Asia Carpets and Rugs Market Competitive Landscape: Major Players, Competitor Market Shares, And Player Strategies - By The Custom Market Insights
According to Custom Market Insights (CMI), “Asia Carpets and Rugs Market”, offers a comprehensive and deep evaluation of the market stature. Also, the market report estimates the market size, revenue, price, market share, market forecast, growth rate, and competitive analysis. As per research, the Asia carpets and rugs market was estimated at around USD 17 Billion in 2021 and is expected to reach USD 18.35 Billion in 2022 growing at a CAGR of nearly 6.2% during 2022-2030. The market is projected to reach approximately USD 29.17 Billion by 2030.
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Carpets and Rugs Market: Overview
A carpet is a type of textile floor covering that generally has an upper layer of pile linked to a backing. Traditionally, the pile was formed of wool, but during the twentieth century, synthetic fibres such as polypropylene, nylon, or polyester have been commonly utilized since they are less expensive than wool. The pile of the carpet is often made up of knotted tufts that are heat-treated to keep their structure.
A rug is a thick, heavy piece of cloth with a nap or pile that is used as a floor finish. Rugs are smaller in size than carpets and are intended to cover a limited area. The growing consumer preference for interior decor, along with rising spending power, has enhanced the Asia appeal of carpets and rugs.
Asia Carpets and Rugs Market: Growth Drivers
Increase in infrastructure construction and development.
The expansion in infrastructure construction and development activities throughout the world, particularly in the Asia-Pacific area, has raised the demand for carpets and rugs. The need for furnishing items is growing in both residential and commercial areas for the betterment of businesses and residences. According to the India Brand Equity Foundation (IBEF), the Indian real estate sector is expected to reach $1 trillion by 2030, up from $200 billion in 2021, representing 13% of the country’s GDP by 2025.
Carpets and rugs are becoming more popular because they provide functional benefits such as slip resistance and thermal insulation. Carpets are essential for residential dwellings in various cold-climate zones of Asia-Pacific due to the freezing conditions. The use of wool in the production of carpets adds value to the product. These factors are projected to fuel the rugs and carpets demand in the Asia-Pacific region in the coming years.
Increase in urbanization and globalization.
Customers are more interested in modern interiors for their homes and workplaces, and as a result, they are more inclined to spend more on implementing aesthetic upgrades to their houses or offices. This is fueling the requirement and demand for carpets and rugs. Furthermore, a rise in individual disposable income, particularly in emerging nations, is expected to enhance the industry.
According to worldbank.org, metropolitan areas are home to around 55% of the world’s population or more than 4.2 billion people. This trend is expected to continue and the share of individuals living in metropolitan areas is expected to increase. Furthermore, government rules and policies promoting carpet and rug production are boosting the industry. The carpet business has long served as a source of livelihood for many families in several nations, such as Afghanistan. Afghanistan’s Carpet Manufacturers’ Union officials hope to develop the carpet manufacturing business from 18 to 34 regions. As a result, the industry for carpets and rugs is expected to expand in the future years.
Key Players
Mohawk Industries Inc.
Shaw Industries Group Inc.
Inter IKEA Systems B.V.?
Beaulieu International Group
Engineered Floors LLC?
Taekett
Genie Carpet Manufacturers
Dixie Group Inc.
Orientals Weavers
Tai Ping
Victoria PL
The Asia carpets and rugs market is segmented as follows:
By Type
By Material
By End-User
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