According to a new report, published by KBV research, The Global Carpets and Rugs Market size is expected to reach $102.4 billion by 2030, rising at a market growth of 4.2% CAGR during the forecast period.
The Commercial segment is showcasing a CAGR of 5.4% during (2023 - 2030). The product's increased demand in commercial settings results from its capacity to reduce air pressure, soundproof, and provide thermal insulation. These elements are fueling market demand. Additionally, manufacturers introduce new products for offices, hotels, and others. In commercial spaces, carpets are being used strategically to define different zones, aiding in wayfinding, and creating visual separations.
The Synthetic Fibers segment is leading the Global Carpets and Rugs Market by Material in 2022; thereby, achieving a market value of $36.1 billion by 2030. The demand for carpets and rugs made from synthetic fibers is growing because they are stain-resistant, long-lasting, and cost-effective. Polyester, nylon, and olefin are examples of synthetic fibers. These materials dry quickly and are more absorption-resistant and relatively durable. Nylon carpets are also perfect for high-traffic areas like hallways and stairwells because of their resilience. These elements are fueling the market segment's expansion.
The Woven segment is experiencing a CAGR of 4% during (2023 - 2030). The segment is anticipated to experience growth due to the product's extensive availability, durability, and comfort. Handmade with a traditional design, woven carpets and rugs are interior decoration symbols of luxury. Woven carpets and rugs add warmth, texture, and visual appeal to interior spaces. They serve as focal points, complementing the overall design scheme and contributing to the ambiance of a room.
The North America region dominated the Global Carpets and Rugs Market by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $37.7 billion by 2030. The Europe region is anticipated to grow at a CAGR of 3.8% during (2023 - 2030). Additionally, The Asia Pacific region would exhibit a CAGR of 4.7% during (2023 - 2030).
Full Report: https://www.kbvresearch.com/carpets-and-rugs-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Tai Ping Carpets, Mohawk Industries Inc., Lowe's Companies inc., Tarkett group, Victoria PLC Group (Victoria Carpets Ltd), Shaw Industries Group, Inc. (Berkshire Hathaway, Inc.), Interface Inc., Beaulieu International Group, Royalty Carpet, and Oriental Weavers
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