Table of Contents
US demand to rise 4.5% annually through 2019
US demand for carpets and rugs is projected to advance 4.5 percent annually to 14.6 billion square feet in 2019, valued at $16.2 billion. Growth will be spurred by rebounding building construction expenditures and continuing consumer interest in replacement and remodeling projects, such as the removal of worn or out-of-style carpets and rugs. However, more rapid gains will be checked by competition from hard surface flooring, which has taken market share from carpets and rugs in the floor covering market over the past decade and will continue to do so through 2019.
New housing to pace demand in key residential market
The residential market, which accounted for 62 percent of carpet and rug demand in 2014, will remain the leading end use for carpets and rugs in 2019. The new housing segment will see the faster growth in demand as housing completions rise at a double-digit pace through 2019. Carpets and rugs are often installed in newly built houses because of their moderate cost, ease of installation, and favorable aesthetics. The larger residential remodeling and replacement segment will see gains as homeowners replace older or worn carpets and rugs. However, advances will be checked by heightened interest in hard surface flooring. Some homeowners will opt for these products -- despite a higher initial cost than carpets and rugs -- because they are seen as being more durable or providing enhanced aesthetics.
Carpet and rug demand in the nonresidential market will exhibit gains through 2019, driven by growing office and commercial and institutional construction spending, the markets where carpets and rugs are utilized most extensively. In the transportation equipment segment, US demand is forecast to increase modestly through 2019 as motor vehicle production decelerates from the pace seen between 2009 and 2014.
Carpet tiles to grow fastest
Among carpet and rug types, tufted products accounted for the largest share of demand in area terms in 2014 with 82 percent. These carpets dominate demand due to their low cost, ease of installation, and favorable aesthetic and performance properties. Tufted carpet and rug demand is expected to increase through 2019 as building construction expenditures advance. Carpet tiles will post the fastest growth because they offer the look of broadloom carpet, but can be easily removed or replaced in case of staining or premature wear and tear, boosting their use in nonresidential structures. However, broadloom carpets will account for the largest share of tufted carpet and rug demand in 2019 due to their moderate cost and consumer desire for “wall to wall” carpeting.
Domestic carpet & rug shipments to outpace imports
Carpet and rug imports totaled 23 percent of US demand in 2014. Inexpensive carpeting made in China and other Asian nations sees widespread usage in many structures, while handcrafted area rugs and woven carpets are installed in highend houses and such facilities as corporate headquarters to enhance their interior appearance. Carpet and rug imports are forecast to rise through 2019; however, domestic carpet and rug production is expected to see stronger gains. Growth in domestic demand will support advances, as will the efforts of US producers to take advantage of low energy costs by expanding and relocating manufacturing sites to the US.
This upcoming industry study, Carpets & Rugs, presents historical demand data (2004, 2009 and 2014) plus forecasts (2019 and 2024) by material, product and market. The study also considers market environment factors, assesses industry structure, evaluates company market share and profiles 37 competitors in the US industry.
Get Industry Insights. Simply.
Talk to Ahmad
+1 718 618 4302
About Area Rugs Area rugs are used to cover residential and commercial floors and to decorate and enhance the appearance of homes. They are of two types: machine-made and handmade area rugs. They are commonly ...
The home furnishings and floor coverings manufacturing market comprises all firms engaged in the wholesale distribution of home furnishings and housewares, such as glassware and earthenware, curtains and ...
The report package World Wallpaper Market to 2021 - Market Size, Development, and Forecasts offers the most up-to-date industry data on the actual market situation, and future outlook for wallpaper in ...