The flooring and carpet market in the Middle East region is poised for solid growth with its value set to cross $10 billion by 2026, growing at a compound annual growth rate (CAGR) of over five per cent during the period, said a report.

The nylon section will dominate the market with more than 40 per cent of the share until the year end, while the other material segment of the market will also contribute significantly to the growth of the Middle East flooring and carpet market, according to the report by Future Market Insights, a premier consulting services firm.

The residential segment will push the market ahead in 2016, said the report titled “Flooring and Carpet Market: Middle East Industry Analysis and Opportunity Assessment, 2016-2026.”

The automotive application and hospitality segment will also show positive results in the assessment period, it added.

Moreover, Qatar and Kuwait will be significant contributors to the growth of the region’s flooring and carpet market.

As Qatar will be the hosting a mega football event in 2022, it will surely affect the market periphery of flooring and carpet.

Additionally, the UAE, Egypt, Iran, Kuwait, Bahrain, Oman and Turkey will also showcase good development in the market, added the report.

The report is an in-depth study of the market psyche and highlights elaborately on the several core components that can impact the development of the market within the period of assessment.

The Middle East region is globally recognised as a cradle of weavers. A plethora of products is available in this expanding market, it stated.

The region is steadily rising as one of the major tourism hubs, and so is its real estate segment.

The market exports some of the best quality, artificial grass, carpets, rugs, a variety of laminated floorings and carpet tiles to different parts of the world. The demand of these of niche products is high in different parts of the globe and as per this market analysis, the demand for these luxury products will surge in the coming few years.

As per the report, the region’s flooring and carpet market will cater to commercial as well as domestic customers.

The market is extremely challenging as most of the customers of this segment have an eye for details and they will spend more to get the best possible products from the market. To cope with this new breed of customers the manufacturers are honing their skills and tabling custom-made products to stay afloat in this competitive market.

The major stakeholders of the market are steadily revamping their manufacturing policies to meet the elevated environment-friendly standards issued by the government, added the report. – TradeArabia News Service