Tuesday, 09 July 2024 03:20 AM
Company Update
Middle East wood flooring market size is projected to exhibit a growth rate (CAGR) of 6.6% during 2024-2034. The rising infrastructural development activities and the widespread adoption of eco-friendly flooring products represent some of the key factors driving the market.
NEWARK, DE / ACCESSWIRE / July 9, 2024 / The Middle East wood flooring industry size reached USD 5,840 million in 2023. Over the forecast period, demand is anticipated to rise at 6.6% CAGR. Total industry value is predicted to increase from USD 6,190.1 million in 2024 to USD 11,738.6 million by 2034.
The Middle East flooring industry size is growing rapidly due to a number of factors like the region's unique mix of classical and modern design values. Wooden flooring is greatly appreciated for unique and lifelong beauty along with adaptability and durability.
The ability to mix easily into a variety of design styles ranging from rustic to modern is making the product a popular option for both residential and commercial settings. Key development projects such as Bella Vento El Galala Resort, New Alamein City, and the New Administrative Capital in Egypt are anticipated to push demand for high-quality wooden flooring solutions.
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Wood flooring provides a high aesthetic appeal. The solution is set to cater to the rising demand for sustainable and eco-friendly flooring options in the Middle East. The accessibility of sustainably sourced wood and eco-friendly options such as bamboo and engineered wood allows customers to make ecologically conscious decisions without sacrificing style or quality.
Key Takeaways from the Report
Sales of wood flooring solutions in the Middle East grew at a CAGR of 2.4% between 2019 and 2023.
Tier 1 companies comprise leaders with a revenue of above USD 100 million in the Middle East.
The Kingdom of Saudi Arabia's wood flooring industry size is projected to reach USD 1,530.5 million by 2034.
Sales of wood flooring solutions in the United Arab Emirates are projected to soar at a CAGR of around 5.1% during the assessment period.
By end-use, the commercial segment is projected to thrive at 6.3% CAGR during the forecast period.
Based on product type, the engineered wood segment is anticipated to rise at a CAGR of 6.6% CAGR in the evaluation period.
"Popularity of wooden flooring extends beyond residential and office spaces, transcending into several architectural and commercial ventures across the Middle East. Its attractiveness adds elegance and warmth to a variety of situations," - says Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
Rise in Demand for Wood Flooring in Construction Sector
Flooring occupies the largest area of interiors, and it is also the element that interacts with the occupants the most. Wood floorings are used in many interior designs to create various esthetic styles through different colors and substances. Wood floorings can enhance the warmth of the space, enrich visual layers, and let our feet feel the warm wood texture.
Wood flooring is less prone to sustain damage and is simpler to maintain. Both cleaning and repair expenses are likely to reduce over time. Additionally, hardwood flooring can last for many generations due to their extreme durability; therefore, it is an affordable option for flooring.
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Competitive Landscape
Chabros International Group, FLOORWORLD LLC, Kährs, BerryAlloc, Top Surface, Woodfloors Middle East, Armstrong Flooring, ZandS Carpets, Mohawk Industries, and Shaw Industries are the leading wood flooring manufacturers profiled in the report.
Key players in the Middle East wood flooring industry are focusing on the expansion of domestic production and technology areas to provide cost-efficient solutions to consumers. These companies are also investing in developing new products and innovation existing lines to meet end-user demand.
A Leading Company in the Middle East
Located in the Middle East, BerryAlloc is a high-end supplier of wood and laminate flooring, having originated in Belgium. The firm is renowned for offering a wide range of elegant and durable flooring alternatives. High-pressure and high-density materials used in BerryAlloc's products provide durability and lifespan, making these a popular option for high-traffic locations.
Growing Trend of Innovative Wood Flooring
The global wood flooring market has been rapidly evolving, due to changes in consumer preference and launch of new products. Ongoing trends of wood flooring market indicate that customers are increasingly opting for inexpensive, highly efficient, and eco-friendly flooring products. Demand for hardwood or engineered wood has been rising rapidly as compared to the demand for luxury vinyl tiles. This is because these materials offer additional benefits such ease of cleaning, superior acoustics, a premium appearance, strength, durability, and a healthy level of indoor air quality.
Hardwood floors are available in several colors, styles, stains, and species. Furthermore, one can choose between pre-finished and unfinished hardwood floors. These floors offer a healthy choice for interior environments. Hardwood floors have no fibers, grout lines, or embossing that can trap dust, pollen, particles, animal dander, or allergens, which occurs in the case of carpets. Consequently, the market for wood flooring offers enormous prospects for innovation as well as branding and rebranding of new and improved flooring products.
Key Segmentations
By Product Type:
Solid wood
Engineered wood
By Wood Type:
Oak
Maple
Others
By Distribution Channel:
Offline
Online
By End-use:
Residential
Commercial
By Country:
Kingdom of Saudi Arabia
United Arab Emirates
Egypt
Türkiye
Iran
Qatar
Oman
Kuwait
Bahrain
Jordan
Middle East
Report Preview: https://www.futuremarketinsights.com/reports/wood-flooring-industry-analysis-in-the-middle-east
About the Chemicals and Materials Division at Future Market Insights (FMI)
The chemicals and materials division of Future Market Insights (FMI) offers a distinct and pinpoint analysis of the chemicals and materials industry. This exhaustive coverage extends from commodity, bulk, specialty, and petrochemicals to advanced materials, composites, and nanotechnology in particular, with special emphasis on ‘green alternatives, recycling, and renewable technology developments, and supply-demand-trade assessment. Our research studies serve as referencing market guidelines for chemical manufacturers, research institutions, channel partners, and government bodies for developing - ‘The Way Forward'.
Authored By:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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