Published By : 16 Mar 2016 | Published By : QYRESEARCH
With people around the focusing more on aesthetically improving the décor of their office and home space, the demand for carpets and rugs is likely to surge in response. Over the last few years the market for carpets and rugs has been witnessing rising demand from around the world. This helped the market to create a niche for itself in the home and décor segment.
Globally, carpets and rugs are demanded for their functional as well as aesthetic attributes. Apart from covering the floor and acting as a protective layer on it, carpets and rugs are also demanded for their aesthetic appeal. In countries predominantly withstanding cold temperature, rugs and carpets are used to keep the floor warm.
Developed Nations Exhibit Highest Demand for Carpets and Rugs
Until a few years back, developed nations exhibited the highest demand for carpets and rugs. However, this trend was adversely impacted by the recent economic downturns witnessed in these countries. In the meantime, developing nations started showcasing lucrative opportunities for the market with consumers living in these nations increasingly spending on rugs and carpets to give their office and home space a contemporary makeover.
The demand for carpets and rugs corresponds directly to the prevailing economic conditions. Hence, with easing economic crisis the market for rugs and carpets in developed regions witnessed renewed demand. Further the companies operating in the market are also benefited by the rising disposable income of consumers living in developing regions and their increasing willingness to aesthetically improve the appearance of their home and office décor. The market also benefits from the rapid expansion of construction industry across developing nations.
Rising Demand for Hard Floor Covering Adversely Impacts Market for Carpets and Rugs
On the flip side, being a segment within the larger wall coverings and floor industry, which also encompass floor coverings and hard floor coverings, the rising demand for hard floor coverings can adversely dent the rugs and carpets market. Nevertheless, with the development of the latest manufacturing technologies, the companies operating in the global carpets and rugs market will have lucrative opportunities to capitalize on in the near future.