the outer portion of the bark that often exfoliates in plates or peels as it sheds from the tree.

Merriam-Webster Online Dictionary
phellem (noun)
a layer of usually suberized cells produced outwardly by a - phellogen
phellem (Wikipedia)
Untreated cork panel

Cork is an impermeable buoyant material, the phellem layer of bark tissue that is harvested for commercial use primarily from Quercus suber (the cork oak), which is endemic to southwest Europe and northwest Africa. Cork is composed of suberin, a hydrophobic substance. Because of its impermeable, buoyant, elastic, and fire retardant properties, it is used in a variety of products, the most common of which is wine stoppers. The montado landscape of Portugal produces approximately half of cork harvested annually worldwide, with Corticeira Amorim being the leading company in the industry. Cork was examined microscopically by Robert Hooke, which led to his discovery and naming of the cell.

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