New York, June 24, 2021 (GLOBE NEWSWIRE) -- Cross Laminated Timber Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Cross Laminated Timber Market Research Report, By Type, Application and Region- Forecast till 2027” The global market is projected to reach USD 3,562.6 Million by 2027 from an estimated USD 1,710 million in 2020, at a CAGR of 12% from 2021 to 2027.
The cross laminated timber market outlook looks extremely promising. Cross Laminated Timber (CLT) gives the panels additional strength and performance similar to concrete and steel. Buildings constructed with CLT materials are seismically sound, well-insulated, and feature real wood walls, floors, and ceilings. The benefits of a CLT structure include a low utility and maintenance cost for the homeowner.
With the vast demand and uptake of cross-laminated timber in the construction of green buildings and sustainable structures, the market is estimated to accelerate further in the recent future. According to Market Research Future (MRFR), the global cross laminated timber market value is poised to reach exponential heights by 2027, continually growing at an impressive CAGR during the assessment period (2020 to 2027).
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List of the key companies profiled in the Cross Laminated Timber Market Research Report are:
Stora Enso (Finland)
KLH Massivholz GmbH (Austria)
Mayr-Melnhof Holz Holding AG (Austria)
Binderholz Bausysteme GmbH (Austria)
HASSLACHER Holding GmbH (Austria)
Ed. Züblin AG (Germany)
Structurlam Mass Timber Corporation (Canada)
Eugen Decker Holzindustrie KG (Germany)
W. u. J. Derix GmbH & Co. (Germany)
Sterling Lumber Company (US)
Browse In-depth Market Research Report (100 pages) on Cross Laminated Timber
Favorable government initiatives to promote utilization and investments & adoption of advanced construction techniques in infrastructure development projects are major cross laminated timber market trends. Moreover, huge R&D investments made by construction companies substantiate the cross laminated timber market share. Emerging nations worldwide present many untapped opportunities for the market, heading with government mandates and updated policies.
On the other hand, the market still witnesses major setbacks, such as the high initial investments required to implement these construction techniques. Nevertheless, favorable properties of cross laminated timber methodologies allowing the optimization of construction works would support market growth throughout the assessment period. Also, sustainable, green practices followed in cross laminated timber help to get construction permits faster.
Moreover, advancements in building techniques boost the cross laminated timber market share. These factors, coupled with the inflations in traditional construction methods, are expected to contribute to the market growth, presaging that cross laminated timber techniques are here to stay.
The CLT market is segmented into type, application, and regions. The type segment is sub-segmented into adhesive-bonded CLT and mechanically fastened CLT. The adhesive-bonded CLT segment accounts for the larger share in the overall cross laminated timber market.
The application segment is further sub-segmented into residential, commercial, and industrial. The residential segment accounts for the larger market share. The segment is anticipated to witness the maximum growth rate during the review period due to the rising demand for CLT materials in roofing, cladding, flooring, and ceiling construction activities in residential sectors.
At the same time, the commercial application segment is likely to grow at a rapid CAGR during the forecast period, heading with the increasing demand for durable interior decoration items. By regions, the market is sub-segmented into Americas, Europe, Asia Pacific, and rest-of-the-world.
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Europe dominates the global cross laminated timber market. The largest market share attributes to increasing numbers of cross-laminated timber construction projects and investments from the public and private sectors in infrastructural construction projects in the region. Besides, the booming construction sector witnessing constant renovation activities substantiates the region's cross laminated timber market share.
The well-defined infrastructure and growing economy create significant market opportunities. Germany, Italy, and France are major cross laminated timber markets in the region, holding sizable shares. Furthermore, increasing green building structures create substantial market demand. The European CLT market is expected to retain its leadership throughout the forecast period.
North America stands second in terms of the global cross laminated timber market revenue. This market is predominantly driven by the increasing repair and renovation activities in the real estate and commercial sectors. Additionally, the increasing demand for durable, low-maintenance building materials and the development of advanced materials augment the cross laminated timber market size. Similarly, increased construction of residential and commercial complexes in the region boosts the cross laminated timber market share.
Asia Pacific holds a sizable share in terms of the global cross laminated timber market value. Factors such as the spurring rise in construction sectors foster the market demand. Also, rising residential and non-residential construction activities increase the region's cross laminated timber market size.
The rapid economic growth in infrastructural projects backed by huge investments substantiates the region's cross laminated timber market share. The construction industry in the region is undergoing a massive transformation, with a number of mega-building projects being planned currently. The APAC cross laminated timber market is projected to create a substantial revenue pocket during the forecast period.
The manufactured lumber/cross laminated timber market witnesses several strategic initiatives, such as mergers & acquisitions, collaboration, expansion, and product launches. Leading industry players make strategic investments in R&D activities and expansion plans.
For instance, recently, on June 02, 2021, Structurlam (Canada), a leading mass timber manufacturer, announced opening its first US plant in the former Nucor facility in Conway. The project is quite on track to start production in June.
The mass timber consists of columns, beams and panels created through two technologies – cross-laminated timber and glued-laminated timber. Cross-laminated timber, which creates the panels, will be firing up beginning in June.
In another instance, on May 21, 2021, ROC Modular (the US) announced its partnership with Green Canopy and Grocapitus to build the first modular townhouse residential project in Seattle. The project is the first-ever CLT project in North America and will be a seven-unit urban infill project constructed with large-scale prefabricated cross-laminated timber panels.
The company has also formed a relationship with a construction company in Seattle for an innovative and revolutionary building methodology for such construction types with this cross-laminated timber.
Segmentation of Market covered in the research:
Information By Type (Adhesive-Bonded CLT and Mechanically Fastened CLT), Application (Residential, Commercial and Industrial) and Region (North America, Europe, Asia-Pacific and Rest of the World)
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