Market Size of Carpet Tile Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 4.50 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Carpet Tile Market Analysis
The Carpet Tiles Market has generated a revenue of USD 3.8 billion in the current year and is poised to register a CAGR of greater than 4.5% during the forecast period.
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 buildings, 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.
The COVID-19 pandemic forced the global carpet tile market to be under pressure due to the 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.
