Dublin, August 27, 2024 (GLOBE NEWSWIRE) — The report “Global Carpet Flooring Market – Focused Insights 2024-2029” has been added to The Offer.

The global carpet market is expected to grow from USD 89.55 billion in 2023 to USD 125.3 billion by 2029, growing at a compound annual growth rate of 5.76%.

The global carpet flooring market report includes exclusive data on 25 vendors. The market is highly competitive and dominated by key players such as Beaulieu International Group, Gerflor, Interface, Milliken, Mohawk Industries, Oriental Weavers, Shaw, Tarkett, The Dixie Group and Victoria. These companies focus on innovation, sustainability and quality to maintain their market positions. Beaulieu and Gerflor focus on eco-friendly products while Interface leads in modular carpet tiles. Milliken and Tarkett leverage advanced manufacturing and design capabilities and MOHAWK and Shaw benefit from extensive distribution networks. The Dixie Group targets the high-end segment and Victoria strengthens its position through strategic acquisitions and diverse offerings.

North America has a significant share of the global market due to its huge commercial and residential penetration and high disposable income of consumers. This reflects the huge potential for growing demand for carpets. In addition, North America is home to a developed retail sector where billions of people visit every day.

This has created a need for durable flooring that is sound-absorbing and slip-resistant. This, in turn, has boosted the demand for carpet flooring in North America. Increasing spending on aesthetic improvements to give homes or offices a luxurious look and advancements in carpets such as eco-friendly carpet tiles are leading people in the North American region to switch to carpet tiles.

MARKET TRENDS & DRIVERS

Increasing demand for carpet tiles

The global carpet market is witnessing a significant increase in the demand for carpet tiles, attributed to their practicality and versatility. Carpet tiles are increasingly preferred in commercial settings as they offer several advantages over traditional broadweave carpets. One of the most important advantages is their ease of installation; carpet tiles can be installed quickly and efficiently, reducing labor costs and downtime for businesses.

This property benefits offices, retail spaces and other commercial environments that require quick, trouble-free flooring solutions. In terms of maintenance, carpet tiles offer unparalleled convenience. Should a section become stained or damaged, individual tiles can be replaced without damaging the entire floor, resulting in cost savings and minimal disruption to daily operations. This makes them an excellent choice for high-traffic areas where wear and tear is more likely.

Additionally, carpet tiles offer flexibility in design. They come in a variety of colors, patterns, and textures, allowing for creative combinations and unique flooring designs that can enhance the aesthetics of any space. Companies like Interface Inc. have capitalized on this trend by offering various modular carpet tile options that combine aesthetics with functional benefits. Interface Inc. is known for its innovative designs and commitment to sustainability that align well with the preferences of the modern consumer.

Sustainable carpets are increasingly in focus

Due to consumer environmental awareness and strict regulatory pressure, sustainability has become a key issue in the global carpet market. This increased awareness is leading manufacturers and consumers to seek eco-friendly solutions that minimize environmental impact. Manufacturers like Mohawk Industries have proactively responded to this demand by developing carpets made from recycled materials, including reclaimed nylon and PET fibers made from plastic bottles.

This trend toward sustainable carpets responds to consumer demand for environmentally friendly products while also aligning with corporate sustainability goals. Many companies are now incorporating sustainable practices into their business models, reflecting a broader commitment to reducing their environmental footprint. For example, Mohawk’s Greenworks initiative focuses on creating closed-loop recycling systems and producing carpets that are not only durable and stylish, but also sustainable.

In addition, various certification programs such as LEED (Leadership in Energy and Environmental Design) and the Carpet and Rug Institute’s Green Label Plus support the push toward sustainability. These certifications ensure that products meet strict standards for indoor air quality and environmental impact, giving consumers peace of mind that their purchases are sustainable.

Increase in renovation and reconstruction activities

The global carpet market is experiencing a significant boost due to increasing renovation and remodeling activities worldwide. As homeowners and businesses look to upgrade their living and working spaces, carpets are being chosen for their ability to enhance aesthetics and comfort. This trend is particularly pronounced in mature markets where existing infrastructure encourages renovations rather than new construction.

Renovation and remodeling projects are driven by the desire to modernize interiors, improve functionality and increase property value. Carpets play a crucial role in these improvements, offering various design options that can transform spaces in an instant. Companies like Brintons Carpets have capitalized on this trend by offering various designs that take into account the changing tastes of consumers. Their collections often include contemporary patterns, traditional motifs and bespoke designs, allowing consumers to find the perfect solution for their renovation needs. The versatility and aesthetic appeal of carpets make them a preferred choice for many renovation projects and contribute to the growth of the market through renovation-led demand.

Industry restrictions

Skilled labor shortage

The global carpet market is facing significant challenges due to the shortage of skilled labor. Carpet installation and maintenance requires specialized skills and expertise that are becoming increasingly rare in some regions. This shortage impacts the quality and efficiency of carpet installation and customer satisfaction. Skilled labor is critical to properly installing carpets and affects their longevity and performance. A poorly installed carpet can lead to problems such as uneven wear, wrinkling and reduced durability, which negatively impacts customer satisfaction and increases maintenance costs.

Companies like Gerflor Group are addressing this challenge by investing in training programs and technology that streamline installation processes and reduce reliance on manual labor. These initiatives include offering certification programs for installers, partnering with vocational schools, and developing user-friendly installation systems that simplify the process. In addition, advances in pre-cut and modular carpet systems are helping to reduce the complexity of installation, making it easier for less experienced workers to achieve professional results. By investing in training and technology, companies aim to mitigate the impact of the skills shortage on market operations and ensure they can continue to provide quality products and services to their customers.

SEGMENT ANALYSIS

• The largest market share is held by the wide-weave carpet segment, which is often chosen due to its seamless appearance and extensive design options.
• The spare parts segment shows significant growth with the fastest increasing CAGR during the forecast period.
• In terms of distribution channels, the offline segment holds the largest share of the global carpet flooring market.
• Based on end-users, the residential segment remains a significant driver for the global carpet flooring market, registering the highest compound annual growth rate (CAGR) during the forecast period.

ANSWERED TO THE MOST IMPORTANT QUESTIONS:

• Which region dominates the global carpet market?
• What are the key drivers of the global carpet market?
• How big is the global carpet market?
• What is the growth rate of the global carpet flooring market?
• Who are the key global players in the carpet flooring market?

Main features:

Report Attribute	Details
Number of pages	136
Forecast period	2023 – 2029
Estimated market value (USD) in 2023	89.55 billion US dollars
Projected market value (USD) until 2029	125.3 billion US dollars
Average annual growth rate	5.7%
Regions covered	Generally

COMPETITIVE LANDSCAPE

Important providers

• Beaulieu International Group
• Gerflor
• interface
• Milliken
• Mohawk Industries
• Oriental weavers
• Shaw
• Tarkett
• The Dixie Group
• Victoria

Other prominent providers

• Axminster Carpets
• Beta
• Brintons Carpets
• Brumark
• Cormar Carpet
• Dorsett Industries
• Ege Carpets
• Forbo Flooring
• Suminoe Textile Group
• Dinarsu
• Haima Carpet
• Kaili Carpet
• INFLOOR GIRLOON
• Mannington Mills
• Kane Carpet

SEGMENTATION

By product

After application

• Substitute
• Reinstallation

By sales channel

by end users

• Reside
• Commercially
• transport

By Commercial

• Hospitality, Sports & Entertainment
• Locations
• retail
• Training
• Medical care centers
• Miscellaneous

For more information about this report visit https://www.researchandmarkets.com/r/c3a7lk

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• Global Carpet Market