The Middle East Flooring And Carpet Market Is Estimated To Witness High Growth Owing To Rapid Urbanization

Middle East flooring and carpet market

The 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:
The Middle East flooring and carpet market consists of products like carpets, rugs, tiles, and wood that are used for a variety of indoor and outdoor applications. Carpets are most commonly used flooring products that provide warmth, luxury, and noise reduction. They are widely used in residential as well as commercial spaces like hotels, offices, restaurants etc.

Market Dynamics:
Rapid urbanization in the Middle East region is the major driver of the market. According to the United Nations, around 80% of the Middle East population will be living in urban areas by 2050. This rapid urban migration is increasing the demand for residential and commercial infrastructure development which is fueling the demand for flooring and carpet products. Additionally, rising disposable income is allowing consumers to purchase premium and aesthetic flooring options like carpets for their homes and offices. Furthermore, intense competition among manufacturers and expansion of retail sector is leading to product innovation and availability of diverse options, thus propelling the Middle East flooring and carpet market growth over the forecast period.

SWOT Analysis

Strength: The Middle East Flooring And Carpet Market has a well-established manufacturing and distribution base in the region. The availability of raw materials like wool and cotton provides a competitive advantage. There is a growing construction industry in the Middle East region which is positive for market growth.

Weakness: Fluctuating raw material prices can impact profit margins. High competition from international players may create pricing pressures. Lack of innovation and focus on design is also a challenge for local players.

Opportunity: Growing infrastructure projects especially in Gulf countries offer new revenue opportunities. Increasing spending on home improvement and renovation provides scope for new product launches. Export potential to other developing regions is untapped.

Threats: Political and economic instability in some Middle Eastern countries poses risks. Rising environmental regulations globally can impact production processes. Import subsidies and tariffs by other countries affects export competitiveness.


Key Takeaways

The Global Middle East Flooring And Carpet Market Share is expected to witness high growth, exhibiting CAGR of 7.2% over the forecast period, due to increasing investments in infrastructure and real estate development projects. Rapid urbanization coupled with rising disposable income is also augmenting the market growth in the region.

The Gulf Cooperation Council (GCC) countries account for more than 60% of the Middle East Flooring And Carpet Market share due to major construction activities for infrastructural developments, transport networks, commercial buildings and residential spaces. Saudi Arabia dominates the regional market owing to economic diversification initiatives and hosting of largest number of infrastructure projects. Egypt is the fastest growing country in the Middle East Flooring And Carpet Market regarding value and volume sales.

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, Standard Carpets Ind.LLC., Saida Carpets, Dormina, Mohawk Industries, Interface Middle East, Beaulieu Flooring, Tarkett S.A., Balta Group, and Shaw Industries Group, Inc. Strategic collaborations, new product launches, and expansion of manufacturing facilities are some of the major business strategies adopted by the leading companies.

Read More - https://www.dailyprbulletin.com/carpet-segment-is-the-largest-segment-driving-the-growth-of-middle-east-flooring-and-carpet-market/

 

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