The global Carpet Tiles market is anticipated to rise at a considerable rate and expected to grow at a CAGR of greater than 4.5% during the forecast period 2021-2026.
COVID-19 pandemic forced global carpet tile market to be under pressure of lockdownin the year 2020, which restricted the construction of housing and building projects. The lockdown restrictions limited the new purchases of carpet tile flooring owing to the uncertainty in the economy and purchasing power parity in the all economies, but they are anticipated to bounce back during the forecast period with the changing situations and customers' approach toward the pandemic.
Flooring is one of the most attractive sub-segment of construction market. It is divided into two major segments, comprising of soft flooring and hard flooring. The carpet tiles, which are a part of soft flooring is referred to as carpet squares or modular carpet and are popular in both residential as well as non-residential sectors. These are available in different colors, patterns, and textures as per the rise in demand and trends of the market.
Carpet tiles are used as common alternative to the rolled carpet and are used mainly in commercial building such as schools, libraries, airports, and corporate offices. In addition, carpet tiles are easier to install than the traditional tiles and can be installed in variety of floors like concrete, timber, and other surfaces. These tiles are wear-resistant, sound-proof, waterproof, anti-static, flame-retardant, anti-fouling, dimensionally stable, non-deformable, non-discoloring, extremely convenient to fit, and have other advantages, which are required for the commercial building. In addition, carpet tiles act as insulation and help in trapping heat in cold weather, which increases its demand in cold countries. Innovation in the industry is related to eco-friendly carpet tiles manufacturing. Their flexibility in the terms of ease of installation, highly level of customizability in terms of design and size, optimum pricing, and certain attributes such as noise insulation and easy maintenance make their demand high. The growth of the market is driven by key factors such as manufacturing activity, market situation and demand, risks of the market, new trends, and new technologies and their implementation.
The global carpet tile market has witnessed substantial growth over the last few years, and the growth of the market is attributed to several factors. Increasing consumer inclination towards the interior decorations coupled with the rising per capita disposable income of the consumers is anticipated to propel the growth of the global carpet tile market during the forecast period. One of the major factors driving the growth of the global carpet tile market is the expansion of the transportation and construction industries. Consumers are making a move toward non-geometrical designer patterns and attractive bold colors in carpet tiles, which is likely to drive the global carpet tile market. Increased demand for environment-friendly carpets and increased adoption of carpet tiles are likely to boost the market. In recent years, developments have focused on making the products more environment-friendly, versatile, and durable, as well as easier to install and maintain.
Key Market Trends
North America Region is Dominant in the Market
North America has been one of the leading regions in the global carpet tile market and is expected to continue with the same in the forthcoming years. The rapid expansion of the construction and housing activities across the region, particularly in the United States is one of the primary factors fostering the growth of the carpets and carpet tile market in near future. High consumer interest in interior decoration is one of the significant factors for the rising growth of the carpet tile market in the United States. Apart from that, increasing renovation and remodeling activities in real estate sectors in the United States has resulted in the massive demand for carpet tile over the last few years. The region has a high rate of innovation, which helps in propelling the market growth. High disposable income leads to a high level of investments and better standards of living. The United States is one of the countries generating the highest revenue for the market.
Residential Segment is Driving the Market
Growing disposable income and comparative advantages over other flooring solutions are responsible for the increase in housing starts and a strong interest in home renovation projects, such as the removal of worn or out-of-style carpets and rugs, will spur demand. The installation of new carpeting can improve a home's appearance and boost its value. Carpet tiles and carpets are often installed in newly built houses because of their moderate cost, ease of installation, and favorable aesthetics. Residential remodeling and replacement will continue to account for the largest share of carpet and rug demand as homeowners replace older or worn carpets and rugs with newer products that offer enhanced visuals or improved stain resistance.
The report covers major international players operating in the Carpet Tile market. In terms of market share, few of the major players currently dominate the market. However, with technological advancement and product innovation, mid-size to smaller companies are increasing their market presence by securing new contracts and tapping new markets.
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TABLE OF CONTENTS
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS AND DYNAMICS
- 4.1 Market Overview
- 4.2 Market Drivers
- 4.3 Market Restraints
- 4.4 Value Chain / Supply Chain Analysis
- 4.5 Porter's Five Forces Analysis
- 4.5.1 Threat of New Entrants
- 4.5.2 Bargaining Power of Buyers/Consumers
- 4.5.3 Bargaining Power of Suppliers
- 4.5.4 Threat of Substitute Products
- 4.5.5 Intensity of Competitive Rivalry
- 4.6 Impact of Covid 19 on market
5 MARKET SEGMENTATION
- 5.1 By Product Type
- 5.1.1 Square
- 5.1.2 Rectangle
- 5.2 By End User
- 5.2.1 Residential
- 5.2.2 Commercial
- 5.3 By Distribution Channel
- 5.3.1 Offline Stores
- 5.3.2 Online Stores
- 5.4 By Geography
- 5.4.1 North America
- 5.4.2 Europe
- 5.4.3 Asia Pacific
- 5.4.4 South America
- 5.4.5 Middle East and Africa
6 COMPETITIVE LANDSCAPE
- 6.1 Company Profiles
- 6.1.1 Tarkett
- 6.1.2 Interface
- 6.1.3 Mohawk Industries
- 6.1.4 Abbey Carpet & Floor
- 6.1.5 Bentley Mills, Inc.
- 6.1.6 Beaulieu International Group
- 6.1.7 Mannington Mills, Inc.
- 6.1.8 The Dixie Group, Inc.
- 6.1.9 Shaw Industries Group, Inc.
- 6.1.10 Foss Floors
7 MARKET OPPORTUNITIES AND FUTURE TRENDS