by The Middle East flooring and carpet market comprises of a variety of floor covering solutions made from materials like wood, stone, tile, vinyl, and carpet. Carpets are predominantly used in residential and commercial applications like hotels, offices, and homes due to its aesthetic appeal and ability to offer thermal and acoustic insulation.
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 Dynamics:
The Middle East flooring and carpet market is driven by rapid growth of the construction industry in the region. According to data by the GCC Construction Statistics, GCC construction industry witnessed an average annual growth of 6.5% between 2013 and 2018. The thriving construction sector has led to higher demand for interior design products like flooring and carpets from residential and commercial builders. Another key driver for the market growth is expanding tourism industry. Countries like UAE, Saudi Arabia, and Egypt are investing heavily in building new hotels, malls, and public infrastructure to attract more foreign visitors and tourists. This has increased requirement for aesthetically appealing flooring solutions in hospitality sector.
SWOT Analysis
Strength: The Middle East flooring and carpet market benefits from rising disposable income and changing preferences towards aesthetics and home decor. In addition, growth in the construction industry in the region drives demand for flooring and carpet products. Rapid urbanization is also fueling large scale residential and commercial construction projects in countries like Saudi Arabia, UAE, Qatar and Egypt.
Weakness: High dependence on imported raw materials makes the regional flooring and carpet industry vulnerable to fluctuations in commodity and currency markets. Limited reach in rural areas also restricts the addressable market size. Lack of technical expertise and domestic manufacturing also leads to higher production costs.
Opportunity: Growing infrastructure investment in rail, road and metro projects present an opportunity to supply flooring and carpet solutions. Rising consumer spending on home improvements also creates scope to expand product offerings. Governments are promoting manufacturing sectors through initiatives like ‘Make in the Middle East’, presenting a chance to develop localized supply chains.
Threats: Political unrest and regional conflicts pose risks to smooth supply chain operations and availability of inputs. Stiff competition from established international brands pressures local manufacturers on pricing. Environmental regulations around material and energy usage can increase compliance costs.
Key Takeaways
The Middle East Flooring And Carpet Market Size 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.
The global Middle East flooring and carpet market is expected to witness high growth over the forecast period of 2023 to 2030, driven by rapid urbanization and infrastructure expansion in the region. Majority of the demand is concentrated in the GCC countries like Saudi Arabia and UAE, attributed to high construction activities and growing affluent population base.
The Saudi Arabia flooring and carpet market dominates the MENA region accounting for over 30% revenue share in 2023 due to extensive multi-billion dollar construction projects under Vision 2030. However, Egypt and UAE are also emerging as fastest growing regional markets on account of large-scale infrastructure investments for upcoming events like Expo 2020 Dubai and FIFA 2022 World Cup in Qatar.
Major companies 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. Key players are focusing on achieving self-sufficiency in raw materials through local sourcing and contract manufacturing to gain cost competitiveness.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
