factors responsible for steady consistent growth in the market

Strategic product innovations presented by various market players:

  • In May 2019, JT. Pfeiffer announced the launch of a new range of carpet collection, titled “Le Jardin” with the products being manufactured in Nepal. The product range inspired by its name which essentially translates from French means “the garden”, invoke that on their design by having large floral weaving. The product range includes of four sub-sections and are designed from local Nepali wool and cashmere
  • In February 2019, Hem announced the launch of a new rug at the Stockholm Design Week, from 4-10 February; designed by French designer “Pauline Deltour”. The product is produced from rope with the help of traditional weaving methods and is produced in India. All of the components have been produced by the company on their own. It is available in three different size variations and four color variations

The market is segmented on the basis of type as carpet, rugs; product is categorized into woven, tufted, knotted, needle-punched, flat-weave, hooked, others; materials as synthetic fiber, natural fiber; application as residential, commercial, industrial, and institutional.

“According to Data Bridge Market Research, global carpets and rugs market is expected to be growing with a substantial CAGR of 6.3% during the forecast period of 2019 to 2026”

Some of the major players operating in market are MOHAWK INDUSTRIES, Tarkett, Inter IKEA Systems B.V., Beaulieu International Group, SCOTT GROUP STUDIO, Chemx, CORMAR CARPET COMPANY, HECKMONDWIKE FB, MILLIKEN & COMPANY, Saif Carpets, Balta Industries NV, Engineered Floors LLC, The Dixie Group, Inc, ORIENTAL WEAVERS CARPET COMPANY, Interface, Inc, Haima Group, Victoria PLC, House of Tai Ping, Brintons Carpets Limited, Axminster CARPETS and others.

One of the major users of carpets and rugs are the developed regions of the world, although at the pace with which various developing regions are growing taking part in different construction activities. This growth pace of the developing regions is expected to present the players of carpets and rugs to present a greater focus of their marketing activities on these regions and enjoy the high demand which is to expected in the forthcoming few years.