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| Middle East Flooring and Carpet Market |
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 décor 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. 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.
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East Flooring and Carpet Market
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