Dublin, June 04, 2024 (GLOBE NEWSWIRE) -- The "North America Cross-Laminated Timber Market Report by Application (Residential, Educational Institutes, Government/Public Buildings, Commercial Space), and Country 2024-2032" report has been added to ResearchAndMarkets.com's offering.
The North America cross-laminated timber market size reached US$ 179.4 Million in 2023. Looking forward, the market is set to reach US$ 655.6 Million by 2032, exhibiting a growth rate (CAGR) of 15.5% during 2023-2032.
The growing demand for sustainable construction materials, rising architectural innovation and design flexibility, and increasing advancements in wood processing technologies, along with the development of engineered wood products, which enable faster construction cost savings, are among the key factors driving the market growth.
Key market players are investing in improving their production capacity to fulfil the rising need for cross-laminated timber products. They are also building new manufacturing facilities or retrofitting existing ones to increase efficiency and output. Leading market players are investing in research operations to create innovative cross-laminated timber products.
They are also developing new types of cross-laminated timber panels, such as thicker panels, fire-resistant cross-laminated timber, and acoustic cross-laminated timber, to cater to a wider range of construction applications. Top companies are focusing on promoting their sustainability credentials. They are also sourcing timber from sustainable forests, optimizing production processes to minimize waste, and obtaining certifications to demonstrate their commitment to sustainability.
Cross-laminated timber is a versatile and sustainable building material manufactured from layers of wood panels that are stacked perpendicular to one another and bonded together using adhesives. It is considered an eco-friendly building material, as it is made from renewable resources, such as timber. It possesses a lower carbon footprint compared to concrete and steel, making it a key component of sustainable construction. It can support heavy loads and provide excellent structural performance. Furthermore, as it has good acoustic qualities, which can enhance the comfort and quietness of interior spaces when used in flooring and wall systems, the demand for cross-laminated timber is rising in North America.
At present, the increasing demand for cross-laminated timber in the construction of pedestrian and vehicular bridges due to its efficient durability and capability of sustaining heavy loads is impelling the growth of the market in North America. Besides this, the rising utilization of innovative construction solutions that can address the challenges of limited space and infrastructure development is contributing to the growth of the market in North America. In addition, the growing shift towards sustainable urban planning and the promotion of green buildings is offering a favorable market outlook.
Apart from this, increasing advancements in wood processing technologies and the development of engineered wood products, which enable faster construction, cost savings, and improved thermal performance, are supporting the growth of the market in the region. Additionally, the rising awareness about the benefits associated with cross-laminated timber, such as reduced construction time, lower labor costs, and superior seismic resistance, is strengthening the growth of the market in North America.
Growing Demand for Sustainable Construction Materials
The growing demand for sustainable construction materials is currently exerting a positive influence on the expansion of the cross-laminated timber market. Besides this, as society is becoming more cognizant of the adverse effects of traditional construction materials, such as concrete and steel, on the environment, there is a rising preference for sustainable alternatives.
Cross-laminated timber, composed of multiple layers of timber planks adhered together at right angles, has emerged as a frontrunner in this paradigm shift toward sustainability. Moreover, cross-laminated timber is derived from renewable sources, primarily wood, which is harvested and managed in an environmentally responsible manner. This ensures the preservation of forests and reduces the carbon footprint associated with building construction.
Rising Trend Architectural Innovation and Design Flexibility
The rising trend of architectural innovation and the increasing demand for design flexibility are currently exerting a positive influence on the growth of the cross-laminated timber market. Architectural innovation is being embraced by designers, architects, and engineers who are seeking sustainable and environmentally friendly building materials.
Cross-laminated timber, with its exceptional structural properties and aesthetic appeal, is emerging as a preferred choice for these professionals. Its ability to facilitate innovative and imaginative designs, such as curved and unique shapes, is currently driving demand in the construction sector. Furthermore, the present emphasis on sustainable and eco-conscious construction practices is bolstering the expansion of cross-laminated timber.
Key Questions Answered in This Report
- What was the size of the North America cross-laminated timber market in 2023?
- What is the expected growth rate of the North America cross-laminated timber market during 2024-2032?
- What are the key factors driving the North America cross-laminated timber market?
- What has been the impact of COVID-19 on the North America cross-laminated timber market?
- What is the breakup of the North America cross-laminated timber market based on the application?
- What are the key regions in the North America cross-laminated timber market?
- Who are the key players/companies in the North America cross-laminated timber market?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 123 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value (USD) in 2023 | $179.4 Million |
| Forecasted Market Value (USD) by 2032 | $655.6 Million |
| Compound Annual Growth Rate | 15.5% |
| Regions Covered | North America |
Competitive Landscape
- Market Structure
- Production Capacities of Key Players
- Profiles of Key Players
- D.R. Johnson Lumber Co.
- Nordic Structures
- SmartLam NA
- Sterling Lumber
- StructureCraft
- Structurlam Mass Timber Corporation
Project Details, Requirements and Costs Involved
- Land Requirements and Expenditures
- Construction Requirements and Expenditures
- Plant Layout
- Plant Machinery
- Machinery Pictures
- Raw Material Requirements and Expenditures
- Raw Material and Final Product Pictures
- Packaging Requirements and Expenditures
- Transportation Requirements and Expenditures
- Utility Requirements and Expenditures
- Manpower Requirements and Expenditures
- Other Capital Investments
Project Economics
- Capital Cost of the Project
- Techno-Economic Parameters
- Product Pricing and Margins Across Various Levels of the Supply Chain
- Income Projections
- Expenditure Projections
- Taxation and Depreciation
- Financial Analysis
- Profit Analysis
Breakup by Application:
- Residential
- Educational Institutes
- Government/Public Buildings
- Commercial Space
For more information about this report visit https://www.researchandmarkets.com/r/rugyjy
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