Carpet and rug market forecast to grow

Research by Transparency Market Research has predicted a compound annual growth rate (CAGR) of 5% for the global rug and carpet market between 2022 and 2031.

The current estimated worth of this market is US$77.23 billion, and this is expected to increase to US$123.73 billion by 2031.

There are several reasons for the increase in carpet sales. There is a growth of new buildings, with many owners choosing carpets rather than alternative floor coverings. Carpet manufacturers are producing superior-quality carpets that last longer. Consumers are also becoming increasingly concerned about the environment, which has led to a higher demand for carpets made from more environmentally friendly materials and that are manufactured in factories with low-carbon footprints.

Rugs and carpets are suitable for home and business properties. Consumers recognise that carpets have many benefits. A carpet improves the interior design of a building, and a cushioned carpet is comfortable to walk on. Carpets also have up to 10 times more heat insulation than hard floors, which helps improve a building’s energy efficiency. As well as this, carpets dampen sound and reduce echoes to create a quieter environment, making them ideal for office spaces.

The report reveals that consumers are willing to spend more on aesthetic improvements to homes and business properties. This should fuel demand for wool and other luxury carpets.

The Transparency Market Research report on the future of the carpet industry predicts worldwide growth. This should be reflected in increased demand for carpets in the Chester and North Wales region.