According to a recent study by ESOMAR-certified market research firm Future Market Insights, global flooring and carpet sales would rise at a strong CAGR of over 5% through 2031, despite a period of muted growth in 2020. The study examines flooring and carpet sales in more than 20 nations, providing a clear picture of how the industry will develop.
As a legion of carbon-conscious customers expects items that are in line with problems they care about, the survey demonstrates that sustainability has risen to the forefront rather than being an afterthought. For designers and architects, as well as the people for whom they develop, sustainability is an undeniably important consideration. Because of the minor waste generated during the installation of flooring and carpet, selecting them for future design implies
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Currently, modular carpets and carpet tiles have become increasingly popular, especially for application in commercial spaces, hospitality, and in healthcare and hospitals due to easier installation and significant degree of customization with respect to material and size. Further, many flooring and carpet manufacturers globally are using bitumen and PVC in their flooring and carpet backing, which help the manufacturers to reduce expenses.
Moreover, introduction of plant fibers such as sea grass and sisal aimed at eco-friendly appeal and use of chemical additives in fiber materials to impart flame retardant, anti-microbial, pest repellant properties etc. In terms of carpet manufacturing technology, tufted, woven and needle felt types are employed, of which tufted type is being used primarily.
FMI in its latest study has forecast the market to rise at a CAGR of 5.1% between 2021 and 2031.
Key Takeaways from the Flooring and Carpet Market Study
- Application in education, hospital and healthcare sectors will continue to create sustained opportunities for flooring and carpet industry manufacturers during the forecast period
- Modern aesthetics, durability, and easy maintenance key influencing factors for consumers
- Increasing tourism, planned world events such as Qatar FIFA World Cup 2022, ICC Cricket World Cup 2023, etc. are expected to fuel continuous revenue growth of hospitality and retail segments in Middle East and South Asia, thus in turn driving demand for flooring and carpets in the region.
- Hospitality and retail segments typically witness stronger growth as compared to other applications due to demand based on a shorter lifecycle and more renovation.
- Public, manufacturing, and industrial segment is expected to grow in terms of revenue, backed by robust foreign investment and government investment in infrastructure.
- US holds the largest share in the global flooring and carpet market owing to rapidly expanding hospitality as well as retail business and commercial sector in the region.
Who is winning?
Some of the key players operating in the flooring and carpet market are Mohawk Industries Inc., Interface Inc., Beaulieu International Group N.V., Tarkett S.A., Balta Group, Shaw Industries Group Inc., ALSORAYAI Group, Forbo Holding AG, Armstrong World Industries LLC, Gerflor Group, Oriental Weavers Group, Al Abdullatif Industrial Investment Company (AIIC), Polyflor Ltd., Brintons Carpets Limited, Milliken & Company Inc., and Betap Tufting B.V.
- On October 2020, Interface Inc. launched its first carbon negative carpet tile styles “Embodied Beauty” with the idea of working in alignment with nature. This would help the company to be consistent in its mission of Climate Take Back to lower the carbon footprints of its products.
- On 10 July 2020, Tarkett S.A. entered into a strategic partnership with Clean Hospitals with an objective to contribute in the improvement of hospital hygiene and to promote effective, and sustainable based cleaning guidelines. This collaboration would bring improvement in environmental hygiene which is expected to benefit the public health by lowering rates of healthcare-associated infections and reducing antimicrobial resistance.
- On October 2020, in the 15th Annual w3 Awards Shaw Industries Group Inc. received Gold and Silver honors, by the Academy of Interactive and Visual Arts.
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Get Valuable Insights into Flooring and Carpet Market
Future Market Insights, in its new offering, provides an unbiased analysis of the global flooring and carpet market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the flooring and carpet market based on the flooring type (carpets, rugs, artificial grass, carpet tiles, vinyl flooring, and laminate parquet flooring), material type (polypropylene, nylon, polyester, and others), and application (residential, commercial offices, retail, hospitality, healthcare and hospitals, educational institutes, automotive, industrial, and others) across seven major regions.
Key Segments
Flooring Type
- Carpets
- Tufting
- Woven
- Rugs
- Accent Rugs
- Area Rugs
- Other Rugs
- Artificial Grass
- Carpet Tiles
- Vinyl Flooring
- Laminate Parquet Flooring
Material Type
- Polypropylene
- Nylon
- Polyester
- Others
Application
- Residential
- Commercial Offices
- Retail
- Hospitality
- Healthcare and Hospitals
- Educational Institutes
- Automotive
- Industrial
- Others
Region
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Middle East and Africa (MEA)
- Oceania
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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