Carpet Tile Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The global carpet tiles market is anticipated to grow considerably and is expected to witness a CAGR of greater than 4.5% during the forecast period, 2021-2026.

The COVID-19 pandemic forced the global carpet tile market to be under pressure due to lockdown in 2020, which restricted the construction of housing and building projects. The lockdown restrictions limited new purchases of carpet tile flooring, owing to the uncertainty in the economy and purchasing power parity. The market is, however, anticipated to bounce back during the forecast period due to the changing situation and customers’ approach toward the pandemic.

Flooring is one of the most attractive sub-segments of the construction market. It is divided into two major segments, namely soft flooring and hard flooring. As a part of soft flooring, Carpet tiles are referred to as carpet squares or modular carpets and are popular in both residential and 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 a common alternative to rolled carpets and are used mainly in commercial buildingss, such as schools, libraries, airports, and corporate offices. In addition, carpet tiles are easier to install than traditional tiles and can be installed on a 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 commercial buildings. In addition, carpet tiles act as insulation and help trap heat in cold weather, increasing its demand in cold countries. Innovation in the industry is related to eco-friendly carpet tile manufacturing. Their flexibility in terms of ease of installation, high level of customizability in terms of design and size, optimum pricing, and certain other 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 toward interior aesthetics 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 market's growth 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 to lead in the near future. 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. High consumer interest in interior decoration is one of the significant factors for the 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 have resulted in the massive demand for carpet tiles over the last few years. The region has a high rate of innovation, which helps in propelling market growth. High disposable income leads to 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 advantage over other flooring solutions are responsible for the increased expenditure in home renovation projects, such as the removal of worn or out-of-style carpets and rugs. This will likely spur the demand for the carpet tiles market. 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.

Competitive Landscape

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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• The market estimate (ME) sheet in Excel format
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