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(EstateNewsWire.com, July 12, 2023 ) The Carpets & Rugs industry manufactures and sells carpets and rugs for residential, commercial, hospitality, healthcare, education, and transportation sectors. They enhance aesthetics, provide comfort, and serve various purposes in indoor spaces. The industry is global, influenced by economic conditions and consumer preferences, and continually innovates to meet diverse needs while considering sustainability. The global market for carpets & rugs, in terms of value, is projected to reach USD 112.69 billion by 2022, at a CAGR of 4.2%. The carpets & rugs market is growing rapidly in accordance with the growth in the interiors sector of the construction market, globally. The rising interest of consumers toward interior decoration in residential and non-residential sectors has largely contributed to the growth of the carpets & rugs market. The carpets & rugs market has been classified on the basis of type, material, end-use sector, and region.
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High growth potential in the emerging Asia-Pacific markets is expected to provide new growth opportunities to the players in the carpets & rugs market. In 2016, Asia-Pacific accounted for the fastest-growing region in the global carpets & rugs market, with China as the largest market in this region. Developing countries such as China and India are projected to be the emerging markets, with a growth potential that is projected to make Asia-Pacific the fastest-growing region in the carpets & rugs market. These emerging economies focus on adopting the latest technologies and manufacturing processes in various construction segments. The growth of the carpets & rugs market in this region is driven by factors such as rising number of renovation & remodeling activities and rapid urbanization & globalization. In addition to this, the rise in population in these countries presents a large customer base for lavish products and willing to adopt interior decoration plasticises, which in turn is expected to lead to the growth of the carpets & rugs market.
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On the basis of type, the CAGR of the tufted segment is projected to be the highest, as high demand and rapid growth of this type of carpet are supported by its easy and quick manufacturing process, coupled with reasonable pricing. In addition, tufting is suitable for all types of fibers and yarns and can be made with a variety of finishes.
The polypropylene segment is estimated to be the fastest-growing in the carpets & rugs market on the basis of material; this trend is projected to continue during the forecast period, as this fiber is priced relatively lower than the other materials used in manufacturing of carpets & rugs with resistance to water-based stains, bleaches, and sunlight fading. Also, it can be easily extruded by most manufacturers.
The residential segment is estimated to be the fastest-growing as well as the largest application in the carpets & rugs market. This trend is projected to continue during the forecast period, the demand from the residential sector is supported by increased investment in new housing constructions and home renovation projects, such as the replacement of worn or out-of-style carpets and rugs. Factors such as moderate cost, ease of installation, and favorable aesthetics are to spur the demand for carpets and rugs in newly built houses.
The major players include Mohawk Industries, Inc. (U.S.), Shaw Industries Group (U.S.), Lowe’s Companies, Inc. (U.S.), Taekett S.A. (France), Home Depot, Inc. (U.S.), Interface, Inc. (U.S.), Dixie Group, Inc. (U.S.), Orientals Weavers Company for Carpets (Egypt), Tai Ping Carpets International Limited (China), and Victoria PLC (U.K.). Companies have adopted strategies such as acquisitions and expansions to cope with the increase in demand in the emerging markets.
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Mohawk industries, Inc. (U.S.) held the leading position in the global carpets & rugs market in 2016. The company has maintained its leadership position through its strong distribution network across Asia-Pacific, Europe, the Americas, and emerging markets. Mohawk industries, Inc. (U.S.) is among the leading manufacturers of carpets & rugs for many of the markets it operates in. Its operations are divided into three business sectors, namely, Flooring NA, Global Ceramic, and Flooring RoW. The company caters to varied application sectors such as housing, education, healthcare, offices, retails & hospitality, and sports. Also, it develops eco-friendly products and solutions in the carpets & rugs market that are skid-free and easy to maintain.
Shaw Industries Group (U.S.) is a global provider of carpets & rugs solutions. The company manufactures and supplies flooring products for various applications. Shaw Industries Group adopted expansion as its key strategy to gain a competitive advantage in the market. In December 2016, Shaw Industries Group, Inc. (U.S.) constructed a new carpet tile manufacturing facility in Adairsville, Georgia with an investment of USD 85.0 million. This expansion helped the company to expand its geographical reach and enhance its production capacity.
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