Carpet Flooring Market Expected To Grow

The global broadloom carpet flooring market was valued at US$51 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of approximately 5.74 per cent from 2022 to 2028, says a report from Research and Markets. The market has been dominated by the residential sector, accounting for 46 per cent of the share in the industry. Growth is driven by rising demand for modular and innovative designs and eco-friendly carpets. North America had the largest carpet flooring market share of over 35 per cent in 2022. The region holds a significant share of the global industry due to the growth of the commercial and residential sectors and the high disposable income of consumers. The replacement segment had 59 per cent of the market share.