Carpet Flooring Market - Global Outlook & Forecast 2023-2028: Rise in Renovation and Remodeling Activities Presents Opportunities - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Carpet Flooring Market - Global Outlook & Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.

The carpet flooring market is expected to grow at a CAGR of approximately 5.74% from 2022 to 2028. Remodeling activities are one of the major opportunities for vendors in the carpet flooring market.

Remodeling means modifying the interiors and exteriors of the existing structure and involves upgradation according to recent trends. It involves alterations, maintenance, repairs, and various additions. Re-innovations make old space interesting, and because of this, people across the world are investing significantly in home renovation and improvement activities.

However, there is less demand for carpet flooring from the renovations and home remodeling homes sector in developing and underdeveloped countries in the regions such as Latin America, Middle East & Africa, and APAC. Therefore, regions such as North America and Europe are anticipated to generate the highest demand for carpet flooring during renovation and home improvement activities. However, improving economies in countries such as India, Brazil, Mexico, and few others in both residential and commercial sectors are expected to create significant potential for the growth of carpet flooring during renovations.

Market Dynamics

Market Opportunities & Trends

• Escalating Demand for Carpet Tiles
• Rise in Renovation and Remodeling Activities
• Rising Demand for Sustainable Carpets

Market Growth Enablers

• Growth of Hospitality Industry
• Hotel Construction
• Rising Demand in Automotive Industry
• Increasing Demand from Transportation Sector

Market Restraints

• High Maintenance & Initial Cost
• Availability of Other Substitutes
• Lack of Skilled Labor

   

   

SEGMENTATION INSIGHTS

INSIGHTS BY PRODUCT

The global broadloom carpet flooring market was valued at USD 51 billion in 2022 and dominated the product segment. However, the industry for carpet tiles is expected to witness the highest growth during the forecast period owing to rising demand for modular and innovative designs and eco-friendly carpets. Broadloom Carpets are not easy to recycle and reuse, but carpet tiles can be easily recycled as they are small in pieces. People in low- and middle-income areas have less affordability, so they refrain from choosing carpet tiles. Moreover, shifting towards eco-friendly products has driven demand for carpet tiles in the flooring market.

Segmentation by Product

• Broadloom Carpet
• Carpet Tiles

INSIGHTS BY APPLICATION

The replacement segment dominates the industry, accounting for over 59% of the share. The advent of technology, raw materials, durability, appearance, smoothness, comfort, hardness, fire resistance, and maintenance for remodeling flooring are propelling the demand for replacing carpet flooring.

However, even though replacing carpet flooring currently dominates the global carpet flooring market, demand for replacement is expected to witness a CAGR of around 6% compared to over 5% for new installation. Significantly increasing construction activities, rapid infrastructural development, rising government concern in new buildings, and significantly increasing installment of new carpet tiles are expected to boost the demand for new installation.

Segmentation by Application

• New Installation
• Replacement

INSIGHTS BY DISTRIBUTION CHANNEL

The global offline carpet flooring market was valued at USD 53.88 billion in 2022 and dominated the distribution channel segment. Carpet Floorings are mainly sold through offline distribution channels, such as specialty stores, dealerships and distributors, supermarkets, and hypermarkets. Moreover, the distribution environment is rapidly evolving, with systems and processes being upgraded at a rapid pace. Changes are being spurred by expanding competition, accelerating digitization, constant disintermediation, and consumerization of expectations. B2B commerce is witnessing an increase in expectations largely associated with B2C, such as transparent pricing, communities, and social connections. This is expected to continue further, focusing on lowering costs, improving efficiencies, and opening new opportunities.

Segmentation by Distribution Channel

• Offline
• Online

INSIGHT BY END-USER

The global carpet flooring market has been broadly classified into residential, commercial, and transportation by end-users. Presently the carpet flooring market has been dominated by residential, accounting for around 46-47% share in the industry. The higher industry share is due to the rise in global housing units and growing demand for carpet flooring across various regions. Rising urbanization and growing per capita income have driven demand for architectural projects for building and construction, thereby increasing the demand for carpet flooring in the industry. The growth in population in the APAC region is boosting residential construction, along with new housing projects by the government. The advent of technology, raw materials, durability, appearance, smoothness, comfort, and luxury propel the demand for replacement carpet flooring.

Segmentation by End-User

• Residential
• Commercial
• Offices
• Hospitality
• Education
• Sports & Entertainment
• Retail
• Medical & Care Centers
• Other End- Users
• Transportation

GEOGRAPHICAL ANALYSIS

North America accounted for the largest carpet flooring market share of over 35% in 2022. The region holds a significant share of the global industry owing to the huge penetration of commercial and residential sectors and the high disposable income of consumers. By 2050, commercial building floor space is expected to reach 126.1 billion square feet. This, in turn, reflects the huge potential for the growing demand for carpet flooring. Moreover, North America is home to a developed retail sector that witnesses millions of people walking in daily. This creates a requirement for robust, sound-absorbent, slip-resistant flooring, which has driven demand for carpet flooring in North America.

Segmentation by Geography

• North America
• US
• Canada
• Europe
• Germany
• UK
• France
• Italy
• Spain
• APAC
• China
• Japan
• South Korea
• India
• Australia
• Latin America
• Brazil
• Mexico
• Rest of Latin America
• Middle East & Africa
• Saudi Arabia
• UAE
• Turkey
• South Africa

Key Vendors

• Beaulieu International Group (B.I.G.)
• Interface
• MOHAWK INDUSTRIES, INC.
• The Dixie Group
• Tarkett
• ORIENTAL WEAVERS
• Victoria

Other Prominent Vendors

• Axminster Carpets
• Betap
• Brintons Carpets
• Brumark
• Cormar Carpet
• Dorsett Industries
• ege
• Forbo Flooring
• Gerflor Group
• Kane Carpet
• Mannington Mills
• Milliken
• Shaw Industries Group
• Suminoe Textile Group

Key Topics Covered:

1 Research Methodology

2 Research Objectives

3 Research Process

4 Scope & Coverage

5 Report Assumptions & Caveats

6 Premium Insights

7 Market at a Glance

8 Introduction

9 Market Opportunities & Trends

10 Market Growth Enablers

11 Market Restraints

12 Market Landscape

13 Product

14 Application

15 Distribution Channel

16 End-User

17 Geography

18 North America

19 APAC

20 Europe

21 Middle East & Africa

22 Latin America

23 Competitive Landscape

24 Key Company Profiles

25 Other Prominent Vendors

26 Report Summary

27 Quantitative Summary

28 Appendix

A selection of companies mentioned in this report includes

• Beaulieu International Group (B.I.G.)
• Interface
• MOHAWK INDUSTRIES, INC.
• The Dixie Group
• Tarkett
• ORIENTAL WEAVERS
• Victoria
• Axminster Carpets
• Betap
• Brintons Carpets
• Brumark
• Cormar Carpet
• Dorsett Industries
• ege
• Forbo Flooring
• Gerflor Group
• Kane Carpet
• Mannington Mills
• Milliken
• Shaw Industries Group
• Suminoe Textile Group

For more information about this report visit https://www.researchandmarkets.com/r/kbbafu-flooring?w=4

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