Floor Covering - Iraq

Iraq

Highlights

In the year 2024, the Floor Covering market in Iraq is projected to generate a revenue of US$46.57m.
It is anticipated that this market segment will experience an annual growth rate of 4.34% (CAGR 2024-2029).
When compared globally, United States leads the pack, generating a staggering revenue of US$6bn in 2024.
In terms of per capita figures, each individual in Iraq is expected to contribute US$1.00 in revenue for the Floor Covering market in 2024.
The demand for traditional handmade carpets in Iraq continues to rise, as consumers seek to preserve their cultural heritage.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

In the DIY & Hardware Store Market in Iraq, the Floor Covering Market is experiencing minimal growth. Factors such as economic instability and limited consumer spending are impacting this growth rate.

Customer preferences: Consumers in Iraq are increasingly looking for affordable and easy-to-install floor covering options that can withstand the country's harsh climate and frequent power outages. This has led to a rise in demand for DIY flooring solutions within the hardware store market. Additionally, there is a growing trend towards environmentally friendly and sustainable flooring materials, as more consumers become aware of the impact of their purchasing decisions on the environment. This shift towards eco-friendly options is also influenced by the younger, more environmentally conscious generation entering the market.

Trends in the market: In Iraq, there is a surge in demand for sustainable and eco-friendly floor coverings, driven by increasing awareness about environmental concerns. This trend is expected to continue, as consumers become more conscious about the materials used in their homes. Additionally, with the growing popularity of DIY projects, there is a rise in demand for easy-to-install flooring options, such as snap-together laminate and vinyl planks. This trend is significant for industry stakeholders, as it presents opportunities for growth and innovation in the market. However, it also poses challenges for traditional flooring manufacturers, who must adapt to changing consumer preferences or risk losing market share to newer, more sustainable options.

Local special circumstances: In Iraq, the Floor Covering Market within the DIY & Hardware Store Market is heavily influenced by the country's political instability and ongoing conflict, with many businesses struggling to operate in such an environment. Additionally, the market is impacted by the country's cultural preferences, with traditional floor coverings such as carpets being more popular than modern options. Regulatory barriers also exist, with strict government control over imports and exports, leading to limited product availability and higher prices for consumers.

Underlying macroeconomic factors: The performance of the Floor Covering Market within the DIY & Hardware Store Market in Iraq is greatly impacted by macroeconomic factors such as the country's national economic health and fiscal policies. With Iraq being one of the world's top oil producers, fluctuations in global oil prices can have a significant impact on the country's economic stability. Additionally, political instability and security concerns in the region can also affect consumer confidence and spending. Moreover, government initiatives and regulations related to infrastructure development and construction projects can also influence the demand for floor covering products in the DIY & Hardware Store Market.

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.