According to a new market report published by Lucintel, the future of the global carpet and rug market looks good with opportunities in the residential, non-residential, and transportation segments. The global carpet and rug market is expected to reach an estimated $39.1 billion by 2021 and is forecast to grow at a CAGR of 2.6% by value from 2016 to 2021. The major drivers of growth for this market are the growth in construction and transportation industry and an increase in renovation activities. Consumers are moving towards bold attractive colors and non-geometrical designer patterns of carpet and rugs which also help to drive the demand in the market.
In this market, woven, tufted, and knotted are the major segments by product type. The tufted segment is expected to account for the largest share of demand in 2021. On the basis of its comprehensive research Lucintel forecast that the knotted segment is likely to experience the highest growth during the forecast period due to the growing demand for eco-friendly carpet and rugs made from natural and biodegradable renewable fibers.
Within the carpet and rug market, the residential end use segment is expected to remain the largest and fastest growing market by value and volume. Growth in demand for carpets and rugs is largely dependent on housing renovation and new residential construction, which are the major factors that would spur growth for this segment over the forecast period.
In carpet and rug market, the nylon segment is estimated to be the largest segment in terms of value, mainly due to its higher strength as compared to other materials.
North America is expected to remain the largest market due to continuous growth in residential and commercial building construction activities.
Asia Pacific is expected to witness good growth over the forecast period because of economic growth, rising income levels, and increasing construction activities. These factors combined with aesthetic appeal of carpets and rugs are projected to augment the demand for the carpet and rug market in this region.
For business expansion, this report suggests innovation and new product development for achieving higher strength and good cleaning efficacy.

Emerging trends that have a direct impact on the dynamics of the industry include increasing acceptance of carpet tiles, increasing demand for eco-friendly carpet, and increasing preference of contemporary area rugs. Mohawk Industries, Inc., Shaw Industries, Interface, Oriental Weavers Group, and Tarkett are among the major suppliers of carpets and rugs.