Global carpets & rugs market expected to reach USD 107.9 Billion in 2023 and industry is growing at a CAGR of slightly above 4.0% between 2017 and 2023. Carpets and rugs are decorative textiles made up of thick material and normally intended as floor covering. Previously carpet was used only as a cover for table or wall hanging.
Sarasota, FL -- (SBWIRE) -- 07/02/2018 -- Zion Market Research has published a new report titled "Carpets & Rugs Market by Material (Wool, Natural fiber, Cotton, Synthetic [Nylon, Polyester, Polypropylene]) by Product (Knotted, Tufted, Hand-loomed, Machine-loomed) by Application (Office, Hotel, Automotive, Residential) by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2023''. According to the report, global carpets & rugs market was valued at around USD 84.3 Billion in 2017 and is expected to reach approximately USD 107.9 Billion in 2023, growing at a CAGR of slightly above 4.0% between 2017 and 2023.
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Carpets and rugs are decorative textiles made up of thick material and normally intended as floor covering. Previously carpet was used only as a cover for table or wall hanging. But, after the introduction of machine products, it is being used exclusively as a floor covering. Both in the U.S. and Great Britain rugs are used as a partial floor covering. But for handmade carpets, the names carpet and rugs are used interchangeably. Designs of the product consist of a border, the pattern in the center and an inner field. The border of the carpet serves as a frame on the picture or cornice on the building, to control the implied movements, isolate the field, and emphasize the limits. Border and design of the inner field harmonize pleasingly but remains distinct.
Office space requirements for the sectors including logistics, manufacturing and fast moving consumer goods have given a positive outlook in 2016 and have continued even in 2017. New office spaces are decorated with attractive and suitable carpets & rugs to provide an encouraging work environment. Many large consulting firms and start-ups are projected to boost their employee strength to cater their business growth, resulting in increased office space demand. Most of the IT firms are preferring to lease rather than constructing their own IT Park. For instance, TCS and Infosys are inclining towards leasing office space. Thus multiplying the need for office space requirements. Strong demand from other sectors such as insurance, financial services, banking, and business process outsourcing would foster a number of office buildings and other commercial trade towers.
Stringent emissions norms for old vehicles along with the rise of personal transportation era and global macroeconomic forces will influence automotive industry till 2025. Investments of automakers in new factories and expansion of existing manufacturing capacities will propel automobile demand during the forecast period. Automobile sales in certain regions have outpaced their forecasts of 2015. The industry has witnessed considerable growth in European Union after the economic downturn. Intense internal competition has driven the industry through innovation in past few years, new competition sources have emerged and have influenced design and development of vehicles. Further, vehicles are installed with advanced software technologies than ever before, providing high-tech entertainment and driving capabilities. Thus, technical advancements in automobile industry coupled with advanced versions of cars will induce demand for vehicles.
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Global carpets & rugs market is bifurcated as per the material into wool, natural fiber, cotton and synthetic. Wool and natural fiber will register significant gains owing to its soft, comfortable and easy technology advancement characteristics as compared to other types. Knotted, tufted, hand-loomed and machine-loomed are the products of carpets & rugs market. Machine-loomed products are gaining traction in the market and will enhance its market share till 2023 owing to accurate, precise, and attractive design offered by the process. Various applications pertaining to carpets & rugs are office, hotel, automotive & transportation and residential. Residential sector contributes majorly in the revenue generation of the market due to trending interior decoration concepts amongst various households.
Europe will witness significant gains in the global carpets & rugs market over the forecast timeframe. The growth is attributed to the ever-increasing and well-established automobile industry along with periodic innovations in vehicle technology. The Asia Pacific will have a substantial share in the global market owing to its emerging economies of India, Indonesia, and Thailand. Developing IT, banking, and financial sectors will lead to increased office space requirements.
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Prominent manufacturers in carpets & rugs market are Victoria PLC, Tai Ping Carpets International Limited, Orientals Weavers Company for Carpets, Dixie Group, Inc, Interface, Inc., Home Depot, Inc., Taekett S.A., Lowe's Companies, Inc., Shaw Industries Group, and Mohawk Industries, Inc. Producers are adopting expansion and acquisition strategies to cater to the increasing demand of the product in emerging markets.