DUBLIN--(BUSINESS WIRE )--The "Carpets and Rugs - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Carpets and Rugs Market to Reach $38.8 Billion by 2026
Demand in the market is set to be driven by new technologies aimed at improving durability and aesthetics; healthy demand from the commercial sector, increasing popularity of modular carpet solutions, increasing demand for premium carpets and rise in new construction and renovation activity globally. Modern carpets offer higher levels of comfort as compared to older ones. Memory foam is the new option for carpet flooring and prevents moisture.
While demand for carpets has been adversely impacted by the growing interest in hard-surface flooring, sales of area rugs have been relatively unaffected, given that these rugs are generally used to enhance the appearance of hard-surface flooring. Growing acceptance of carpet tiles and contemporary area rugs has also been contributing significantly to overall market growth.
Amid the COVID-19 crisis, the global market for Carpets and Rugs, estimated at US$33.6 Billion in the year 2022, is projected to reach a revised size of US$38.8 Billion by 2026, growing at a CAGR of 3.3% over the analysis period.
The U.S. Market is Estimated at $10.6 Billion in 2022, While China is Forecast to Reach $4.6 Billion by 2026
The Carpets and Rugs market in the U.S. is estimated at US$10.6 Billion in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of US$4.6 Billion by the year 2026 trailing a CAGR of 4.7% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.6% and 3.2% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 2.6% CAGR.
Residential Application Segment to Reach $24.1 Billion by 2026
In residences, the main purpose of carpets and rugs is for thermal and sound insulation and improvement of aesthetic appeal of the interiors. Demand in the market is set to be driven by the level of housing renovations and new residential constructions, with strong growth in renovations and sales of newly constructed structures translating to higher demand for carpets. In the global Residential Application segment, USA, Canada, Japan, China and Europe will drive the 3.4% CAGR estimated for this segment.
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ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900