Cork Material Market - Forecast(2023 - 2028)

Cork material market size is forecast to reach $XX billion by 2025, after growing at a CAGR of XX% during 2020-2025, owing to wide usage of cork material to manufacture products such as bulletin boards, mat, underlay flooring, stamps, coasters, key chains, magnets, head gaskets, protective pads, crankcase covers and more. There is an increasing demand for cork Material as they are elastic, resilient, lightweight, impermeable, hypoallergenic, and more. In addition, the cork material has a high friction coefficient, due to which it survives repeated impacts or abrasion extremely well. Moreover, cork material has high mechanical strength (between -80C and 140C) owing to which their demand is on an upsurge, and this factor is anticipated to drive the cork Material market substantially during the forecast period.

The report: “Cork Material Market – Forecast (2020-2025)”, by IndustryARC, covers an in-depth analysis of the following segments of the cork material Industry. 

By Product Type: Flooring, Anti Vibration, Clutch Plates, Gasket Material, and Others

By Application: Building & Construction (Residential, and Non-Residential), Automotive (Passenger Cars, Light Commercial Vehicles, Heavy Duty Vehicles, and Others), Aerospace (Commercial, Military, and others), Sports (Turf, Skate Boards, Golf Accessories, and Others), Food & Beverages, and Others

By Geography: North America, South America, Europe, Asia Pacific, and RoW

The flooring segment held the largest share in the cork Material market in 2019, owing to its extensive set of properties such as durable, biodegradable, healthy, safe, comfortable, aesthetically versatile, natural insulation, superior sound attenuation and more. Cork material is a completely natural, recurring, and easily replenishable material. The cork flooring systems can be installed like regular ceramic or glass mosaic tile, which can be installed on uneven surfaces and can be installed over existing flooring systems such as wood or linoleum. Moreover, cork floorings are excellent material to be used on retrofitted buildings and can be used as an underlayment layer for ceramic, wood, or stone. Cork floors are naturally fire-resistant and don’t release any toxic gases or chemicals when combusting. Also, cork flooring has natural insulation properties and can help reduce heating costs, owing to which the demand for cork flooring is increasing.

The building and decoration application held the largest share in the cork Material market in 2019 and is growing at a CAGR of XX%, owing to increasing usage of cork Material in various building and decoration applications such as roofs, walls, façade, floors and more due to its extensive characteristics such as dimensional stability, carbon neutral, resistance to high temperature, enhanced compression, and cohesion. In the building area, expanded cork agglomerate, also known as Insulation Cork Board (ICB), finds it’s used in thermal insulation for terrace coverings, playing the role of a thermal insulant and supporting the waterproofing system. The application of pure expanded agglomerate in double-wall insulation offers excellent thermal insulation over a long period as well as appropriate acoustic comfort. Double walls with air cavities are susceptible to humidity problems, which is why it is vital to create a trough at the bottom of the air cavity. Creating ventilation in the air cavity, along with the barrier made by the pure expanded agglomerate, eliminates humidity problems in buildings. Also, the use of a pure expanded agglomerated board on the facade as an external coating becomes a less expensive solution, because of which its usage is increasing in the building and decoration sector.

Europe region held the largest share in the cork Material market in 2019 up to 30%, owing to the increasing demand for cork Material for varied applications in the region. According to International Trade Centre in 2019 Spain, Poland, Portugal, Italy were the top exporters of the cork, valued at 72.2%, 9.8%, 4.2%, 2.9% respectively of the global total. Also, Portugal, Spain, Slovakia were the top importers of the cork, valued at 31%, 24%, 11.9% respectively of the global total, an increase of 14%, 56%, 56% respectively from 2018. The increasing import and export of cork in the region are likely to enhance the cork Material market in the European region during the forecast period. According to the European Commission, the total construction investment in Germany increased by 9.5% over 2008-2015. Also, the European Construction 2020 Action Plan aimed at stimulating favorable investment conditions. The application of cork Material in house walls, floors, ceilings, and facades is on the rise. Thus, with the increasing construction activities in the region, the demand for cork Material will also see a significant increase in its demand, which is anticipated to drive the cork Material market in Europe during the forecast period.

Numerous researches are ongoing to study the various applications of cork Material. Researchers are being performed to compare the effectiveness of cork over other Material. For instance, a group of researchers at Aveiro University found that cork performs better than polystyrene in helmets for motor vehicles, which is the material used by all helmet manufacturers worldwide when it comes to safety. Cork has a greater capacity to absorb an impact and it keeps this capacity intact if the motorcyclist suffers multiple blows to the head, due to which cork helmets may replace the polystyrene helmets in the future. Various fashion designers are using cork to make footwear, jewelry, and dresses. In addition, the cork forests improve soil’s organic matter, help regulate the hydrological cycle, protect against erosion and fire, and foster a level of biodiversity. Cork is even used in the Metro light railway carriages, the interior of the top of the range Mercedes Benz and inside the aircraft. NASA and the European Space Agency are using cork in their missions. The thermal protection, frictional resistance, and lightness are used as cladding plates on shuttles. Cork is being extensively used in bicycle handlebars, flooring on public transports, and as cylinder head gaskets in vehicle engines. Cork material plays an important role in reducing the weight of vehicles to improve their efficiency and reduce fuel consumption. The increasing applications of cork Material act as a driver for the cork Material market.

The wine cork is made from bark, which makes it a renewable resource. And it can be formed in the shape of a wine bottle, making it an incredibly appealing way to seal wine. And the consumers often prefer to buy wines with cork stoppers as the wine cork allows optimum control of oxygen transfer through the closure. The elastic property of the cork is influenced by its moisture content. The cork remains fairly elastic for insertion into the bottle within moisture content. Also, the cork stopper has exclusive distinctive qualities, which interact beneficially with wine. Moreover, the cork stopper has unique capacities such as impermeability and resistance, which allows managing micro-oxygenation and flawlessly ensures a successful maturation and aging of the wine, while preserving its essence, flexibility. Thus, the demand for wines with cork Stoppers is increasing which acts as a driver for the cork Material market during the forecast period.

The cork flooring is highly susceptible to damaging easily. A sharp object or stress can scrap the material without any notice. Hence, it is suggested not to use in the room where heavy appliances are placed. Water flooding will be a cause for concern since it will affect the color and upper layer of the surface. Its cost is high when it comes to maintaining for a long time. Cork flooring requires a re-maintenance procedure every 5 years. This maintenance is necessary otherwise it will be liable to stains. Any remodeling work in the room has to be performed with the utmost care so that its surface does not get affected. For example, the burden of cabinets can cause dents in its surface. All these disadvantages of cork flooring may restrain the cork Material market growth during the forecast period.

Due to the Covid-19 outbreak, the cork Material end-use industries are facing issues such as delays in receiving cork Material from the manufacturers due to the restriction on import and export of commodities. In addition, there are delays in receiving raw Material, which is further resulting in delayed shipments to the customer. Also, the shipment orders are being heavily affected due to the non-availability of vessels and blank sailing, which is further leading to decreased storage stock of wineries. Moreover, the Covid-19 pandemic is having a huge impact on aviation and the automotive industry. The production of automotive and aircraft has been disruptively stopped, contributing to a major loss in the total automotive and aerospace sectors. With the decrease in automotive and aircraft production, the demand for cork Material for manufacturing various parts have significantly fallen, which is having a major impact on the cork Material market.

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the cork Material market. In 2019, the market of cork Material has been consolidated by the top five players accounting for xx% of the share. Major players in the cork Material market are Ecore International, CHARLES CANTRILL LTD, Nu-Cork, Amorim, Granorte, Corksribas, MJO Cork, LICO and Globus Cork.