Summary

The Vinyl Flooring market in GCC is growing rapidly with the strong construction sector performance with more than 15,500 construction projects ongoing in the region as of mid-2019. The demand for vinyl flooring is also driven by several renovation projects throughout the GCC which are contributing more than 5% per year across the flooring market. The UAE is leading the way in the GCC flooring market, with around 5,000 projects underway. The upcoming event Dubai Expo 2020 which got postponed due to the COVID-19 pandemic is one of the major growth factors contributing to the high number of projects in the UAE, thus to the flooring market. Introducing innovative solutions that have not previously been installed in the region, has become one of the major challenges for the market as adding decorative floors across the end-user segment is gaining more popularity, especially in hospitals and schools where the designs have to more creative with convenient to clean in order to offer hygienic flooring solutions. The manufacturers are coming up with solutions in a way to co-ordinate the technical advancements made in the modern vinyl tiles market. With the high number of advantages associated with luxury vinyl tiles such as extremely hard-wearing, easy to maintain, waterproof, and with endless design possibilities the market is forecasted to grow in the future period.

Key Market Trends

Growing Demand for Own Houses is Forecasted to Drive the Market in Saudi Arabia

The number of housing development projects in Saudi Arabia is increasing with the growing population. In majority areas of KSA own house is an affordable entity for the high-income groups only as the price of a home is 30 times the average gross income of a person aged 25 to 29. According to Government statistics, in Saudi Arabia, only 60% of Saudi nationals own a house as per the 2017 census and this ratio is even low at 5% among non-Saudi nationals. In order to bridge the demand-supply gap, the Saudi Arabia Government is investing in low-cost affordable houses and is also encouraging private investments in the housing segment.

Commercial End-User Segment is Dominating the Market

With the rising tourism and pilgrimage activities in the holy cities of Mecca and Madinah, the hospitality industry is expanding in order to accommodate the growing number of pilgrims and resulted in growth in domestic leisure demand, Meetings, Incentives, Conferences and Exhibitions (MICE). An increase in domestic tourism is also expected to boost hotel construction and renovation in cities like Jeddah, Riyadh, Mecca, Madinah, and Greater Dammam. Riyadh is also expected to witness increased demand from the retail segment with plans of developing three large shopping malls.

Competitive Landscape

The report on the GCC vinyl flooring market covers the competitive landscape of key players operating in the region along with their key financials and recent developments. The market is forecasted to driven by rapid urban development and across all sectors of construction with the increasing residential and hospitality construction as well.

Additional Benefits:

The market estimate (ME) sheet in Excel format
3 months of analyst support

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