Global Cross Laminated Timber Market to Reach US$ 2,332.1 Mn by 2025
Posted: Mar 28, 2019
The global cross laminated timber or CLT market was valued at around US$ 670.2 Mn in 2016 and is anticipated to expand at a stable CAGR of 15.1% during the forecast period from 2017 to 2025, according to a new report published by Transparency Market Research (TMR) titled ‘Cross Laminated Timber Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2017-2025.’ Expansion of the global CLT market is driven by the rise in demand for cross laminated timber as a sustainable construction material. In Europe and North America the demand for cross laminated timber is boost by architects’ and engineers’ preference for wood-based building products instead of concrete and steel. Europe accounts for a major share of over 50% of the global cross laminated timber or CLT market, led by favorable government building codes and expansion in the construction industry.
Rise in Demand for Cross Laminated Timber as a Sustainable Building Solution in the Construction Industry is Projected to Drive Market Expansion
Timber as a construction material is renewable, and buildings that use cross laminated timber create multiple environmental benefits compared to the ones that use materials that are manufactured from fossil-fuel intensive processes that use steel and concrete. The advantages of cross laminated timber associated with the environment are structure passivity and performance, renewability, reduction in carbon footprint, etc.. The only constituents of a CLT building system are wood and a non-toxic/non-VOC adhesive. Cross laminated timber building materials do not introduce any toxins into the indoor environment, providing clean indoor air quality. Additionally, cross laminated timber wall systems are naturally breathable and are integrated with appropriate mechanical systems. This creates a healthy indoor environment that maximizes occupants’ comfort and health.
Request a Sample of Cross Laminated Timber (CLT) Market:https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=33632
Production of Cross Laminated Timber in Europe and North America Likely to Offer Attractive Market Opportunities
In terms of consumption, Europe constituted a prominent share of the cross laminated timber market. Cross laminated timber was originally developed and used in Germany and Austria in the early 1990s. Since then there has been an increase in the usage of cross laminated timber in European countries for the construction of residential buildings and educational institutes. The main drivers of the cross laminated timber market in Europe are the green development movement, changes in building codes, and consistent marketing efforts by CLT manufactures. The building codes in Europe ascribe more importance to the usage of wood in the construction business. North America holds a prominent share of the global cross laminated timber market. Acceptance of cross laminated timber as a construction material in Europe has led to an increase in its usage in other regions such as North America. The demand for cross laminated timber is driven by architects and engineers who prefer wood-based building materials and building systems. In the U.S., cross laminated timber is accepted as a construction material, especially for residential buildings. U.S.-based companies have also started to produce CLT panels for use in the construction of temporary roads and working platforms in the oil & gas and heavy construction industries. Moreover, European CLT companies see North America as a promising region of the market. For instance, KLH recently started a sales joint venture with the Idaho Forest Group.
Get PDF Brochure for more Professional & Technical industry insights:https://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=33632
Adhesive Bonded CLT to Dominate the Product Segment and Residential Buildings to Dominate the Application Segment of the Cross Laminated Timber (CLT) Market
The global cross laminated timber market can be segmented based on product, application, and region. In terms of product, the cross laminated timber market can be classified into adhesive bonded CLT and mechanically fastened CLT. There is high demand for adhesive bonded CLT, typically in the residential building sector. Adhesive bonded cross laminated timber uses environmentally friendly adhesives. The material is cheaper compared to mechanically fastened CLT as no labor cost is involved in the application of adhesives.
Based on application, the global cross laminated timber market can be divided into residential buildings, educational institutes, government/public buildings, and industrial & commercial spaces. The residential buildings segment holds a significant share of the global cross laminated timber market. Residential buildings can reap many benefits by using cross laminated timber instead of concrete and steel. Designers/architects in Europe prefer cross laminated timber for a variety of reasons including aesthetics, cost effectiveness, and environmental performance.
Request For Custom Research: https://www.transparencymarketresearch.com/sample/sample.php?flag=CR&rep_id=33632
Europe Dominates Cross Laminated Timber (CLT) Market
In terms of region, Europe accounted for major 60% share of the cross laminated timber market in 2016. Presence of key players such as Stora Enso, Mayr-Melnhof Holz Holding AG, Binderholz Bausysteme GmbH, KLH Massivholz GmbH, and HASSLACHER Holding GmbH in the region is attracting a higher number of customers for cross laminated timber. Germany dominates the cross laminated timber market in Europe. In terms of volume, the market share of the sub-region is anticipated to rise by 1.2% during the forecast period. Germany is a prominent country of the cross laminated timber market as the product was first developed and introduced in the construction sector in the country. The consumption of cross laminated timber in Germany is high due to its widespread acceptance among architects and builders.
Germany is followed by Austria, where large producers dominate the cross laminated timber market. Producers such as Stora Enso engage in research and development of products for the residential and non-residential sectors. In Asia Pacific, Japan, Australia and New Zealand are the major consumers of cross laminated timber. Earthquake prone countries such as Japan have shown significant interest in using cross laminated timber as a construction material for residential and non-residential buildings. The Japanese government has announced an action plan to foster demand for cross laminated timber. The demand for cross laminated timber in Australia and New Zealand is predicted to rise in the near future. The demand for CLT in MEA and Latin America is low as compared to Europe and North America due to gaps in knowledge regarding the usage of cross laminated timber.
Ask for Discount on Premium Research Report (US$ 5795) With Complete TOC:https://www.transparencymarketresearch.com/sample/sample.php?flag=D&rep_id=33632
High Degree of Competition Exists among Established Players
Key players profiled in the global cross laminated timber market include Stora Enso, Mayr-Melnhof Holz Holding AG, Binderholz Bausysteme GmbH, KLH Massivholz GmbH, HASSLACHER Holding GmbH, Structurlam Mass Timber Corporation, Nordic Structures, Ed. Züblin AG, Eugen Decker Holzindustrie KG, Sterling Lumber Company, and W. u. J. Derix GmbH & Co.
Binderholz Bausysteme GmbH launched NEW ETA-06/0009 for BINDERHOLZ CLT BBS. 3-ply solid wood panels are used as a load bearing layer for CLT BBS, which have an immediate effect on application. The company is involved in continuous innovation related to CLT BBS. This has helped it to increase the modulus elasticity of the BBS by 12,000 N/mm². This innovation has helped lower deflection value of the product, which has helped save costs in construction projects.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousand