The contract floorcoverings sector tends to be less volatile than the domestic market, benefiting from a wide range of end-use applications and the increasing use of different types of floorcoverings used within a single installation. However, both sectors have been suffering from the uncertainty caused by the ongoing Brexit negotiations and volatile world trade conditions, with forecasts currently being downgraded in many areas of the UK economy.
Growth has been modest in recent years, with values during that period partly underpinned by the development of higher specification specialist materials, often aimed at particular end-use sectors.
Although the contract floorcoverings market began to recover from the recession caused by the financial crisis, progress was slow, until early 2014, when returning confidence in the private commercial sector began to feed through into increased demand for both new build and refurbishment projects, particularly for offices.
However, the contract sector has changed significantly over the last decade, particularly in terms of the products used. Following developments in the domestic sector, contract floorcoverings have seen a move away from carpet towards smooth flooring materials, while design trends have also led to a much more integrated use of different types of flooring materials, within a single installation.
Going forward, prospects for the contract floorcoverings market remain positive, if modest, in the medium term, with annual value increases of around 1-3% currently forecast to 2024.