Floor Covering - Iceland

Iceland

Highlights

In 2024, the revenue in the Floor Covering market in Iceland amounts to US$5.20m.
This market segment is expected to grow annually by 4.99% (CAGR 2024-2029).
When compared globally, United States generates the highest revenue in this market, reaching US$6bn in 2024.
In relation to the total population figures, per person revenues of US$13.77 are generated in Iceland in 2024.
Iceland's floor covering market is seeing a surge in demand for sustainable and eco-friendly materials, reflecting the country's commitment to environmental preservation.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Floor Covering Market in the DIY & Hardware Store Market in Iceland is experiencing minimal growth, impacted by factors such as economic slowdown and low consumer spending. Despite this, the market is still growing due to the increasing number of DIY and home improvement projects.

Customer preferences: Over the years, there has been a notable shift in consumer preferences for more sustainable and eco-friendly products in the floor covering market within the DIY & Hardware Store Market in Iceland. This can be attributed to the country's strong focus on environmental conservation and its increasing efforts to reduce carbon emissions. As a result, there has been a rise in demand for flooring materials made from recycled materials or sustainably sourced materials, such as bamboo and cork. Additionally, there has been a growing trend towards DIY floor installation kits, as consumers are more conscious of reducing the environmental impact of transportation and installation services.

Trends in the market: In Iceland, the Floor Covering Market within the DIY & Hardware Store Market is experiencing a rise in demand for sustainable and eco-friendly options. With an increasing emphasis on environmentally-friendly practices, consumers are seeking out products made from renewable materials such as bamboo and cork. This trend is expected to continue, with industry players investing in research and development to expand their offerings. Additionally, the incorporation of smart technology into floor coverings, such as heated flooring and WiFi-controlled lighting, is gaining popularity and is expected to drive market growth.

Local special circumstances: In Iceland, the Floor Covering Market within the DIY & Hardware Store Market is influenced by the country's unique environmental factors. Due to its cold climate and plentiful natural resources, Iceland has a strong focus on sustainable and eco-friendly materials in the market. Additionally, the country has strict regulations on waste management and energy efficiency, which impacts the types of products available in the market. These factors contribute to the growing demand for environmentally friendly floor coverings in Iceland's DIY & Hardware Store Market.

Underlying macroeconomic factors: The Floor Covering Market within the DIY & Hardware Store Market in Iceland is affected by several macroeconomic factors. These include the country's economic health, global economic trends, and government fiscal policies. The performance of the market is also influenced by indicators such as consumer spending and interest rates. In particular, the growth of the market is driven by a rise in disposable income and consumer confidence, leading to increased demand for DIY and home improvement products. Additionally, government initiatives to boost the construction sector and overall economic growth are creating favorable conditions for the market. However, fluctuations in the global economy and changes in government policies can impact the market's growth trajectory.

Data coverage:

Data encompasses B2C enterprises. Figures are segmented by product type and consist of the following: Paint, Wallpaper & Supplies, Tools & Machines, Hardware and Building Materials, Lawn & Garden, Heating & Cooling, Bathroom Hardware, and Floor Covering.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use national statistical offices, international institutions, in-house market research, and resources from the Statista platform. Next we use relevant key market indicators and data from country-specific associations such as product value, import value, and export value to determine domestic supply. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing. The main drivers are turnover indices, GDP per capita, and consumer spending per capita.

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.