Flooring and carpets find wide applications in residential as well as commercial sectors. Carpets provide aesthetic looks and comfort along with thermal and noise insulation properties. Rising construction activities coupled with increasing disposable income in countries like Saudi Arabia, UAE, and Qatar is fueling demand for luxurious floor solutions including carpets and floorings.
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 Opportunity:
Moreover, changing lifestyle and rising focus towards interior designing is further propelling the sales of luxurious flooring options such as carpet and other engineered flooring. Manufacturers are launching new variety of carpets inspired by global design trends to cater the demand from upper middle class population. Growing urban population along with increasing affluence is estimated to augment the sales of value-added and designer flooring, thereby presenting lucrative market opportunity for players in Middle East flooring and carpet market.
Porter’s Analysis
Threat of new entrants: Medium. Existing large carpet manufacturers dominate production and distribution in the region making entry difficult for new players. However, low entry barriers and growing demand offer opportunities.
Bargaining power of buyers: High. Buyers have a wide choice of manufacturers to choose from and can negotiate on price and quality.
Bargaining power of suppliers: Medium. Major suppliers include wool, cotton, and synthetic material producers. Suppliers have some power due to regional production concentration in specific countries.
Threat of new substitutes: Medium. Alternatives like hardwood flooring, tiles pose threat but carpet remains popular due to weather, lifestyle and culture in the region.
Competitive rivalry: High. The market is led by well-established regional and multinational manufacturers competing on price, quality, design and distribution.
SWOT Analysis
Strengths: Strong regional presence, customer understanding and cultural acceptance give local manufacturers an edge.
Weaknesses: Limited focus on innovation, sustainability and changing consumer preferences globally. High dependency on oil economy affects demand cyclically.
Opportunities: Rising affluence, infrastructure growth, renovation and establishment of tourism hubs to drive new revenue streams.
Threats: Economic uncertainties and fluctuations in oil prices impact consumer spending and real estate sector growth.
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 Middle East flooring and carpet market is expected to witness high growth over the forecast period supported by rapid urbanization, real estate development projects and infrastructure investment programs across the region.
The GCC countries especially Saudi Arabia and UAE account for the major share of the region’s carpet market currently due to high disposable incomes, spending on home furnishings and construction activities. Egypt also has significant production capacities and exports carpets globally.
Key players operating in the Middle East flooring and carpet market are Al Sorayai Group (Saudi Arabia), Abdullatif Carpets (Saudi Arabia), Al Mira Carpet Factory (Saudi Arabia), Abu Dhabi National Carpet Factory (UAE), Mac Carpet (Egypt), Prado Egypt For Carpet (Egypt), Gheytaran Carpet (Iran), Oriental Weavers (Egypt), Standard Carpets Ind.LLC., Saida Carpets (Jordan), Dormina (Turkey), Mohawk Industries, Interface Middle East, Beaulieu Flooring, Tarkett S.A., Balta Group, and Shaw Industries Group, Inc.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
