GCC Flooring Market: Industry Share, Size, Growth and Forecast 2022-2027
According to the latest report by IMARC Group, titled “GCC Flooring Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the GCC flooring market reached US$ 13.4 Billion in 2021. Looking forward, the market expected to reach US$ 19.5 Billion by 2027, exhibiting a growth rate (CAGR) of 6.4% during 2022-2027.
Flooring refers to a product used for offering a smooth, impervious, clean and durable floor surface. It generally consists of two main components, namely, floor base and floor covering. The floor base provides support to the floor covering which includes a layer of materials like marble, tiles and mosaic. The GCC countries are currently experiencing increased participation of the private sector with an enhanced focus on sustainable economic growth and expansion of non-oil industries. These developments have encouraged the renovation of existing infrastructure as well as the construction of new buildings across the region, in turn, leading to higher demand for various flooring products.
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Competitive scenario with key players:
The competitive landscape of the market has also been analyzed, with some of the key players being RAK Ceramics PJSC (RAK Ceramics), Carpetland Flooring Center (BuildBiz, Inc.), Armstrong Flooring, Inc. (AFI), Kährs Holding AB, Swiss Hardwoods, Gerbür GmbH, Swiss Krono AG and Terrazzo.
GCC Flooring Market Trends:
The flooring market in the GCC is projected to witness an exponential growth owing to the increasing number of construction and refurbishment projects in the region. In addition to this, the market is being driven by development across sectors such as office, retail, residential and hospitality. Moreover, the upcoming global events like the Dubai Expo 2020 and FIFA World Cup 2022 are providing a boost to the overall demand for good quality flooring. The other factors that are contributing to the growth of the market include the development of the tourism sector and economic cities along with the construction of high-rise buildings.
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Insights on Market Segmentation:
Market Breakup by Segment
1. Hard floor
2. Soft Flooring
Based on segments, the flooring market has been divided into hard flooring and soft flooring. Hard flooring currently represents the largest segment and includes products such as ceramic tiles, mosaic tiles, vitrified tiles, marble and granite.
Market Breakup by Flooring Type
2. Stone Flooring
3. Wood and Laminate Flooring
4. Carpet Flooring
On the basis of product types, tile is the most popular type of flooring product among the consumers in the GCC region. Tile flooring is followed by stone flooring, wood and laminate flooring, and carpet flooring.
Market Breakup by End Use Sector
The flooring market in the GCC has been categorized according to various end-users into the commercial and residential sectors. Currently, the commercial sector represents the major end-user.
Market Breakup by Region
On a regional basis, the UAE represents the leading market, holding the majority of the total share. This can be attributed to an increase in the number of construction projects across the region. Some of the other major markets include Saudi Arabia, Qatar, Oman, Bahrain and Kuwait.
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This release was published on openPR.