HS Code:
The Insulation, coated or not coated, of compressed cork category (HS Code: 450410) includes products made from compressed cork used primarily for thermal and acoustic insulation. These products are derived from the bark of the cork oak tree, predominantly sourced from Mediterranean regions. Compressed cork insulation is valued for its sustainability, natural insulation properties, and resistance to moisture and fire. It is widely used in construction, industrial applications, and as a material for gaskets and seals.
Total Trade Volume
USD 120 million
Data from 2022
Source
UN Comtrade Database
Average Rate
4.2%
Highest Rate
8% (applied by certain developing countries)
Lowest Rate
0% (under EU free trade agreements)
Rising demand for sustainable building materials
Increased exports of compressed cork insulation to eco-conscious markets in Europe and North America
2021-2022
Technological advancements in cork processing
Improved product quality and durability, leading to wider industrial applications
2020-2022
Fluctuations in raw cork supply due to climate change
Potential price volatility and supply chain disruptions in key producing regions
2022
The European Union's Green Deal initiative has incentivized the use of sustainable materials in construction, leading to a surge in demand for compressed cork insulation products.
March 2023
Expected 15% growth in exports from Portugal and Spain to other EU countries over the next two years.
A bilateral trade agreement has reduced tariffs on cork products exported from Portugal to Canada, facilitating market expansion.
July 2023
Likely to increase Portuguese exports by 10% to the Canadian market in 2024.
Extreme weather conditions in the Mediterranean have affected cork oak harvests, leading to temporary supply shortages.
September 2023
Potential price increases and supply chain delays for compressed cork insulation products in the short term.