There are plenty of reasons why it’s a good idea to have area rugs. Area rugs are a terrific alternative to wall-to-wall carpet, namely because they’re easier to remove and clean. Area rugs provide comfort, warmth and decorative interest (color, pattern, texture, etc.). They can act as artwork for the floor, create a framework for placing furniture and define spaces.
Industry experts project Area Rugs market to grow at a CAGR of 3.14% during the period 2017-2020. Area rugs are used to cover residential and commercial floors and to decorate and enhance the appearance of homes. They are of two types: machine-made and handmade area rugs. They are commonly made of nylon, polypropylene, polyester, wool, cotton, jute, silk, sisal, and seagrass. They are available in different shapes, styles, sizes, and colors. The rising consumer confidence across the world, the booming housing industry, and growing demand for luxury area rugs are among the factors contributing to the growth the market worldwide.
One driver in market is consumer shift toward interior design. Consumers worldwide have started paying greater attention to and investing more time in decorating their homes with the best interiors they can afford. This includes spending on unique designer home furnishings such as carpets, rugs, curtains, cushion covers, beds, and other floor coverings, adding to the aesthetic appeal. The rising consumer income levels, evolving lifestyles, increased media penetration, and adoption of different cultures have further resulted in the growing interest of consumers toward interior decoration of their houses.
One challenge in market is tightening credit and rising inflation. The interior products manufacturing industry in many countries faced various challenges in the past few years. The industry derives a significant part of its revenues from the sales of carpets and rugs, which has been one of the most adversely impacted product segments. At the time of rising unemployment, tightening credit markets, and rising inflation, consumers tend to postpone their purchases of discretionary items, including products like furniture, carpets, and rugs. The recession has had a profound impact on the spending habits of consumers of interior products, which, in turn, has adversely affected the industry in the past few years. This challenge is expected to continue during the forecast period, which could act as a roadblock for the growth of the market during the forecast period.
One trend in market is advent of prayer rugs. One of the most innovative and interesting trends seen is the emergence of prayer rugs. These rugs are claimed to be antibacterial and disposable in nature. They are specially designed to resolve the unhygienic conditions seen in outdoor and public worship places. Their unique design offers an easy solution to enable the users to carry them to hospitals, hotels, mosques, airports, and the prayer rooms in shopping malls. These rugs have gained great prominence in European countries like Turkey where the product was one of the bestselling rugs in 2012. Duaser of Turkey was the pioneer in the creation of prayer rugs. India and China have also become prime spots to manufacture prayer rugs.