The global cork flooring market revenue was around US$ 61.5 million in 2021 and is estimated to reach US$ 111.9 million by 2031, growing at a compound annual growth rate (CAGR) of 6% during the forecast period from 2022 to 2031.
Cork flooring is an eco-friendly flooring option that is primarily comprised of cork bark. The substance is extracted from the tree, processed into a fine powder, and compressed. It is natural, renewable, and sustainable. It can be laid on a variety of substrates, including cement board, wood, and tile as long as the subfloor is dry and flat.
Factors Influencing Market Growth
Increased industrialization and urbanization lead to swift economic growth, which is anticipated to drive market growth.
Rising remodeling and rehabilitation of outdated buildings in industrialized nations is anticipated to boost market expansion.
Increase in construction activities in some regions, including Asia Pacific and Europe as well as a rise in demand for highly appealing flooring solutions for buildings. Thus, this factor fuels the market.
Rising emphasis on sustainable development is driving the demand for cork flooring products that are reasonably eco-friendly. As a result, major players have been inspired to innovate and create environmentally friendly cork flooring which creates ample opportunities in the market.
Study of the COVID-19 Pandemic
The COVID-19 pandemic had a negative impact on the market. Due to the lockdown enacted by the government, many enterprises had to halt operations in nations including India, China, and the U.S. However, during the pandemic, the sales of producers were directly harmed by this interruption. Lack of raw materials and labor also limited the supply of cork flooring. Therefore, it is hoped that the reopening of production facilities and the development of coronavirus disease vaccines will result in the reopening of cork flooring organizations.
Europe dominated the market in terms of the highest share. Due increase in residential and commercial construction is expected to have a favorable impact on demand for cork flooring in this region. In addition, the bulk of the region's nations are investing in the building industry to expand their economies. Such factors propel the market growth in this region.
The leading competitors in the global cork flooring market are:
Amorim Cork Flooring
The Home Depot
Consolidated Carpet Industries
Expanko Resilient Flooring
Beach Bros Ltd
Green Buildings LLC
Advance Cork International
Global Market Partners Inc
The global cork flooring market segmentation focuses on Type, Installation Method, Construction Type, End-User Industry, and Region.
Segmentation based on Type
Segmentation based on Installation Method
Segmentation based on Construction Type
Segmentation based on End-User Industry
Segmentation based on Region
Rest of Western Europe
Rest of Europe
Australia & New Zealand
Rest of Asia Pacific
Middle East & Africa (MEA)
Rest of MEA
Rest of South America