Cross Laminated Timber Market to USD 3,202 Million by 2030
BEIJING, July 26, 2022 (GLOBE NEWSWIRE) — The Global Cross Laminated Timber Market Size accounted for USD 1,037 Million in 2021 and is expected to reach USD 3,202 Million by 2030 with a considerable CAGR of 13.8% during the forecast timeframe from 2022 to 2030.
The construction sector is a significant contributor to greenhouse gas (GHG) emissions and a significant consumer of natural resources. Construction technology advancements are critical for reducing GHG emissions and meeting domestic and international climate change mitigation targets. Cross-laminated timber (CLT) has developed as a viable alternative construction material to steel beams in building construction due to its low carbon footprint and high strength-to-weight ratio. Using cross-laminated timber as a construction and building material may potentially provide a benefit in terms of future structural safety. It is extremely resistant to compressive and racking forces, ensuring the structure’s durability.
Cross-laminated timber (CLT) is an engineered material that is rapidly gaining popularity as a sustainable alternative to steel and concrete construction in institutional and multi-family applications in the construction industry. The system is composed of multilayered panels made from solid wood planks that have been stacked crosswise and bonded together. The addition of cross-lamination improves stiffness, specific strength, and mechanical performance. CLT outperforms concrete and steel structurally, with panels suitable for use as floors, ceilings, walls, and other applications. Many buildings have been built using such timbers in operations all over the world. Evaluating their strength, structural characteristics, and cost-competitiveness, for example, would reveal whether CLT has the potential to expand into a wider range of structures.
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|Market||Cross Laminated Timber Market|
|Market Size 2021||USD 1,037 Million|
|Market Forecast 2030||USD 3,202 Million|
|CAGR During 2022 – 2030||13.8%|
|Analysis Period||2018 – 2030|
|Forecast Data||2022 – 2030|
|Segments Covered||By Product, By Application, And By Geography|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Stora Enso Oyj, SmartLam NA, Mayr-MelnhofHolz Holding AG, B&K Structures, Binderholz GmbH, Sterling Company, Eugen Decker & WebMan, SchilligerHolz AG, Structurlam Mass Timber Corporation, KLH Massivholz GmbH, XLam, and MEIKEN LAMWOOD Corp.|
|Report Coverage||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
|Customization Scope||10 hrs of free customization and expert consultation|
Global Cross Laminated Timber Market Growth Aspects
Consumer awareness of the environmental destruction caused by concrete and brick manufacturing methods is growing significantly for cross-laminated timber and ecologically friendly construction materials. As a result, consumers and experts are shifting their attention to the use of sustainable materials in the construction of homes and other infrastructure, such as timber. Since CLT is made of wood, numerous administrations favor its usage in construction and offer consumers economic and space-liberty benefits. Furthermore, as compared to conventional building materials, lumber provides excellent acoustic and thermal insulation, eliminating the usage of toxic elements for insulation materials such as glass fiber and foamed polymers. Thus, the material’s environmental advantages have been a critical factor in its acceptance in the sustainable construction industry.
The construction industry, particularly in emerging markets such as Latin America and Asia-Pacific, is expected to expand substantially in the near future. Despite the numbing effect of the COVID-19 outbreak, considerable investments planned by China, India, Brazil, and Pacific nations are expected to result in construction sector growth. This expansion is expected to translate into market growth as governments and construction firms seek sustainable building materials to improve capacities while fulfilling global CO emission laws. Since timber is an acknowledged carbon sequester, its usage in construction is projected to increase, promoting the expansion of wood commodities such as timber frame materials. These factors are likely to drive market expansion.
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Residential Industry Segment Expected To Consume a Massive Portion of Cross-Laminated Wood in 2021
Rising customer demand for lavish and sophisticated homes is likely to drive the cross-laminated wood market growth. As more CLT is utilized in home applications such as floors, ceilings, and walls, the sector is expected to grow. In European countries, the main customer for cross-laminated timber has been private residential construction. The need for more multi-family housing is shifting as building codes and technologies improve. Consumer demand for high-end residences is expected to rise, increasing overall market growth.
Cross Laminated Timber Market Regional Overview
North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa are the regional classification of the global cross laminated timber market. Europe is estimated to lead the global cross-laminated timber market in terms of volume and value throughout the projected timeframe, owing to the growing construction sector in economies such as the United Kingdom, Italy, Germany, and France. Europe is widely regarded as the leading manufacturer of cross-laminated timber. Structures made of CLT are in a growing market throughout the region. Besides that, consumption of cross-laminated wood in North America is mostly driven by the United States. Significant expansion in application industries in Mexico and Canada will drive regional market growth for cross-laminated wood products.
Cross Laminated Timber Market Segmentation
The global cross laminated timber market has been segmented by Acumen Research and Consulting based on product, and application. Based on the product, the market is divided into adhesive bonded cross laminated timber, and mechanically fastened cross laminated timber. Based on the application, the market is categorized into residential, commercial, institutional, and others.
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Cross Laminated Timber Market Players
Some key players covered global in the cross laminated timber industry are Stora Enso Oyj, SmartLam NA, Mayr-MelnhofHolz Holding AG, B&K Structures, Binderholz GmbH, Sterling Company, Eugen Decker & WebMan, SchilligerHolz AG, Structurlam Mass Timber Corporation, KLH Massivholz GmbH, XLam, and MEIKEN LAMWOOD Corp.
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Acumen Research and Consulting is a global provider of market intelligence and consulting services to information technology, investment, telecommunication, manufacturing, and consumer technology markets. ARC helps investment communities, IT professionals, and business executives to make fact-based decisions on technology purchases and develop firm growth strategies to sustain market competition. With the team size of 100+ Analysts and collective industry experience of more than 200 years, Acumen Research and Consulting assures to deliver a combination of industry knowledge along with global and country level expertise.
Mr. Richard Johnson
Acumen Research and Consulting
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