The carpets & rugs market is growing rapidly in accordance with the growth in the residential and non-residential sectors, globally. Factors such as rise in renovation & remodeling activities, growth in interest of consumers toward interior decoration, and rapid urbanization & globalization are largely contributing toward the growth of the carpets & rugs market. The carpets & rugs market has been classified on the basis of type, material, end-use sector, and region. It has experienced continuous progress with regard to acquisitions and expansions, to expand its geographical reach in the interior decoration segment of the construction industry. According to MarketsandMarkets, the global market for carpets & rugs, in terms of value, is projected to reach USD 112.69 Billion by 2022, at a CAGR of 4.2%.
The growth of carpets & rugs market was largely influenced by acquisitions and expansions, in the past six years. The years between 2011 and 2017 witnessed a large number of acquisitions adopted by top players in the market. Expansions also formed an essential part of their strategies, which led to the flow of considerable income within the company. These strategies formed an important part of growth in emerging markets. The major players include companies such as Mohawk Industries, Inc. (U.S.), Shaw Industries group (U.S.), Lowe’s Companies, Inc. (U.S.), Taekett S.A. (France), and Home Depot, Inc. (U.S.). The other prominent players in the market include Interface, Inc. (U.S.), Dixie Group, Inc. (U.S.), Orientals Weavers Company for Carpets (Egypt), Tai Ping Carpets International Limited (China), and Victoria PLC (U.K.).
Mohawk industries, Inc. (U.S.) held the leading position in the global carpets & rugs market in 2016. The company has maintained its leadership position through its strong distribution network across Asia-Pacific, Europe, the Americas, and emerging markets. Mohawk industries, Inc. (U.S.) is among the leading manufacturers of carpets & rugs for many of the markets it operates in. Its operations are divided into three business sectors, namely, Flooring NA, Global Ceramic, and Flooring RoW. The company caters to varied application sectors such as housing, education, healthcare, offices, retails & hospitality, and sports. Also, it develops eco-friendly products and solutions in the carpets & rugs market that are skid-free and easy to maintain.
Shaw Industries Group (U.S.) is a global provider of carpets & rugs solutions. The company manufactures and supplies flooring products for various applications. Shaw Industries Group adopted expansion as its key strategy to gain a competitive advantage in the market. In December 2016, Shaw Industries Group, Inc. (U.S.) constructed a new carpet tile manufacturing facility in Adairsville, Georgia with an investment of USD 85.0 million. This expansion helped the company to expand its geographical reach and enhance its production capacity.
Carpets & Rugs Market by Type (Tufted, Woven, Needle-punched, Knotted), Material (Nylon, Polyester, Polypropylene), End-use Sector (Residential, Non-residential, Automotive & Transportation), and Region - Global Forecast to 2022
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