Cork Flooring Market Expected to Reach $110.8 Million by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Cork Flooring Market," The cork flooring market size was valued at $60.6 million in 2021, and is estimated to reach $110.8 million by 2031, growing at a CAGR of 6% from 2022 to 2031.

Cork flooring is an eco-friendly flooring material made mainly from cork bark. It is a renewable, sustainable and natural material is harvested from the tree, ground into a fine powder and compressed. It can be installed on a variety of substrates, including wood, cement board, and tile and it is easy to install as long as the subfloor is flat and dry.

Growth of the population, combined with the construction of new business centers, such as offices, factories, warehouses, sports complexes, hospitality, and healthcare, has prompted the deployment of compact and efficient decor systems. The restoration business continues to benefit from a strong housing market, which includes a rise in home building, sales, and equity. Moreover, a rise in expenditure by governments and private construction companies on remodeling and repairing of houses is anticipated to drive the cork Flooring market growth. Furthermore, the increased focus on sustainable development is driving the demand for cork flooring solutions that are relatively eco-friendly. This has encouraged key players to innovate and develop eco-friendly cork floorings, thereby providing lucrative growth opportunities.The rise in construction activities across various regions such as Europe & Asia-Pacific and an increase in demand for highly appealing flooring solutions for buildings are expected to fuel the global cork flooring market growth. However global trade wars are restraining the growth of the market. On the contrary, rapid urbanization and industrialization of emerging countries are expected to offer lucrative opportunities for the growth of the market.

Major players have adopted product launch and acquisition as a key strategy to sustain the competition and improve the product portfolio. For instance, in May 2022, Jelinet launched Quiet Cork underlayment. It is specially formulated using natural agglomerated cork grains to provide maximum acoustical, sound deadening and comfort qualities. Jelinek Quiet Cork™ underlayment is available in either sheets or rolls in many thicknesses. It installs easily under most floors and is all-natural, making it the natural choice for underlayment. This product launch is expected to bring enrichment in its product line.

The market is segmented on the basis of type, installation method, construction type, end-user industry and region. On the basis of type, the market is divided into flail sheet form and tile form. On the basis of installation method, the market is divided into floating and glue-down. On the basis of construction type, the market is divided into new construction and replacement. On the basis of end-user industry, the market is divided into residential and commercial. Region-wise, the global market analysis is conducted across North America (the U.S., Canada, and Mexico), Europe (UK, France, Germany, Spain, Portugal and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).

Europe registered largest share in the global cork flooring market share in 2021, owing to rise in the number of residential and commercial building, which is anticipated to positively influence the demand for cork flooring market in Europe. Furthermore, the majority of countries in the region are spending on construction sector for the growth of their economies.

However, during the COVID-19 pandemic, various manufacturers in the cork flooring market had to stop their business in countries such as China, the U.S., and India. This break directly impacted the sales of cork flooring companies. In addition, lack of manpower and raw materials also constricted supply of cork flooring, which negatively influenced the growth of the market. However, reopening of production facilities and introduction of vaccines for coronavirus disease are anticipated to lead to re-opening of cork flooring companies.

KEY FINDINGS OF THE STUDY

• The cork flooring market report provides an extensive analysis of the current and emerging global cork flooring market trends and dynamics. 
• Depending on type, the sheet form segment dominated the cork flooring market, in terms of revenue in 2021 and tile form is projected to grow at a significant CAGR during the forecast period.
• By end-user industries, the residential segment has registered highest revenue in 2021.
• By installation method, the floating segment has registered highest revenue in 2021.
• Europe is projected to register highest growth rate in the coming years.
• The key players within the global cork flooring market are profiled in this report, and their strategies are analyzed thoroughly, which help understand competitive cork flooring market outlook of the cork flooring industry.
• The cork flooring market forecast analysis from 2022 to 2031 is included in the report.
• In-depth global cork flooring market analysis is conducted by constructing estimations for the key segments between 2022 and 2031.