The Global Carpet Flooring Market is Set to Reach USD 120.24 billion by 2028 - Exclusive Research Report by Arizton

The global carpet flooring market is growing at a CAGR of 5.47% during 2022-2028 

The global carpet flooring market will reach USD 120 billion by 2028. North America dominates the global carpet flooring market share, with a revenue of 35.91% in 2022. Strong economic growth, the establishment of new businesses, company expansions, and increased construction activities are mainly driving the demand for carpet flooring in the region. 

The carpet flooring market size, share, & trends analysis report by product (broadloom carpet and carpet tiles), application (new installation and replacement), distribution channel (offline and online), end-user (residential, commercial (offices, hospitality, education, sports & entertainment, retail, medical & care centers, and other end-users), and transportation), and geography (North America, Europe, APAC, Latin America, and Middle East & Africa), industry analysis report, regional outlook, growth potential, price trends, competitive market share & forecast 2023–2028 

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Renovation and Remodeling Projects Present Lucrative Opportunities for Carpet Flooring Market 

Renovation and remodeling activities offer substantial opportunities for vendors operating in the carpet flooring market. These projects involve modifying the interiors and exteriors of existing structures to align with current design trends. They encompass a range of alterations, maintenance work, repairs, and additions. To revitalize old spaces, individuals across the globe are making significant investments in home renovation and improvement activities. 

However, developing and underdeveloped regions like Latin America, the Middle East & Africa, and APAC exhibit lower demand for carpet flooring in the renovation and home remodeling sector. Consequently, regions such as North America and Europe are expected to generate the highest demand for carpet flooring during these projects. Nevertheless, the improving economies of countries like India, Brazil, Mexico, and others in residential and commercial sectors are anticipated to create significant potential for carpet flooring growth during renovation and remodeling endeavors. 

Impact of COVID-19 

The COVID-19 pandemic has significantly impacted the global carpet flooring market, causing disruptions across the industry. As governments worldwide implemented strict lockdown measures and social distancing protocols, construction activities were temporarily halted, leading to a decline in demand for carpet flooring. Supply chain disruptions and labor shortages also posed further challenges for manufacturers and suppliers. Residential and commercial sectors, major consumers of carpet flooring, experienced a slowdown during the pandemic. With many people working remotely and businesses temporarily closing or operating at reduced capacities, the need for new carpet installations diminished. Homeowners and businesses prioritized essential expenses, delaying non-essential renovation and flooring projects. 

However, as economies gradually reopen and vaccination efforts progress, the carpet flooring market shows signs of recovery. With an increased focus on hygiene and cleanliness, there is a growing awareness of the benefits of carpet flooring, such as its ability to trap dust and allergens. Moreover, as people spend more time at home, the demand for home improvement projects, including carpet replacement and remodeling, is expected to rebound. The shift towards remote work has also increased demand for comfortable and functional home office spaces. Carpet flooring, known for its sound absorption properties, is becoming popular for creating conducive work environments within residential settings. 

Additionally, the commercial sector is expected to witness a resurgence in demand for carpet flooring as businesses reopen and strive to create welcoming and aesthetically pleasing spaces for customers and employees. The hospitality, retail, and healthcare sectors are expected to contribute significantly to the market's recovery. While the long-term impact of the pandemic on the carpet flooring market remains to be seen, the industry is cautiously optimistic about its recovery. As vaccination rates increase, construction activities resume, and consumer confidence strengthen, the market is poised for a gradual rebound and future growth. 

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North America Emerged as Dominant Player in the Carpet Flooring Industry with Over 35% Market Share in 2022 

According to recent market research, North America secured the largest market share in the global carpet flooring industry, accounting for over 35% in 2022. The region's significant market presence can be attributed to its thriving commercial and residential sectors, as well as the high disposable income of consumers. With the projected growth in commercial building floor space reaching 126.1 billion square feet by 2050, the region has immense potential for increased demand for carpet flooring. Furthermore, the well-established retail sector in North America, attracting millions of daily visitors, creates a need for durable, sound-absorbent, and slip-resistant flooring, further driving the demand for carpet flooring. 

The Asia-Pacific (APAC) region secured the second-largest market share in the global carpet flooring industry in 2022, accounting for approximately 27%. The region experienced a surge in demand for housing, leading to significant investments in new residential infrastructure and renovation projects, which have stimulated the entire industry's growth. Moreover, the expanding industrial growth in countries such as China, India, and Japan are expected to boost further the market value of the carpet flooring industry in APAC. China stands out with its abundant raw materials, skilled workforce, and multinational manufacturers. The rise in investments in residential and commercial construction activities in developing countries within APAC is projected to drive the growth of the carpet flooring market in the region throughout the forecast period. 

Competitive Landscape  

The growth of vendors in the market depends on market conditions, technological innovations, and industry development. Therefore, vendors must expand their geographical presence while reviving domestic demand to achieve sustained growth. Most key leading vendors focus on the European and North American markets. Thus, key players increase their geographical presence by expanding in emerging markets such as Brazil and India to capitalize on increasing demand from the region such as APAC, Latin America, and MEA. 

However, the price is set to become a major base for competition among players to gain an edge over other vendors in the market. Further, the market players' growth depends on their condition, GDP growth, and industry development. High capital requirements, rapid technological advances, and changing customer preferences and tastes are major entry barriers for new players. Therefore, to attain sustainability, expanding into other geographies and reviving domestic demand are essential factors for market vendors. Vendors can boost profitability by practicing efficient production techniques that minimize product costs and mitigate associated risks. 

Key Vendors 

• 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 

Market Segmentation  

• Product: Broadloom Carpet and Carpet Tiles 
• Application: New Installation and Replacement 
• Distribution Channel: Offline and Online 
• End-User: Residential, Commercial (Offices, Hospitality, Education, Sports & Entertainment, Retail, Medical & Care Centers, and Other End- Users), and Transportation 
• Geography: North America, Europe, APAC, Latin America, and Middle East & Africa 

Check the detailed table of contents of the report @ https://www.arizton.com/market-reports/carpet-flooring-market?details=tableOfContents 

Key Questioned Answered in the Report:  

How big is the carpet flooring market? 

What is the growth rate of the carpet flooring market? 

Which region dominates the global carpet flooring market? 

What are some of the latest trends that will shape the future of the global carpet flooring market? 

Who are the key players in the global carpet flooring market? 

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