Carpet Mills in the US - Industry Market Research Report

High pile: Rising income will stimulate consumers' expenditure on carpets

Revenue for carpet millers will decline through the end of 2023, partially due to the COVID-19 pandemic creating unfavorable economic conditions. Within the residential market, gains in the number of housing starts and per capita disposable income stimulated spending on home furnishings, such as carpets and rugs. Still, declines in nonresidential construction activity contracted commercial demand for carpets to furnish offices and other company-owned facilities, particularly amid the pandemic. Also, there has been continued pressure from competitively priced imports into the domestic market, ultimately hampering industry performance. Intense import competition, coupled with unfavorable economic conditions due to the pandemic has caused an unstable environment for carpet millers. Carpet mill revenue has declined at a CAGR of 2.7% over the past five years and is expected to total $9.7 billion in 2023, when revenue will fall by an estimated 1.7%. The Carpet Mills industry manufactures and finishes carpets and rugs for the domestic, commercial and industrial sectors. These products are generally woven or tufted and made from nylon or other synthetic materials. Although the majority of consumers use most carpets and rugs as final goods, some of the industry’s consumers use industry products as intermediate inputs in the production of a variety of goods, such as automobiles and boats. This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.