June 18, 2024
Middle East Flooring and Carpet Market

Middle East Flooring and Carpet Market to Gain High Traction Owing to Rising Construction Sector

Flooring and carpets are prominent interior furnishing products used extensively across residential and commercial spaces for decorative and functional purposes. Carpets offer various advantages such as sound insulation, thermal insulation, prevention of slips and falls. Rising construction activities and growing spending on home d├ęcor and furnishings are anticipated to drive the demand for flooring and carpets in the Middle East region in the upcoming years.

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 from 2024 to 2031.

Key Takeaways

Key players operating in the Middle East Flooring and Carpet Market Demand 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. Major players are focusing on business expansion in the Middle East region through new product launches and strategic partnerships with regional distributors. The rising construction sector in the GCC countries presents lucrative growth opportunities for flooring and carpet manufacturers. Moreover, the increasing urban population, growing spending on home interiors and renovation projects are favoring the market growth. Rapid infrastructure development and real estate boom are also positively impacting the sales of flooring and carpets across Middle East countries.

The key opportunities in the Middle East flooring and carpet market include growing installation in commercial construction, increasing tourism activities augmenting the demand from hospitality sector. Furthermore, rising per capita income and changing consumer lifestyles have increased spending on home interiors and furnishings in the region.

The global expansion of key players into the Middle East region through partnerships, joint ventures and acquisitions will help gain higher market share. Rapid population growth and urbanization are also facilitating the global players to tap potential growth opportunities.

Market Drivers

The rising construction sector is one of the major drivers of Middle East Flooring and Carpet Market Demand. Rapid infrastructure development projects for roads, metros, airports, hotels and commercial buildings have augmented the demand for flooring and carpets. According to data, the construction industry in the Middle East region is projected to grow at 4.2% annually until 2025. The massive real estate construction plans under the Vision 2030 in Saudi Arabia will propel the product demand. These investments are expected to boost the regional market during the forecast period.

PEST Analysis

Political: The political landscape of the Middle East is constantly changing with ongoing territorial disputes and unrest in many countries. This brings uncertainty and can delay or cancel major projects that drive demand for flooring and carpets.

Economic: The economies of Middle Eastern countries are heavily dependent on oil & gas revenues. Fluctuations in energy prices have a significant impact on the economic growth and consumer spending power in the region.

Social: Traditional designs featuring Islamic patterns remain very popular flooring and carpet choices across homes and public buildings. However, modern designs are also gaining acceptance among the youth.

Technological: Advancements in material sciences have led to the development of new carpet fiber types that are more durable and easier to clean. Digital printing technologies allow customized designs and shorter lead times.

The Middle East Flooring and Carpet Market is concentrated in Gulf Countries with Saudi Arabia, UAE and Qatar accounting for over 60% of the regional demand in terms of value. Projects associated with infrastructure development, real estate, tourism and event venues drive considerable carpet and flooring installation in these nations.

The African nations are emerging as the fastest growing regional market. Economic growth and urbanization are increasing spending power and preference for modern flooring solutions compared to traditional options. Countries like Egypt, South Africa and Nigeria offer lucrative opportunities for market expansion.

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