NEW YORK, Oct. 12, 2018 (GLOBE NEWSWIRE) -- The global cross laminated timber (CLT) market is expected to witness a CAGR of 16.2%, and is projected to reach USD 1,833.0 million by 2024. The growth in the cross laminated timber market is attributable to the augmenting environmental concerns as well as transition towards wood as a building product. Moreover, the growing government support for wood based construction is likely to fuel market demand. The report segments cross laminated timber market by Product (Adhesive Bonded, Mechanically Fastened), Application (Residential, Institutional, Commercial, Others), Region (North America, Europe, Asia-Pacific, Rest of the World(ROW)). The report studies the global cross laminated timber market over the forecast period (2018-2024).
Cross laminated timber has been emerging as a sustainable and cost effective building material over the past few years. Therefore, is increasingly replacing other expensive building materials such as steel and concrete. Owing to its tensile strength and other distinct properties, CLT is used across a diverse portfolio of applications in the residential, institutional, and commercial sectors.
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Key findings from the report:
- The global cross laminated timber market is likely to reach USD 1,833.0 million by 2024
- The adhesive bonded product segment holds the major share of the global cross laminated timber market in 2017, and the trend is expected to continue over the forescast period.
- The residential application segment held the major market in 2017 and is likely to exhibit the fastest CAGR from 2018 to 2024.
- Europe held the largest share of the global cross laminated timber market and is expected to continue its dominance over the forecast period.
- North American region is anticipated to witness highest CAGR over the next seven years.
- Some of the key companies operating in the cross laminated timber market include Stora Enso AB, Binderholz GmbH, Maye-Melnhof Holz Holding AG, XLam Limited, Schillinger Holz AG, KLH Massivholz GmbH, Eugen Decker Holzindustrie KG, Structurlam, B & K Structures, SmartLam, among others
Residential construction drives the market exhibiting the highest growth rate over the forecast period.
Initially cross laminated timber was used majorly for institutional and commercial applications. However, the use of cross laminated timber as a building material in residential construction has been on the rise and is likely to foster market growth over the next seven years. In addition, cross laminated timber being fire as well as earthquake resistant makes it even more preferable for residential purposes. Moreover, design flexibility offered by cross laminated timber enhances the aesthetic appeal of the building so constructed and is therefore witnessing rising demand in residential construction.
Cross laminated timber Market – Regional insight
Europe has been witnessed to hold the maximum share of the global market and the trend is likely to continue over the years to come. The region being home to several nations that prove to be rich sources of softwood spruce and pine is expected to positively impact the market demand. North America, on the other hand is likely to record highest growth owing to the rising consumer demand for stylish as well as luxury apartments. Thereby, the expanding use of cross laminated timber for residential construction in North America is projected to spur regional growth over the next few years.
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