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Jan 12, 2024

Steady growth forecast for carpet and rug market

The global carpet and rug market is forecast to grow at an annual compound growth rate of 2.3 percent through 2027 to 5.4 square metres, says a report by Research and Markets. Market advances will be supported by increased construction of new residential and non-residential buildings and rising usage of carpet tile in non-residential buildings due to their ease of installation and replacement. However, carpets continue to lose share to hard surface flooring, especially in countries where wall-to-wall carpeting has historically been popular, such as the US, Canada, and the UK. Despite this, rugs will continue to see opportunities in these markets as they can be used with hard surface flooring for decorative or utilitarian purposes. Despite sluggish performance for wall-to-wall carpet, demand for carpet tiles continues to increase.

The report says that with most supply chain issues either resolved or eased significantly since the pandemic, production is poised to grow at a rate more in line with pre-pandemic periods. Prices for carpets and rugs are expected to see slight growth as labor and materials costs rise. Manufacturer efforts to offer products with enhanced aesthetics and performance properties – such floor as ultra-soft carpeting and rugs with better resistance to wear and staining, which can be sold at higher price points than standard varieties – will support sales advances.

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