Cork is a commonly employed material for bottle stoppers, especially wine bottles. Cork material is composed of suberin, which is a hydrophobic substance. Key properties of cork material include high buoyancy, elasticity, and flame retardancy. Cork’s bubble form structure and natural fire retardant property make it suitable for acoustic and thermal insulation in house walls, floors, ceilings, and facades. The raw material for cork products is harvested from the cork oak tree. Production of compound agglomerated cork involves the addition of binders or adhesive agents such as asphalt, rubber, gypsum, glue, and plastic to cork granules.
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The cork material market is primarily driven by the increase in demand from the alcoholic beverage industry. Rising disposable income, changing life styles, and westernization are some of the factors propelling the cork material market. Another key driver of the cork material market is the increase in demand in the sports sector; cork is an essential material in the production of badminton shuttlecocks. The application of coke materials in house walls, floors, ceilings, and facades is also on the rise. Thus, demand for cork in the building & construction sector is also considered a significant driver of the cork material market. Cork sheets, which are the by-products of stopper production, are primarily used to make bulletin boards as well as handles for fishing rods. The cork material is impermeable and moisture resistant; thus, cork is often used as an alternative to leather in hand bags, wallets, and other fashion items. Cork materials are employed in the storage of acids in laboratories. This coupled with the rise in investments in research and developments is boosting the cork material market across the globe.
In terms of product, the global cork material market can be segmented into anti-vibration products, clutch plates, DIY (Do It Yourself) product, flooring product, sheets & rolls, and polish wheels. Anti-vibration products include anti vibration coils, pads, sheets, and mats.Cork material is employed in flooring products such as polymer sealed cork floor tiles, cork flooring tiles, cork rolls, cork underlay roll, and cork expansion strips. Based on application, the cork material market can be classified into wine bottles, thermal insulation, shuttle cock badminton, bulletin boards, and floor and wall tiles.
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The global cork material market expanded significantly in 2016. This trend is estimated to continue during the forecast period. North America accounted for significant share of the global cork material market in 2016 due to the raw material processing and technological advancements in the region. The cork material market in North America has been expanding steadily, led by the emergence of numerous wineries and breweries in the region. Similarly, the cork material market in Europe is also expanding due to the presence of advanced distilleries with high production capacity. Germany, the U.K., and Italy are considered key countries of the cork material market in Europe. Asia Pacific is also considered a major region of the cork material market due to the strong demand in China, Japan, and ASEAN. Change in lifestyle and presence of emerging economies are the prominent factors propelling the cork material market in Asia Pacific. Brazil constitutes the major demand for cork materials in Latin America. The recent economic expansion coupled with high disposable income and improving lifestyle has developed a strong middle class which is interested in wine consumption. The cork material market in Middle East & Africa is expected to offer attractive growth potential, due to the increase in tourism, especially the influx of business travelers, due to the opening up of economies in the Middle East.
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Key players operating in the global cork material market include Ecore International, CHARLES CANTRILL LTD, and Nu-Cork
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.