According to a new report published by Allied Market Research, titled, " Global Carpet Market by End User and Sales Channel: Global Opportunity Analysis and Industry Forecast, 2019-2026," the global carpet market size was $51.9 billion in 2018, and is expected to reach $73.9 billion by 2026, registering a CAGR of 4.6% from 2019 to 2026.
Durability, softness, stain and pet resistance attributes have become basic prerequisite for carpets. Adoption of new technologies and innovations have resulted in significant improvement in carpet performance while providing elegant patterns and color options to help keeping carpet industry on the forefront of design. Innovations in fabrics such as introduction of nylon featuring cationic technology which reduces the number of dye sites in the fiber and aids in stain resistibility has significantly increased the overall demand of carpets. In addition, 100% solution-dyed PET fiber aids in reduction of shedding and stands up to foot traffic over time. Furthermore, invention of 6 nylon fiber material have resulted in strength, resiliency, colorfastness, abrasion resistance, cleanability soil resistance, and dyeing flexibility of carpets. Collaboration with Magic Fresh technology which aids in neutralizing common household odors has provided a competitive edge for carpet manufactures. As a result advancement in carpet fibers is expected to propel the overall carpet market growth.
Smart carpets are poised to gain wide traction in the upcoming years. Smart carpets are intelligent floor coverings which communicates with computers and other connected devices with the help of sensors technology. Smart fabrics are now being used in carpets that can detect the temperature, motion, vibration and pressure signs. These smart carpets have a network of optical fibers, which aids in mapping the walking pattern of an individual. The carpets are equipped to predict a fall or a sudden incident from the patterns of walking. Furthermore, these smart carpets can warn of intruders by observing unusual patterns and can also detect environmental threats, like chemical spills or fires. Such innovative attributes of carpet and economical price points are expected to further boost the revenue growth of overall market.
The global carpet market is segmented into, material, end user, sales channel, price point and region. Based on material, the global market is studied across nylon, olefin, polyester and others. Depending on end user, the market is bifurcated residential and commercial. Based on sales channel, the global market is studied across hypermarket & supermarket, specialty store and online sales channel. Depending on price point the global market is classified into economy and luxury. Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA
Key Findings of the Carpet Market :
- North America leads in terms of carpet market revenue share and is expected to retain its dominance during the carpet market analysis.
- The nylon segments is the most preferred material for carpet manufacturing and accounts for about 58% market share in 2018
- In 2018, based on sales channel, the hypermarket & supermarket segment accounted for about one-third of the global carpet market share. However, the online sales channel segments are expected to witness robust growth with a CAGR of 6.6%, during the forecast period.
- The residential end user segments accounted for about 71% share of the carpet market in 2018,and is poised to grow at significant CAGR during the forecast period.
- Luxury segment to grow at a lucrative CAGR of 5.6% during the carpet market forecast.
- In 2018, based on region, Asia-Pacific is anticipated to grow with robust CAGR of 5.7% during the forecast period.
Some of the key players operating in the carpet market includes, Armstrong Flooring, Inc., Balta Group, Beaulieu International Group N.V., Shaw Industries Group, Inc., Brumar, Dorsett industries, Mannington Mills, Inc., Mohawk Industries, Inc., Tarkett S.A., and The Dixie Group among others.