Flooring and Carpets Market will Grow at a Healthy CAGR of over 5% Through 2031
The global flooring and carpet sales market is expected to grow at a healthy CAGR of over 5% through 2031, despite a period of muted growth in 2020, according to a latest study by ESOMAR-certified market research firm, Future Market Insights.
The study also shows that because a large number of environmentally-concerned consumers seek items that are in line with topics they care about, sustainability is now a priority rather than an afterthought.
Currently, modular carpets and carpet tiles have become increasingly popular, especially for application in commercial spaces, hospitality, and in healthcare and hospitals due to easier installation and significant degree of customization with respect to material and size. Further, many flooring and carpet manufacturers globally are using bitumen and PVC in their flooring and carpet backing, which help the manufacturers to reduce expenses.
Moreover, introduction of plant fibers such as sea grass and sisal aimed at eco-friendly appeal and use of chemical additives in fiber materials to impart flame retardant, anti-microbial, pest repellant properties etc. In terms of carpet manufacturing technology, tufted, woven and needle felt types are employed, of which tufted type is being used primarily.
FMI in its latest study has forecast the market to rise at a CAGR of 5.1% between 2021 and 2031.
Key takeaways from the flooring and carpet market study
- Application in education, hospital, and healthcare sectors will continue to create sustained opportunities for flooring and carpet industry manufacturers during the forecast period
- Modern aesthetics, durability, and easy maintenance key influencing factors for consumers
- Increasing tourism and planned world events such as Qatar FIFA World Cup 2022, ICC Cricket World Cup 2023, etc. are expected to fuel continuous revenue growth of hospitality and retail segments in Middle East and South Asia, thus in turn driving demand for flooring and carpets in the region.
- Hospitality and retail segments typically witness stronger growth as compared to other applications due to demand based on a shorter lifecycle and more renovation.
- The public, manufacturing, and industrial segment is expected to grow in terms of revenue, backed by robust foreign investment and government investment in infrastructure.
- The US holds the largest share in the global flooring and carpet market owing to the rapidly expanding hospitality as well as retail business and commercial sector in the region.
What the statistics mean for carpet cleaners
For carpet cleaning professionals, this increase in the market and shift to sustainability is sure to be followed by more projects every year requiring green products and attention to detail. It also means that new carpet fiber protocols must be put in place to deal with eco-friendly carpet materials that may not react to certain chemicals in the same way as nylon or polyester would. Preparing for these shifts with effective training is the best way to stay ahead of the game and outperform your competition as the market continues to grow each and every year.