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Decorative Rugs Market size worth $5 Bn by 2028
- Published Date: March 7, 2022
Decorative Rugs Market size is slated to cross USD 5 billion by 2028, according to a new research study published by Global Market Insights Inc.
Despite problems, such as the availability of other options and severe competition from hard flooring, the demand for rugs is rapidly expanding fueled by an increasing construction activity in developed and emerging countries.
Increasing demand for flatweave rugs
Flatweave decorative rugs market is expected to grow at over 6% CAGR through 2028. Consumers can choose from a wide range of contemporary designs that feature sleek, modern patterns, and colors that complement even the most sophisticated of interior designs. Additionally, they are versatile, fit well with furniture, inexpensive compared to hand-tufted & hand-knotted rugs, durable, and easier to clean, these properties are anticipated to increase their market concentration.
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The wool-based decorative rugs industry will witness significant growth as these have excellent resilience, elasticity, reliability, and exceptional durable properties. Additionally, water repellant, naturally flame retardant, superb insulating properties, highly absorbent, soil-resistant, and green fiber characteristics of these rugs are projected to increase adoption.
Browse key industry insights spread across 200 pages with 528 market data tables & 23 figures & charts from the report, “Decorative Rugs Market Size, By Product (Hand-knotted Rugs, Hand-tufted Rugs, Machine-made Rugs, Flatweave Rugs), By Material (Wool, Nylon, Cotton, Polyester, Jute), By Distribution Channel (Wholesalers/Distributors, Hypermarkets/Supermarkets, Specialty Stores, Online Retailers), By End-use (Residential, Commercial), COVID-19 Impact Analysis, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2022 - 2028”, in detail along with the table of contents:
The decorative rugs market from specialty stores is poised to account for more than 30% of the revenue share by 2028. With people spending time at home due to the COVID-19 pandemic, the demand for spaces that are appealing and hold the personality of the house owner has increased drastically in the last two years and it is likely to open potential future opportunities for the carpets & rugs industry. It has been witnessed that specialty stores and departmental stores, which were struggling to compete with the online retail demand for decorative rugs have experienced a surge in sales during the COVID-19 outbreak.
Carpet & rug businesses play a huge role in the economic development of developing countries including India, China, Turkey, and others. The lockdown had a significant impact on the business and the situation is still dire. The sluggish demand for carpets & rugs in developed countries, the closure of production facilities followed by gradual lockdowns in several carpet-producing countries, and the migration of skilled laborers/weavers have all contributed to the industry's problems. The carpet business faced a difficult period as witnessed by a sharp drop in export quantities and trade values.
Europe is set to capture around 20% of the decorative rugs market share by 2028. The growing product use in the residential & non-residential sectors owing to high market visibility of soft flooring products and superior insulation capabilities such as floor insulation is boosting the regional business expansion. One of the main drivers of this market is the rising demand for used polyester fibers. Buyers are increasingly choosing sustainable fabrics manufactured from repurposed resources. The key reason augmenting the market demand for sustainable textiles is the growing awareness of environmental issues.
Top players in the decorative rugs market are Balta Group, Bukhara Oriental Rugs, Mohawk Industries, Inc., Capel Rugs, Harounian Rugs International, Agnella, Kalaty Rug Corp., Loloi, Inc., Milliken and Co., and Momeni. Companies are adopting partnerships & collaborations with e-commerce businesses, mergers & acquisitions, and new product development strategies to increase their consumer base.