Carpet Backing Material Market: Introduction
In terms of value, the global carpet backing material market is anticipated to expand at a CAGR of ~5% from 2019 to 2027. Carpet backing material is used as a protective coat for carpets. Carpets can be manufactured in two ways: handmade or machine made. Different types of carpets include hand woven, tufted, and needle felt. Woven carpet is made on a loom that is quite alike to a loom for weaving fabric. The production process of tufted carpets varies compared to that of woven carpets.
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Increase in Adoption of Carpet Products in Global Construction Industry to Boost Carpet Backing Material Market
The global building & construction industry is projected to expand significantly over the next few years, due to rise in urbanization and population across the world. Changing lifestyle is also anticipated to drive the global construction industry in the next few years. Increase in population and economic growth have led to a rise in investment in housing and infrastructure development across the globe. High wear resistance, low maintenance, better moisture resistance, and good esthetics are some of the attributes of carpet products. Hence, consumption of carpets is high in the construction industry.
The construction industry in Europe is expected to expand at a rapid pace during the forecast period. Europe is estimated to become the sixth-largest construction industry in the world by 2030. Growth rate of the construction industry in India is likely to be twice that in China by 2024, owing to the increase in urban population and rise in government investments in infrastructure development in India. According to the World Bank, investment in infrastructure development in the Middle East is estimated to rise by approximately US$ 100 Bn by 2031.
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Primary Backing to be Leading Product Type
In terms of product type, the primary backing segment is projected to expand at a CAGR of more than 4.5% during the forecast period. This can be ascribed to the increase in infrastructure development activities as well as rise in consumption of carpet for floor decorative purposes. Of late, demand for carpet products manufactured using primary carpet backing material has been rising significantly in the U.S. and developing countries. This trend is likely to continue during the forecast period, owing to the upcoming projects in the building & construction industry across the globe.
Tufted Carpet to be Dominant Carpet Type Segment of Carpet Backing Material Market
Based on carpet type, the global carpet backing material market has been segregated into hand woven carpets, tufted carpets, needle felt carpets, and others (including non-woven carpets). In terms of consumption, tufted carpets was the leading carpet type segment of the global carpet backing material market in 2018. This trend is expected to continue in the near future. Demand for tufted carpets is anticipated to rise significantly in the region due to the emerging trend of using different types of carpet materials in residential and commercial construction activities. In terms of revenue, tufted carpets is estimated to be one of the lucrative segments of the carpet backing material market in the near future.
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Residential to be Major Application of Carpet Backing Material
Based on application, the global carpet backing material market has been bifurcated into residential and commercial. The residential segment held a prominent share of the global carpet backing material market in 2018. Carpet products are widely employed in the residential replacement sector. The residential segment is expected to expand at a rapid pace during the forecast period. The new residential sector is anticipated to expand significantly during the forecast period. Revival of the building & construction industry is projected to propel the demand for carpets across the globe during the forecast period.
Asia Pacific to be Lucrative Region of Carpet Backing Material Market
In terms of consumption, North America dominated the global carpet backing material market in 2018. The market in the region is likely to expand at a strong pace from 2019 to 2027. Growth in the tourism sector, improvement of the economy, and changing lifestyles are projected to boost air travel in North America during the forecast period. This is likely to drive the demand for carpet backing material in the next few years. Europe is also considered a high potential region of the global carpet backing material market, led by the rise in demand for tufted carpets in Germany, the U.K., and Russia & CIS. This is expected to drive the market in the region in the near future. Presence of established manufacturers in countries such as Germany, France, and the U.K. is boosting the demand for carpet backing material in the region. Stringent regulations imposed by the EU have compelled manufacturers to develop eco-friendly and sustainable carpet products.
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The global carpet backing material market is highly fragmented. The top players such as Shaw Industries Group, Inc., Tarkett, Interface, Inc., Wacker Chemie AG, Balta Industries NV, The Dow Chemical Company cumulatively held more than 40% share of the global market in 2018.
Submitted 1 minute(s) ago by wypracowanie8458