Home Products Flooring Global carpet and rugs market to grow over 4% CAGR

Global carpet and rugs market to grow over 4% CAGR

Market research future published a research report on global Carpet and rugs market. The global market for global Carpet and rugs market is expected to grow over the CAGR of 4 per cent approximately during the period 2017 to 2023.

Carpet and rugs market is expected to grow during the forecast period, owing to the rising preference for modular
carpet solutions among end-users. The increase in renovation activities for residential and commercial purposes
and the use of carpets and rugs for floor decoration, are also driving the growth of the market. The market is also
gaining traction owing to the increase in adoption of carpets and rugs in the countries with cold climatic conditions as they provide thermal insulation benefits.

On the basis of end-use, the residential segment is expected to grow at the highest CAGR owing to the increase in
adoption of carpets for the purpose of floor coverings among residential end-users. Carpets are available in a
range of colors and textures, which make them suitable for use by residential end-users in all types of decors. The
increasing investment in new housing constructions and the rapid increase in home renovation projects, are driving
the growth of the residential sector in the carpets and rugs market.

North America is expected to dominate global carpet and rugs market followed by Asia-Pacific. The growth in North
America region can be attributed to the increase in the focus of the manufacturers for developing low cost rugs
and carpets. The Asia-Pacific region is projected to grow at the highest CAGR due to the existence of developing
nations such as India where the number of unorganized manufacturers of carpets and rugs is high.