July 22, 2024

Driven by Infrastructural Projects, the Growth of Middle East Flooring And Carpet Market projected to boost

The Global Middle East Flooring And Carpet Market is estimated to be valued at US$ 8.93 Bn in 2023 and is expected to exhibit a CAGR of 7.2 % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Flooring and carpets provide comfort and aesthetics to indoor spaces such as residential and commercial buildings. Carpets offer numerous advantages such as noise reduction, thermal insulation, safety from slips and falls. Further, flooring provides durability and improves aesthetics of indoor spaces. Rapid infrastructure growth in Middle East countries is fueling demand for flooring and carpets in residential as well as commercial construction projects.

Market key trends:
One of the key trends in the Middle East flooring and carpet market is the increasing demand for eco-friendly products. Rising environmental concerns are prompting manufacturers to develop sustainable flooring and carpet options using recycled materials. For instance, brands are introducing carpet tiles made from recycled PET bottles and nylon carpets from recycled fishing nets. Furthermore, demand for hardwood flooring is growing owing to properties such as durability and appeal. Oak, bamboo and engineered wood floors are gaining popularity in the region. Rapid urbanization also drives replacement demand for flooring and carpets in the Middle East region.

Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the Middle East flooring and carpet market requires high capital investments and established distribution networks. However, the growing demand opens up opportunities for new players.
Bargaining power of buyers: The bargaining power of buyers is high due to the presence of a large number of buyers and easy availability of substitutes. Buyers can negotiate on price and quality aspects.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are numerous raw material suppliers present in the region. However, suppliers of specialty fibers have some bargaining power.
Threat of new substitutes: The threat of substitutes is moderate as alternative floorings like hardwood, laminates, luxury vinyl tiles act as substitutes. However, carpets are still irreplaceable for their comfort, warmth and aesthetics.
Competitive rivalry: High due to the presence of global as well as regional players competing on factors like price, quality, design and delivery.

Key Takeaways
The Global Middle East Flooring And Carpet Market Share is expected to witness high growth, exhibiting a CAGR of 7.2% over the forecast period, due to increasing home construction and renovation activities in the region.

Regional analysis: The GCC countries in the Middle East hold the dominant share of over 55% of the total flooring and carpet market. Rapid urbanization and infrastructure development are driving the market growth in this region. Saudi Arabia is expected to grow at the fastest pace during the forecast period.

Key players operating in the Middle East flooring and carpet market are Al Sorayai Group (Saudi Arabia), Abdullatif Carpets (Saudi Arabia), Al Mira Carpet Factory (Saudi Arabia), Abu Dhabi National Carpet Factory (UAE), Mac Carpet (Egypt), Prado Egypt For Carpet (Egypt), Gheytaran Carpet (Iran), Oriental Weavers (Egypt), Standard Carpets Ind.LLC., Saida Carpets (Jordan), Dormina (Turkey), Mohawk Industries, Interface Middle East, Beaulieu Flooring, Tarkett S.A., Balta Group, and Shaw Industries Group, Inc.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it