The Middle East Flooring And Carpet Market Is Driven By Rapid Urbanization And Infrastructure Development
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| Middle East Flooring And Carpet Market |
The
Middle East flooring and carpet market comprises a wide variety of hard surface
floors as well as carpets made from diverse materials like wood, stone, vinyl,
rubber, and synthetic and natural fibers. Flooring and carpets enhance the
aesthetic appeal and functionality of residential and commercial spaces. Rapid
urbanization and infrastructure projects in countries like Saudi Arabia, UAE,
and Egypt have fueled the demand for high-quality flooring solutions that
withstand heavy foot traffic while being durable and easy to maintain.
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 key trends:
Rapid
growth of real estate and construction sectors in the Middle East region has
augmented the requirement for long-lasting and aesthetically pleasing flooring
options. For instance, Saudi Vision 2030 aims to diversify the Kingdom's
economic activities by boosting non-oil sectors like real estate, tourism, and
infrastructure. Mega projects like the $500 billion futuristic city NEOM are
expected to generate high demand for carpets and flooring during the
construction phase as well as once operational. Furthermore, rising disposable
incomes and changing preferences towards aesthetically appealing and
multifunctional flooring have prompted manufacturers to launch innovative
product varieties made from a mix of materials to cater to diverse needs.
However, fluctuations in raw material prices remain a key challenge for players
in this market.
Porter's
Analysis
Threat of new entrants: The Middle East flooring and carpet market has moderate
threat of new entrants due to existing brand loyalty of customers and large
capital required for production facilities.
Bargaining power of buyers: Buyers have moderate bargaining power due to
availability of various brands butflooring and carpets market is fragmented in
the Middle East region.
Bargaining power of suppliers: Suppliers have low bargaining power due to
availability of substitute raw materials like cotton, wool, nylon, and
polypropylene.
Threat of new substitutes: Threat of substitutes is low as flooring and carpets
made from materials like wood and tiles require high initial investment.
Competitive rivalry: The market exhibits high competitive rivalry due to
presence of numerous regional and international players offering similar
product segments.
Key Takeaways
The Middle
East Flooring And Carpet Market Size is expected to witness high growth
during the forecast period of 2023-2030, growing at a CAGR of 7.2% to surpass a
valuation of US$ 8.93 Bn by 2023.
The GCC countries in the Middle East region dominate the flooring and carpet
market led by countries like Saudi Arabia, UAE, and Egypt. Saudi Arabia
accounts for over 25% share due to high infrastructure development and
urbanization activities. Egypt is growing at fastest pace over 8% CAGR due
increased construction of residential and commercial projects.
Key players: Key players operating in the Middle East flooring and carpet
market are Al Sorayai Group, Abdullatif Carpets, Al Mira Carpet Factory, Abu
Dhabi National Carpet Factory, Mac Carpet, Prado Egypt For Carpet, Gheytaran
Carpet, Oriental Weavers and International Players like Mohawk Industries,
Interface Middle East, Beaulieu Flooring, Tarkett S.A., Balta Group, and Shaw
Industries Group, Inc. Local players like Al Sorayai Group and Abdullatif
Carpets dominate the Saudi Arabian market while international brands are making
inroads in high-end segments across the region.
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