The flooring and carpet sales will grow at a healthy CAGR of over 5.1% through 2031.
The flooring and carpet sales will grow at a healthy CAGR of over 5.1% through 2031, despite a period of muted growth in 2020, according to a latest study by ESOMAR-certified market research firm, Future Market Insights. The study tracks flooring and carpet sales in 20+ countries, offering a lucid analysis on how growth will unfold.
Among countries in the Middle East, Saudi Arabia is estimated to account for majority in terms of revenue share at 33.7%, followed by Egypt and Turkey. Qatar and Kuwait markets are expected to expand at a CAGR of 9.4% and 8.7% respectively, and expected to register higher growth in terms of value over the forecast period.
The study reveals that sustainability has come to the forefront rather than an afterthought as a legion of carbon-conscious consumers demands products which are in line with issues they care about. Sustainability is an irrefutably significant thought for designers and architects, as well as for the customers they design for. Due to the insignificant waste that produce in installation of flooring and carpet, choosing them for further design implies the companies as of now on the way to sustainability.
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Moreover, introduction of plant fibers such as sea grass and sisal aimed at eco-friendly appeal and use of chemical additives in fiber materials to impart flame retardant, anti-microbial, pest repellant properties etc. In terms of carpet manufacturing technology, tufted, woven and needle felt types are employed, of which tufted type is being used primarily.
Currently, modular carpets and carpet tiles have become increasingly popular, especially for application in commercial spaces, hospitality, and in healthcare and hospitals due to easier installation and significant degree of customization with respect to material and size. Further, many flooring and carpet manufacturers globally are using bitumen and PVC in their flooring and carpet backing, which help the manufacturers to reduce expenses.
FMI in its latest study has forecast the market to rise at a CAGR of 5.1% between 2021 and 2031.
Key Takeaways from the Flooring and Carpet Market Study
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Who is winning?
Some of the key players operating in the flooring and carpet market are Mohawk Industries Inc., Interface Inc., Beaulieu International Group N.V., Tarkett S.A., Balta Group, Shaw Industries Group Inc., ALSORAYAI Group, Forbo Holding AG, Armstrong World Industries LLC, Gerflor Group, Oriental Weavers Group, Al Abdullatif Industrial Investment Company (AIIC), Polyflor Ltd., Brintons Carpets Limited, Milliken & Company Inc., and Betap Tufting B.V.
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Key Segments
Flooring Type
Material Type
Application
Region
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Jul 03, 2023