CLEVELAND — A new study from The Freedonia Group Inc., a market research firm which analyzes individual industries, anticipates a 4.5 annual increase in demand for carpet and rugs in the United States through 2019, according to a release from the company.
The study, Carpets & Rugs, expects the residential market to continue dominating demand, as it did in previous years, especially as the "housing completions rise at a double-digit pace through 2019," with tufted products accounting for the largest share at 82 percent — and demand for carpet tiles growing the fastest. The study expects the commercial carpet demand to rise as well.
“Advances will be checked by rising interest in hard surface flooring as homeowners opt for these products — despite a higher initial cost than carpets and rugs — because they are seen as being more durable or attractive,” says Freedonia Analyst Matt Zielenski in the release.
Despite these advances in the industry, hard surface flooring will continue to hold market share in the floor-covering market.
For more information, or a more thorough report — or to purchase the full, 307-page report for $5300 — please visit The Freedonia Group website here.