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FMI states in its recent study on the flooring and carpets that the market will record a CAGR of 5.1% between 2021 and 2031. Demand for flooring and carpet is anticipated to continue surging due to the increased rate in the renovation of various government buildings.
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"Companies are promoting their products through marketing campaigns by participating in regional, national, and international trade shows which would help the players to extend their reach in the global markets." says the FMI analyst.
Flooring and carpet Market - Important Highlights
The carpet tile segment is anticipated to lead the market during the forecast period with a CAGR of 7%, due to developments in the construction sector.
According to material type, nylon is anticipated to hold the major market share during the forecast years.
Amongst application type segments, the residential segment is expected to be lucrative during the period 2021-2031
The US is projected to be a major market holder during the forecasted years.
Flooring and carpet Market - Drivers
The rapid rise in urbanization resulting in the growth of the construction sector which is driving the market of flooring and carpet.
Increasing government investments in renovations of airports, government buildings as well as hospitals expected to boost the market growth
Consumer demand for new and innovative printing is anticipated to drive the market of customized flooring products.
High demand from hospitality and tourism is contributing to the growth of the market.
Flooring and carpet Market - Restraints
The market is easily affected by changes in common conditions, such as interest rate levels, availability of credit, and consumer confidence,
which remains to be one of the key restraints.
Rising health concerns among people because Carpet tends to release contaminants in a home environment is creating major barriers in its growth
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COVID-19 Impact on Flooring and carpet Market
The flooring and carpet market growth is anticipated to be hampered owing to the unprecedented COVID-19 pandemic. The market is sensitive to fluctuations like interest rate levels, demand for housing, customer confidence. Due to the prolonged decline in the economic conditions of several nations, the consumers are hesitant towards purchasing and renovating their homes. however, the market is expected to set on a path of regaining as economies steadily stabilize.
Competitive Landscape
The flooring and carpet market players are leaning towards the expansion of the production facilities besides opting for strategic collaborations to attain a competitive edge. On top of that, businesses are promoting their products through marketing campaigns by participating in regional, national, and international trade shows which would assist the players with broadening their range in the worldwide business sectors.
Some of the leading companies profiled by FMI include Mohawk Industries Inc., Interface Inc., Beaulieu International Group N.V., Tarkett S.A., Balta Group, Shaw Industries Group.
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About the Study
The study offers readers a comprehensive assessment of the flooring and carpet market. Global, regional, and national-level analysis of the latest trends influencing the market is covered in this FMI report. The study provides insights based on product type (Polypropylene, Nylon, Polyester), application(Commercial Offices, Retail, Hospitality, Healthcare and Hospitals, Educational Institute) and across key regions (North America, Latin America, Europe, China, Asia Pacific, Middle East & Africa).
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Contact Info:
Name: Abhishek Budholiya
Email: Send Email
Organization: Future Market Insights
Website: https://www.futuremarketinsights.com/reports/flooring-carpets-market
Release ID: 89002452
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