Carpet Industry

The global carpet market size was valued at USD 17,030.7 million in 2022 and is anticipated to expand at a compound annual growth rate (CAGR) of 4.1% throughout the forecast period. The overall demand for carpets is intricately linked to the performance of the housing market, which includes both the development of newly constructed residential properties and the sale of existing homes. During periods of increased activity and demand within the housing sector, there is typically a corresponding rise in the need for floor coverings such as carpets. For example, in August 2023, data jointly released by the U.S. Census Bureau and the Department of Housing and Urban Development reported that sales of new single-family homes reached a seasonally adjusted annual rate of 675,000. This figure reflects a 5.8 percent increase when compared to the estimated 638,000 units sold in August 2022, highlighting a notable upward trend in housing activity, which directly influences carpet demand.

Following the COVID-19 lockdown period, there has been a significant global shift in focus toward environmental and social sustainability. These themes have emerged as leading market trends across various industries. Consumers, particularly in the post-pandemic landscape, are becoming increasingly aware of and committed to eco-friendly purchasing behaviors and are more inclined to adopt sustainable lifestyle choices. This transition is especially evident among younger consumer demographics such as Millennials and Generation Z, who are more likely to prioritize environmental responsibility compared to previous generations. In response to this evolving consumer mindset, the carpet industry has begun integrating sustainable practices into production, which includes the sourcing of environmentally friendly raw materials and the manufacturing of sustainable carpet products.

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Manufacturers operating within the carpet sector are actively investing in the development and promotion of environmentally conscious products to align with the growing global emphasis on sustainability. A notable example of this trend is seen in the initiative taken by Carpets Inter in March 2021, when the company introduced its EcoSoft carpet collection. This eco-friendly product line is manufactured using 5% post-industrial recycled PET derived from millions of reused beverage bottles, in addition to 80% post-consumer recycled PET. This innovative approach not only addresses environmental concerns but also enhances the brand’s appeal to sustainability-focused consumers.

Material Insights
In terms of material composition, the carpet market is categorized into nylon, polyester, polypropylene, and other materials. Among these, nylon emerged as the largest material segment in 2022. Nylon is widely recognized as a synthetic fiber that offers several desirable properties, including high durability, excellent stain resistance, and significant versatility, making it a preferred material choice among a broad range of consumers. Additionally, continuous investments in research and development have led to significant advancements in nylon fiber technology. These innovations have resulted in improved product performance and durability, further reinforcing the popularity and market dominance of nylon-based carpets.

Competitive Insights

Key players operating in the market are Mohawk Industries, Inc., Shaw Industries Group, Inc., Tarkett S.A, Milliken & Company, The Dixie Group Inc, Interface Inc., Oriental Weavers Carpet Co., Tai Ping Carpets International Limited, Victoria Plc, and Lowe's Companies Inc The market participants are constantly working towards new product development, M&A activities, and other strategic alliance to gain new market avenues. The following are some instances of such initiatives.

• For instance, in September 2022, OBEETEE Carpets, a prominent carpet manufacturer, unveiled its latest collection in partnership with JJ Valayaa and inaugurated its flagship store in New Delhi.
• In October 4, 2021, Shaw Industries Group, Inc. announced that its EcoWorx carpet tile has earned the prestigious Cradle to Cradle Certified Silver certification, meeting the stringent requirements of version 4.0 of this standard. Notably, this achievement places the product among the pioneers worldwide, marking it as the first in the global built environment sector and the very first U.S.-manufactured product to attain this distinction.

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