Carpet Market Expected to Reach $110.2 Billion by 2033

According to a new report published by Allied Market Research, titled, “carpet market" was valued at $63.4 billion in 2023, and is projected to reach $110.2 billion by 2033, growing at a CAGR of 5.7% from 2024 to 2033.

Carpets are textile floor coverings used to improve the aesthetics of the floor space. Carpets consist of an upper layer of a pile with a backing attached to it. Synthetic fibers such as polypropylene, nylon, or polyester are widely used for building piles. Carpets are available in many shapes, sizes, patterns, textures, and materials. The key factors that drive the growth of the carpet market include the growth of the hospitality industry, upsurge in affordability, technological innovations, and advancements in carpet fibers.  

Moreover, solutions according to the specific requirements of customers are estimated to revolutionize the carpet market in upcoming years. However, factors such as the availability of cost-effective counterparts and browning, pile reversal, split seam, and tearing of carpets are expected to impede the carpet market growth. Furthermore, smart carpets and advanced fiber materials have gained huge traction in recent years, which in turn is anticipated to create lucrative opportunities for market expansion,  

Durability, softness, stain, and pet resistance are the current basic prerequisites when purchasing carpets. As a result, new technologies and innovations have led to significant improvements in performance while providing elegant patterns and color options. Innovation in fabrics such as the introduction of nylon featuring cationic technology reduces the number of dye sites in the fiber and aids in stain resistibility. In addition, 100% solution-dyed PET fiber aids in the reduction of shedding and increases the durability of the carpet. Furthermore, the invention of strong nylon fiber specially designed for carpets has resulted in strength, resiliency, colorfastness, abrasion resistance, cleanability soil resistance, and dyeing flexibility. Currently, the carpets available in the market are equipped with Magic Fresh technology, which aids in neutralizing common household odors.  

Smart carpets have gained wide traction among consumers in the global market. Smart fabrics are now being used to make carpets that can detect temperature, motion, vibration, and pressure. These smart carpets have a network of optical fibers, which bends when an individual steps on it, and 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, such as chemical spills or fires.  

The carpet market is segmented into material, end user, sales channel, price point, and region. On the basis of material, the market is classified into nylon, olefin, polyester, and others. Depending on the end user, the market is bifurcated into residential and commercial. On the basis of sales channel, the market is studied across hypermarkets & supermarkets, specialty stores, and online sales channels. On the basis of price point, the market is categorized into economy and luxury. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. 

Players operating in the carpet market have adopted various developmental strategies to expand their carpet industry market share, increase profitability, and remain competitive in the market. Key players profiled in this report include Armstrong Flooring, Inc., Balta Group, Beaulieu International Group N.V., Berkshire Hathaway, Inc., Brumar, Dorsett industries, Mannington Mills, Inc., Mohawk Industries, Inc., Tarkett S.A., and The Dixie Group. 

Key finding of the study 

• In 2023, on the basis of material, the nylon segment was the highest contributor to the carpet industry. 

• In 2023, by end user, the residential segment was the highest contributor to the carpet market. 

• In 2023, by price point, the economy segment was the highest contributor to the carpet market. 

• By sales channel, the specialty stores segment generated the highest revenue in 2023 and is likely to grow at a substantial rate during the forecast period. 

• North America was the major revenue contributor in 2023 and is estimated to grow at a significant CAGR during the forecast period.