Newark, NJ, Nov. 01, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global cross laminated timber market is expected to grow from USD 724.00 million in 2020 to USD 1442.62 million by 2028, at a CAGR of 9% during the forecast period 2021-2028.
The cross laminated timber market is witnessing significant growth from the past years. The environmental benefits of CLT have played a significant role in its widespread adoption in the construction industry. Lowering the overall cost of CLT, increasing the number of suppliers, and shortening the construction time helps in driving the cross laminated timber market forward. The factors restraining the market growth are moisture trapping ability of the timber in certain climatic conditions. Cross laminated timber is being promoted by timber trade federations and large construction companies in recent construction projects which can provide more market opportunities for the cross laminated timber market.
Cross-laminated timber (CLT) is an engineered wood product that is rapidly gaining attention as an eco-friendly sustainable option to concrete and steel construction in commercial and multi-residential applications all around the world. The system is made up of many layers of panels made up of solid wood boards that have been stacked crosswise and sticked together. Cross-lamination helps in improving rigidity, dimensional stability, and mechanical properties of timber. Cross-laminated timber, often known as XLam or CLT, in many regions is generally made up of at least three layers of solid-sawn lumber or structural composite lumber. CLT panels are strong and rigid, allowing them to be used in a variety of applications. It is currently used for a wide range of structures, including houses, barns, power line towers, churches, and bridges, as well as high-rise apartment and office buildings, increasing the system's visibility and reputation.
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The cross laminated timber (CLT) market is expected to witness significant growth, as the CLT panels are strong and rigid, which allows them to be used in a number of applications and construction works. Since its introduction in the early 1990s, the use of CLT panels has become a useful and popular technique of construction in countries like France. Another factor responsible for the growth of the cross-laminated timber market is the high demand for materials which do not cause any harm to the nature by its use. Increasing consumer awareness regarding the damages and harm caused to the environment while manufacturing cement and bricks will further help in growth of market. The accumulation of water in walls may lead to the formation of mold and bacteria on the wall, which may prove to be harmful to the infrastructural framework. Thus, this factor will restrain the market growth. Many structures have been built using these timbers in projects all over the world. As a result of analyzing their strength, structural performance, and cost-competitiveness, the opportunities for CLT to expand into a broader range of buildings would be increased.
Key players operating in global hydrogen market include Stora Enso, Binder Holz, Schillinger Holz AG, KLH Massivholz, Hasslacher, Mayr-Melnhof Holz Holding AG, Kattera, Derix Group, Smart Lam, and Eugen Decker. The market's major players are devoting significant resources to the research and development of cross-laminated timber grades and applications. Stora Enso and Binder Holz are some of the key companies operating in the cross-laminated timber market.
Adhesive bonded segment dominated the market and held the largest market share of 56.3% in the year 2020
On the basis of type, the cross-laminated timber market is segmented into adhesive bonded and mechanically fastened. Adhesive bonded segment dominated the market and held the largest market share of 56.3% in the year 2020. As adhesives are less expensive than mechanical fasteners, adhesive bonded CLT has a lower manufacturing cost than mechanically fastened CLT.
Commercial buildings segment dominated the market and held the largest market share of 48.15% in the year 2020
Based on application, the cross-laminated timber market is segmented into residential buildings, commercial buildings, and others. Commercial buildings segment dominated the market and held the largest market share of 48.15% in the year 2020. The cross laminated timbers are increasingly being used in commercial buildings in developed countries. Although concrete and steel have been widely used in the construction industry, architects are now beginning to recognise the value of new technologies, such as timber and CLT, and are incorporating them into residential structures for efficient construction, sustainability, and cost-effectiveness.
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Regional Segment of Cross Laminated Timber Market
- North America (U.S., Mexico, Canada)
- Europe (Germany, France, U.K., Spain, Rest of Europe)
- Asia-Pacific (India, China, Japan, Rest of APAC)
- South America (Brazil and South America)
- The Middle East and Africa (UAE, Africa, Rest of MEA)
Based on geography, the global cross-laminated timber market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Europe produces 65 percent of the world's CLT, and the bulk of it is used locally since this type of cross laminated timber provides superior insulation to the cold temperatures that are very much common in the European region. Because of the widespread usage of CLT in the construction of small and medium-sized dwellings in the region, Europe is likely to lead the market. Asia Pacific region has the most potential and is likely to see the most growth due to the increasing construction sector in its residential areas. China is predicted to rise as a result of increased research efforts to include locally grown bamboo into CLT production. Not only that, but the commercial and industrial sectors are likely to play a significant role in the growth of the cross laminated timber market.
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About the report:
The global cross-laminated timber market is analysed on the basis of value (USD million). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insights of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitors’ position grid analysis.
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