Allied Market Research published a report, titled, “Cork Flooring Market by Type (Sheet form, Tile form), by Installation method (Floating, Glue-down), by Construction type (New construction, Replacement), by End-user industry (Residential, Commercial): Global Opportunity Analysis and Industry Forecast, 2021-2031″. According to the report, the global cork flooring industry generated $60.6 million in 2021, and is anticipated to generate $110.8 million by 2031, witnessing a CAGR of 6.0% from 2022 to 2031.
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Prime determinants of growth
Rise in construction activities across various regions such as Europe & Asia-Pacific and increase in demand for high appealing flooring solutions for buildings drive the growth of the global cork flooring market. However, high installation cost restricts the market growth. Moreover, major players have adopted various strategies such as product launches and acquisitions to sustain the competition and improve the product portfolio, which presents new opportunities in the coming years.
Covid-19 Scenario
- The outbreak of the Covid-19 pandemic had a negative impact on the global cork flooring market, owing to the temporary halt of production of many cork flooring products during the lockdown.
- Not only the production, but also the demand for cork flooring was hampered due to the postponement of several construction projects across the world, especially in the initial period of the pandemic.
- However, the number of COVID-19 cases reduced with the introduction of vaccines for COVID-19. This led to the reopening of cork flooring companies at their full-scale capacities, thereby helping the market recover in the post-pandemic period.
The sheet form segment to maintain its leadership status throughout the forecast period
Based on type, the sheet form segment held the highest market share in 2021, accounting for nearly three-fifths of the global cork flooring market, and is estimated to maintain its leadership status throughout the forecast period, as sheet forms are lightweight sustainable,easy to maintain, and last as long as other types of wooden floors. However, the tile form segment is projected to manifest the highest CAGR of 6.2% from 2022 to 2031, owing to the various important features of tile forms such as durability, fire resistance, thermal, acoustic and other properties, and the fact that they enhance the aesthetic look of floors.
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The new construction segment to maintain its leadership status throughout the forecast period
Based on construction type, the new construction segment held the highest market share in 2021, accounting for more than half of the global cork flooring market, and is estimated to maintain its leadership status throughout the forecast period. Rise in need for new construction to meet the needs of growing population is one of the major factors that drives the growth of the cork flooring market. However, the replacement segment is projected to manifest the highest CAGR of 6.2% from 2022 to 2031, due to the increase in replacement and renovation activities of old heritage buildings.
The residential segment to maintain its lead position during the forecast period
Based on end use industry, the residential segment accounted for the largest share in 2021, contributing to around three-fourths of the global cork flooring market, and is projected to maintain its lead position during the forecast period. Issues such as shortage of housing facilities and high costs of new construction drive the demand for renovation, which in turn, propels the need for cork floorings. However, the commercial segment is expected to portray the largest CAGR of 6.8% from 2022 to 2031. This is attributed to the high demand for construction of non-residential buildings for commercial purposes in developed nations of North America and Europe.
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Europe to maintain its dominance by 2031
Based on region, Europe held the highest market share in terms of revenue in 2021, accounting for nearly half of the global cork flooring market, and is likely to dominate the market during the forecast period. This is owing to the rise in the number of residential and commercial buildings in this region. However, the Asia-Pacific region is expected to witness the fastest CAGR of 8.2% from 2022 to 2031, due to its large population base and growing consumer disposable income.
Leading Market Players: –
- Advance Cork International,
- Amorim Cork Flooring,
- APC Cork,
- Beach Bros Ltd,
- Capri Collections,
- Consolidated Carpet Industries,
- Coretec,
- Corksribas,
- Expanko Resilient Flooring,
- Global Market Partners Inc,
- Globus Cork,
- Green Buildings LLC,
- Jelinek Cork,
- The Home Depot,
- We Cork,
- Woodcrete,
- Zandur
The report provides a detailed analysis of these key players of the global cork flooring market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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