May 21, 2024

Middle East Flooring and Carpet Market to Expand at an Impressive Fueled by Increasing Construction Activities

Carpets and flooring are an integral part of residential and commercial buildings architecture and help improve indoor air quality, provide noise control, and enhance design aesthetics. Rapid urbanization, infrastructure development projects, and rising affluence have boosted the demand for new residential and commercial construction in Middle Eastern countries like United Arab Emirates, Saudi Arabia, Qatar etc.

The Middle East flooring and carpet market is estimated to be valued at US$ 10.29 Bn in 2024 and is expected to exhibit a CAGR of 34% over the forecast period between 2024 to 2030.

Key Takeaways

Key players operating in the Middle East Flooring And Carpet Market Size  are AliveCor Inc., Altoida Inc., Amgen Inc., Human API, Fitbit, Inc., Biogen Inc, Bayer AG, Akili Interactive Labs, Evidation Health, Inc., GlaxoSmithKline Plc, and Eli Lilly and Company, among others. These players are focusing on expanding their production capacities and geographical footprint in high growth regions through mergers, acquisitions and partnerships.

The exponential growth of the construction industry across Middle Eastern countries presents massive opportunities for manufacturers and suppliers of flooring and carpet materials. Rapid infrastructure development for metro lines, airports, malls, hotels etc. will continue driving demand.

The flooring and carpet market is witnessing increasing globalization with major international brands entering the Middle Eastern markets. North American and European brands are strengthening their presence through joint ventures and contract manufacturing with local players. This allows them to cater to the diverse flooring needs of the region while mitigating currency and political risks.

Market Drivers

One of the key drivers for the growth of the Middle East flooring and carpet market is the boom in construction activities in the region. Mega projects like Dubai Expo 2020, F1 circuits, tourist infrastructure etc. have kept the construction industry busy. The post-pandemic economic recovery has further accelerated public and private sector construction plans. This growing requirement for residential, commercial and industrial buildings continues to fuel demand for flooring and carpet materials.

PEST Analysis

Political: The regional political instability in some Middle Eastern countries can negatively impact the market growth. However, rising infrastructure development across key nations is favoring the market expansion.

Economic: Strong economic growth in GCC countries and increasing construction activities are fueling the demand for flooring and carpets in the Middle East region. Recovery of oil prices is further boosting the construction sector.

Social: Changing consumer lifestyles, rising spending power, and growing awareness about aesthetics are propelling the sales of premium flooring solutions. Preference for beautiful interiors is augmenting the market revenues.

Technological: Digital printing technologies and smart carpets integrated with IoT are gaining traction. Advancements in material science are leading to the development of durable and long-lasting carpets made from bio-based and recycled materials.

The Middle East flooring and carpet market is highly concentrated in GCC countries such as Saudi Arabia, United Arab Emirates, and Qatar in terms of value. Rise in oil prices and subsequent investments in real estate and infrastructure development initiatives by governments are driving the market growth in these nations.

Africa is emerging as the fastest growing regional market owing to rapid urbanization, growing population, improving economic conditions, and rising spending on housing and commercial construction. Countries like Egypt, South Africa, and Nigeria are expected to offer lucrative opportunities for market players over the coming years.

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