Asia Carpets and Rugs Market 2024–2033

Reports Description

According to Custom Market Insights (CMI), the “Asia Carpets and Rugs Market" offers a comprehensive and deep evaluation of the market stature. Also, the market report estimates the market size, revenue, price, market share, market forecast, growth rate, and competitive analysis. As per research, the Asia carpets and rugs market was estimated at around USD 17 Billion in 2021 and is expected to reach USD 18.35 Billion in 2022 growing at a CAGR of nearly 6.2% during 2022-2030. The market is projected to reach approximately USD 29.17 Billion by 2030.

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Carpets and rugs Market Overview

A carpet is a type of textile floor covering that generally has an upper layer of pile linked to a backing. Traditionally, the pile was formed of wool, but during the twentieth century, synthetic fibers such as polypropylene, nylon, or polyester have been commonly utilized since they are less expensive than wool. The pile of the carpet is often made up of knotted tufts that are heat-treated to keep their structure.

A rug is a thick, heavy piece of cloth with a nap or pile that is used as a floor finish. Rugs are smaller in size than carpets and are intended to cover a limited area. The growing consumer preference for interior decor, along with rising spending power, has enhanced the Asian appeal of carpets and rugs.

Carpets and Rugs Market: COVID–19 Impact Analysis

The lack of quality raw materials such as wool, nylon, and polyester in different carpet and rug manufacturing countries from all around the globe during the pandemic, owing to the closure of international borders to contain the spread of the COVID-19 virus had negatively impacted the supply chains and hampered the export & import of carpets and rugs across the globe. This created a barrier to the growth of the industry as the production process was hampered due to a lack of labour and raw material. Additionally, the Asian population was focused on accumulating the necessities during the lockdown period and was not interested in purchasing interior decorative items such as carpets and rugs.

Therefore, the COVID-19 pandemic had a negative impact on the revenues of the market, however, it is expected that with the ongoing vaccination drives in different parts of the globe and with the ease of lockdown the demand for carpets and rugs is expected to increase as consumers interest in decorative products will rise just like in the pre-COVID era.

Asia Carpets and Rugs Market: Growth Drivers

Increase in infrastructure construction and development.

The expansion in infrastructure construction and development activities throughout the world, particularly in the Asia-Pacific area, has raised the demand for carpets and rugs. The need for furnishing items is growing in both residential and commercial areas for the betterment of businesses and residences. According to the India Brand Equity Foundation (IBEF), the Indian real estate sector is expected to reach $1 trillion by 2030, up from $200 billion in 2021, representing 13% of the country's GDP by 2025.

Carpets and rugs are becoming more popular because they provide functional benefits such as slip resistance and thermal insulation. Carpets are essential for residential dwellings in various cold-climate zones of Asia-Pacific due to the freezing conditions. The use of wool in the production of carpets adds value to the product. These factors are projected to fuel the rugs and carpets' demand in the Asia-Pacific region in the coming years.

Increase in urbanization and globalization.

Customers are more interested in modern interiors for their homes and workplaces, and as a result, they are more inclined to spend more on implementing aesthetic upgrades to their houses or offices. This is fueling the requirement and demand for carpets and rugs. Furthermore, a rise in individual disposable income, particularly in emerging nations, is expected to enhance the industry.

According to worldbank.org, metropolitan areas are home to around 55% of the world's population or more than 4.2 billion people. This trend is expected to continue and the share of individuals living in metropolitan areas is expected to increase. Furthermore, government rules and policies promoting carpet and rug production are boosting the industry. The carpet business has long served as a source of livelihood for many families in several nations, such as Afghanistan. Afghanistan's Carpet Manufacturers' Union officials hope to develop the carpet manufacturing business from 18 to 34 regions. As a result, the industry for carpets and rugs is expected to expand in the future years.

Asia Carpets and Rugs Market Segmentation Analysis

The Asian carpets and rug market is segmented based on type, material, end-user, and region. On the basis of type, it is segmented into tufted, woven needle-punched, knotted, and others. Based on the material, it is segregated into nylon, polyester, polypropylene, and others. On the basis of type, it is segmented into residential, non-residential, and automotive & transportation. Region-wise, it is analyzed across the Asia-Pacific (China, Japan, India, Australia, South Korea, and the Rest of the Asia-Pacific).

According to the Asia carpets and rugs market analysis, based on type, the woven segment gained a major share in 2021 and is expected to sustain its market share during the forecast period as the availability of woven carpets is higher compared to the other types of carpet and the population is highly interested in getting a hands-on experience of the woven carpets as they are highly durable. In addition, the introduction of colorfully designed carpets has encouraged consumers to go for the product. Growth in the popularity and feasibility of woven carpets propels sales of carpets and rugs among the population across the globe.

According to the Asia carpets and rugs market, based on material, the nylon segment gained a major share in 2021 and is expected to sustain its market share during the forecast period. Nylon carpet fibre is the most prevalent, accounting for 90% of domestic carpets and 65% of all carpets. Nylon carpet fibre is an excellent choice for high-traffic areas since it is long-lasting, static-free, and resistant to soiling, discoloration, and mildew. Color is retained in nylon fibres for a longer period of time. It is available in both continuous and spun fibres. Spun yarn is created by spinning together small lengths of fibre and continuous strands are less prone to unraveling.

According to Asia carpets and rugs market trends, based on end-user, the residential segment gained a major share in 2021 and is expected to sustain its market share during the forecast period. A consistent increase in disposable income and growing interest in high-quality carpets and rugs is increasing the support for the sales of carpets and rugs in the residential sector during the forecast period.

The growing consumer interest in home remodeling initiatives such as the replacement of worn or out-of-style carpets and rugs is increasing the attractiveness and sales of carpets and rugs. The installation of new upholstery increases the aesthetics and value of a property, thus, the sales of carpets in the residential sector are the highest.

On the basis of country, China dominated the carpets and rugs market in 2021 and is expected to remain dominant during the forecast period. The market's supremacy is attributed in large part to customers' extensive product knowledge and the region's growing interest in high-quality carpets and rugs. China is distinguished by a high level of disposable income, growing construction and renovation activities, and a strong demand for colorfully designed carpets and rugs. All of these factors increase the popularity of carpets and rugs in the region.

Report Scope

Key Insights:

• Based on type segmentation, the woven segment is estimated to hold the largest market share during the forecast period.
• Based on material segmentation, the nylon segment is estimated to hold the largest market share during the forecast period.
• Based on end-users, the residential segment is the leading revenue-generating category during the forecast period.
• On the basis of geography/region, China was the leading revenue generator in 2021.

Recent Development

• In May 2020, Steelcase-owned Coalesse, a U.S.-based carpet manufacturer partnered with Spanish rug company Nanimarquina to launch the Nanimarquina collection of handcrafted rugs for domestic and commercial applications.
• In April 2022, Victoria Plc the international designer, manufacturer, and distributor of innovative flooring completed the acquisition of the highly profitable and growing rugs division of Balta Group, the Belgium-based flooring company.

Regional Landscape

Throughout the projection period, the Asia-Pacific region is likely to remain one of the most appealing regions, accounting for the bulk of market revenue. China stands out for its high level of disposable money, increased interest in home decorative items, and growing construction & renovation activities. All of these reasons contribute to a greater demand for carpets and rugs. Furthermore, market development is being driven by the rise of e-commerce platforms and greater investment in distribution channels. The introduction of new handmade knotted carpets in the market is expected to entice the consumer’s interest and increase the sales of the product.

Competitive Landscape

Our report offers both quantitative and qualitative insights into the carpets and rugs market and major development initiatives adopted by the key players. Further, it offers competitive details and market share analysis. The report further includes relevant financial information, products and services offered, SWOT analysis, and recent developments of the players profiled.

List of the prominent players in the Asia-Pacific carpets and rugs market:

• Mohawk Industries, Inc.
• Shaw Industries Group Inc.,
• Inter IKEA Systems B.V.
• Beaulieu International Group
• Engineered Floors LLC
• Taekett
• Genie Carpet Manufacturers
• Dixie Group, Inc.
• Orientals Weavers
• Tai Ping
• Victoria PLC
• Others

The Asia carpets and rugs market is segmented as follows:

By Type

• Tufted
• Woven
• Needle-Punched
• Knotted
• Others

By Material

• Nylon
• Polyester
• Polypropylene
• Others

By End-User

• Residential
• Non-Residential
• Automotive & Transportation

By Region

Asia Pacific

• China
• Japan
• India
• Australia
• South Korea
• Rest of Asia Pacific