Pune, India, Jan. 11, 2022 (GLOBE NEWSWIRE) -- The global cross laminated timber market size is projected to reach USD 2,066.1 million in 2028, exhibiting a CAGR of 14.4% during the forecast period. CLT's extensive adoption in building structures and constructions is likely to facilitate market growth.
Cross laminated timber is engineered wood lumber composed of multiple structural composite timber and solid-sawn layers. It is used in the construction of on-site buildings and prefabricated building structures. This type of timber provides excellent seismic performance, design flexibility, and thermal and acoustic insulation. Its increasing popularity enables manufacturers to incorporate soft and temperate wood to manufacture CLT. CLT was developed in Europe's Alpine region in the 1990s and became a reliable building material in Europe. It is gaining popularity in North America because of its benefits in construction applications. These factors are likely to bolster market growth in the upcoming years.
Segments
By bonding technology, the cross laminated timber market is segmented into mechanically fastened and adhesive bonded. Based on application, it is categorized into non-residential buildings, residential buildings, and others. Geographically, it is clubbed into Europe, North America, Asia-Pacific, and the Rest of the World.
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List of Key Players Profiled in the Cross Laminated Timber Market Report
- Stora Enso (Finland)
- Mayr Melnhof Holz Holding AG (Austria)
- Binderholz GmbH (Austria)
- Xlam Ltd. (Australia & New Zealand)
- Sterling Company (U.S.)
- Schilliger Holz AG (Switzerland)
- KLH Massivholz GmbH (Austria)
- B&K Structures (U.K.)
- Eugen Decker Holzindustrie KG (Germany)
- Structurlam Mass Timber Corporation (Canada)
- Smartlam NA (U.S.)
- Freres Lumber Co. Inc. (U.S.)
- Katerra (USA & India)
- IB EWP Inc. (Canada)
- Nordic Structures (Canada)
- StructureCraft Builders Inc. (Canada)
- DRJ Wood Innovations (U.S.)
- PFS Corporation (U.S.)
Highlights of the Report
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Drivers and Restraints
Robust Demand for Eco-friendly Construction Materials to Foster Industry Progress
Cross laminated timber is used extensively from several green constructions because of its eco-friendly properties and effectiveness in construction applications. Governments support CLT's use in construction sectors because of its environmentally friendly properties. For example, India's Public Works Department lifted the ban on the usage of timber in building constructions in 2020. It provides better acoustic and thermal insulation in comparison with conventional materials. Further, manufacturers and governments focus heavily on developing sustainable construction materials. As a result, cross laminated timber is likely to drive the market growth.
However, the material's non-reliable moisture and fire resistance may hinder the market progress.
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Regional Insights
Extensive Adoption of CLT in Medium and Small Sized Houses to Boost Market in Europe
Europe is expected to dominate the cross laminated timber market share because of the extensive adoption of CLT in several medium and small-sized houses. The cross laminated timber market is 445.2 million in 2020 and is expected to grow rapidly during the upcoming years. The region is accountable for the construction of over 65% CLT worldwide. It provides excellent insulation against cold environments, which may boost its demand from construction projects. These factors are likely to fuel market growth.
In North America, extensive adoption of CLT in hybrid building constructions is likely to fuel the market's progress. Further, increasing investments in infrastructure developments are likely to fuel the market development.
In Asia-Pacific, the rising demand for construction materials with excellent seismic performance for constructions is likely to fuel market progress. In addition, the incorporation of locally grown cross-laminated timber in constructions is likely to fuel market progress.
Competitive Landscape
Prominent Companies Set Up Manufacturing Plants to Strengthen Market Position
The prominent companies operating in the market set up manufacturing plants in several regions to strengthen their market position. For example, Mayr Melnhof Holz Holding AG made a significant investment of nearly USD 145 million in January 2020 to construct a modern CLT manufacturing facility at Leoben, Austria. The company undertook this strategy to strengthen its market position in the European industry and boost the forward integration development. In addition, the adoption of research and development may enable companies to boost their product quality and boost brand image.
Key Industry Development
- January 2020: Freres Lumber transformed into the first organization to install the first Taihei horizontal plywood press in the U.S. This development maximized contact pressure uniformity and energy savings, thereby boosting production efficiency
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Major Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Key Developments: Capacity Expansions, Acquisitions, Partnerships, etc.
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Qualitative Insights on Impact of COVID-19 on Global Cross Laminated Timber Market
- Supply Chain Analysis & Challenges due to Covid-19
- Steps taken by Government / Companies to Overcome this Impact
- Potential Challenges and Opportunities due to COVID-19 Outbreak
TOC Continued…!
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