The latest report by IMARC Group, titled “GCC Flooring Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, finds that the GCC flooring market size reached US$ 11.3 Billion in 2018. Flooring refers to a finished layer that provides a clean, durable and impervious leveled surface. It generally consists of two main components, namely the floor base and floor covering. The floor base offers support to the floor covering, which includes a layer of materials such as marble, tiles or 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, which in turn, is leading to higher demand for various flooring products.
GCC Flooring Market Trends:
An increasing number of construction projects is one of the key factors driving the flooring market in the GCC region. Furthermore, owing to the growing inclination for aesthetically appealing interiors in various sectors, especially corporate and hospitality, there is a rise in the demand for premium quality products for interior designing. This has prompted the leading flooring companies in the GCC region to offer ergonomic, sound-absorbent and stain- and slip-resistant flooring solutions. These specialized flooring solutions improve safety and comfort while maintaining the aesthetics of the floor. Moreover, the increasing usage of eco-friendly flooring products by manufacturers, coupled with the growing environmental consciousness among consumers in the region, is also driving the market. The development of new technologies to update and expand flooring products and their system build-ups is also providing a positive thrust to the growth of the market. Other factors such as enhanced product features including digitally printed tile designs and the availability of a wide variety of colors are also contributing to the market growth. Looking forward, the market value is projected to reach US$ 17.2 Billion by 2024, at a CAGR of 7.3% during 2019-2024.
- Based on the segment, the market has been segregated into hard and soft flooring. Hard flooring currently dominates the market, holding the largest share.
- On the basis of the product type, tile flooring represents the most popular segment. Other major product types include stone, wood and laminate, and carpet floorings.
- The market has been segregated based on the end use into the commercial and residential sectors. At present, the commercial sector represents the largest end use segment, accounting for the majority of the total market share.
- Region-wise, the UAE exhibits a clear dominance in the market. Other major countries include Saudi Arabia, Qatar, Oman, Bahrain and Kuwait.
- The competitive landscape of the market has also been examined with some of the key players being RAK Ceramics PJSC, Jands Enterprise Inc DBA Carpetland, Kährs Holding AB (publ), Swiss Hardwoods, Gerbür GmbH, Swiss Krono AG and Concord Terrazzo Company, Inc..
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