Despite a period of slower growth in 2020, Future Market Insights, an ESOMAR-certified market research firm, predicts that global flooring and carpet sales would increase at a strong CAGR of over 5% through 2031. The study provides a clear analysis of how growth will develop by tracking flooring and carpet sales in more than 20 nations.
The study shows that because a large number of environmentally concerned consumers seek items that are in line with topics they care about, sustainability is now a priority rather than an afterthought. Unquestionably important to designers and architects, as well as to the clients they design for, is the concept of sustainability. Choosing flooring and carpet for further design suggests this because of the negligible trash they make after installation.
Due to its ease of installation and substantial degree of material and size customization, modular carpets and carpet tiles are currently becoming more and more common, especially for use in commercial spaces, hospitality, healthcare, and hospitals. Additionally, bitumen and PVC are widely used in the flooring and carpet backing of manufacturers of carpet and flooring around the world, which enables them to lower costs.
In addition, the use of chemical additives in fibre materials to impart flame retardant, anti-microbial, pest repellent, and other qualities has been introduced, along with plant fibres like sea grass and sisal, to appeal to eco-friendly consumers. Tufted, woven, and needle felt forms of carpet production technology are used, with tufted types being the most common.
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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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Key SegmentsFlooring 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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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.
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About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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