With the value of GCC construction projects completed this year climbing 6.5 per cent to $72 billion, stone sector is set to experience unprecedented growth. An exclusive report prepared for Middle East Stone 2015 described the region as ‘the most dynamic in the world’.
Stone is the fastest growing in the building materials’ industry and imports to the region amount to 40 per cent of its demand. The report by Frost & Sullivan looks at market trends, challenges and the future outlook for the region. It describes five key characteristics of the stone market in the Middle East:
GCC tile market was estimated to be about 500 million sqm in 2014 and is expected to grow by 10-12% each year until 2020.
In addition to the growing construction sector, the report attributes market growth to a large number of High Net worth Individuals (HNI) whose preference for high quality tiles is driving the sector today.
The report also says that the stone market faces challenges such as:
The Middle East Stone Show, which runs from May 19-21, features over 230 exhibitors from 22 countries.
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