Approximately US$10.6 billion will be invested in the Carpets and Rugs Manufacturer worldwide by 2022. The fastest growing market will be in China, the world's second-largest economy. China is expected to grow at a CAGR of 4.7% between 2018 and 2026. Other prominent markets will include Japan, Germany, and South Korea. In 2022, China is predicted to account for a large percentage of the overall market.
Demand for carpets will continue to grow in the residential sector, with increasing adoption of various types of carpets. Carpets are available in a variety of colors, designs, and textures, and are suited for all styles of home decor. Growing urbanization, rising building activity, and increasing demand for furniture and furnishings are expected to fuel the industry's growth. In North America, the industry is expected to grow at a rate of 3.4% CAGR.
Mat the basics is the leading Rugs Manufacturer, Wholesaler, and Supplier in the United States. At Mat the basics, we’re building on our history of creating beautiful flooring and home furnishings. We strive to be a design leader, the world’s number one rugs manufacturer and supplier and collaborate with like-minded companies, designers, and consumers to make a difference in the lives of those who work on these beautiful products. The team of weavers, craftspeople, and designers at Mat the Basics are true artists, their presence is celebrated, and they are praised for their inventiveness and dedication.
In addition to developing countries, emerging economies are growing in size and demand. Developed economies are the largest consumers of carpets, followed by developing countries. Developing nations are also increasingly adopting carpets as a means of insulation. Rugs also offer attractive aesthetic and performance benefits. This is why Belgium is the second largest exporter of carpets and rugs. Its textile industry exports $471 million of carpets and rugs each year.
Loloi has expanded their showroom to accommodate new product lines. Loloi is launching eight new collections at the upcoming High Point Market, including a collaboration with celebrity designer Joanna Gaines. They will also introduce a line of wall art to complement their line of rugs. They will debut their latest rug collection at the show. In addition to making its debut at High Point Market, Loloi also announced a new product category and line of wall art.
Global growth of the Carpet Wholesaler industry is expected to continue. The report analyzes the key players and provides market size and revenue forecasts. It also highlights opportunities and challenges, analyzes the industry chain, and tracks primary trends. By 2022, the Carpet and Rugs market is expected to increase at a CAGR of 4.4%. With this growth, the market for carpet and rugs is expected to reach a value of nearly $16 billion.
Today, Iran's rug manufacturing industry is one of the most renowned and oldest. A majority of rugs are handcrafted by women, and the production of these rugs continues to increase. Turkish rugs are also more environmentally friendly than those made by other countries. Therefore, the industry in Turkey continues to grow, despite its challenging economic circumstances. It generates nearly $1.62 billion in export revenue each year, and the demand for Turkish rugs is growing.
Today, you can find a wide variety of quality area rugs from several top-tier names and innovative newcomers. You may want to opt for a handmade wool rug, if that is what you like. Other high-quality rugs can be made from synthetic materials. You might also choose an indoor/outdoor rug to fit a large room. A well-made rug will make your home more comfortable and attractive.