Allied Market Research published a report, titled, “Carpet Market by Material (Nylon, Olefin, Polyester and Others), End User (Residential and Commercial), Sales Channel (Hypermarket & Supermarket, Specialty Store and Online sales Channel) and Price Point (Economy and Luxury): Global Opportunity Analysis and Industry Forecast, 2019-2026.” According to the report, the carpet industry was estimated at $51.9 billion in 2018 and is expected to hit $73.9 billion by 2026, registering a CAGR of 4.6% from 2019 to 2026.
Drivers, restraints and opportunities-
High-end technological innovations and emergence of top-quality carpet fibers are the major factors propelling the growth of the global carpet market. On the other hand, deteriorating indoor air quality and availability of cost-effective counterparts curtail down the growth to some extent. However, wide scope for eco-design and recycling is expected to pave the way for a number of opportunities for the key players in the industry.
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Frontrunners in the industry-
- Beaulieu International Group N.V.
- Mannington Mills, Inc.
- Armstrong Flooring, Inc.
- The Dixie Group
- Shaw Industries Group, Inc.
- Mohawk Industries
- Brumark
- Dorsett industries
- Balta Group, Inc.
- Tarkett S.A.
The nylon segment to rule the roost till 2026-
Based on material, the nylon segment held the major share in 2019, garnering nearly three-fifths of the global carpet market. Carpets made of nylon fiber possesses high durability as compared to its counterparts. Nylon can also withstand high wear and tear for a considerate amount of time, which has boosted the growth of the segment. Simultaneously, the polyester segment would cite the fastest CAGR of 5.30% by the end of 2026. One of the major benefits of polyester carpeting is synthetic fabrics can have vibrant colors that last a long time Additionally, polyester carpets are also popular among people prone to allergies.
The residential segment to dominate during the estimated period-
Based on end-use, the residential segment accounted for nearly three-fourths of the global carpet market share in 2019, and is expected to retain its dominance during 2019–2026. This is due to extensive usage of carpets among households. The commercial segment, on the other hand, would register the fastest CAGR of 5.40% throughout the forecast period. Increase in number of commercial set-ups including corporate offices, hospitals, schools, and others and rise in adoption of carpet in commercial spaces augment the growth of the segment.
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North America to maintain its top status during the study period-
Based on geography, North America contributed to more than two-fifths of the global carpet market revenue in 2019, and is anticipated to lead the trail by 2026. Extensive restructuring through mergers and acquisitions has significantly reshaped the competition in North America carpet industry. At the same time, the LAMEA region would cite the fastest CAGR of 6.70% during the estimated period. Increasing expenditure for home décor products in the region has driven the market expansion in the region across LAMEA.
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