Home Greenhouse Cross-laminated timber market to reach USD 3,202 million by 2030

Cross-laminated timber market to reach USD 3,202 million by 2030

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BEIJING, July 26. 2022 (GLOBE NEWSWIRE) — The Global Cross-laminated timber market The size accounted for USD 1,037 million in 2021 and is expected to reach USD 3,202 million by 2030 with a considerable CAGR of 13.8% during the forecast period of 2022 to 2030.

The construction sector is a major contributor to greenhouse gas (GHG) emissions and a major consumer of natural resources. Advances in building technologies are key to reducing GHG emissions and meeting national and international climate change mitigation goals. Cross-laminated timber (CLT) has developed as a viable alternative building material to steel beams in building construction due to its low carbon footprint and high strength-to-weight ratio. Using cross-laminated timber as a building and construction material can potentially provide an advantage in terms of future structural safety. It is extremely resistant to compression and extraction forces, ensuring the durability of the structure.

Cross-laminated timber (CLT) is an engineered material that is rapidly gaining popularity as a sustainable alternative to steel and concrete construction in institutional and multi-family applications in the construction industry. The system is made up of multi-layered panels made from solid wood planks that have been cross-stacked and glued together. The addition of cross lamination improves stiffness, specific strength and mechanical performance. CLT structurally outperforms concrete and steel, with panels that can be used for floors, ceilings, walls and other applications. Many buildings have been constructed using these timbers in operations all over the world. Assessing their strength, structural characteristics and cost competitiveness, for example, would reveal whether CLT has the potential to extend to a wider range of structures.

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Market Cross-laminated timber market
Market size 2021 $1,037 million
Market Forecast 2030 $3,202 million
CAGR from 2022 to 2030 13.8%
Analysis period 2018 – 2030
Year of reference 2021
Forecast data 2022 – 2030
Segments Covered By product, by application and by geography
Regional scope North America, Europe, Asia-Pacific, Latin America, Middle East and Africa
Profiled Key Companies Stora Enso Oyj, SmartLam NA, Mayr-MelnhofHolz Holding AG, B&K Structures, Binderholz GmbH, Sterling Company, Eugen Decker & WebMan, SchilligerHolz AG, Structurlam Mass Timber Corporation, KLH Massivholz GmbH, XLam and MEIKEN LAMWOOD Corp.
Report cover Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulatory Analysis
Scope of customization 10 a.m. free customization and expert advice

Aspects of the growth of the global cross-laminated timber market

Consumer awareness of environmental destruction caused by concrete and brick manufacturing methods is increasing dramatically for cross-laminated timber and environmentally friendly building materials. As a result, consumers and experts are turning their attention to using sustainable materials in the construction of homes and other infrastructure, such as wood. Because CLT is made of wood, many jurisdictions favor its use in construction and provide consumers with economic benefits and freedom of space. In addition, compared to conventional building materials, wood offers excellent acoustic and thermal insulation, eliminating the use of toxic elements for insulation materials such as fiberglass and foam polymers. Thus, the material’s environmental benefits have been a critical factor in its acceptance in the sustainable construction industry.

The construction industry, especially in emerging markets such as Latin America and Asia-Pacific, is expected to grow significantly in the near future. Despite the numbing effect of the COVID-19 epidemic, the huge investments planned by China, India, Brazil and the Pacific countries are expected to lead to growth in the construction sector. This expansion is expected to result in market growth as governments and construction companies seek sustainable building materials to improve capabilities while complying with global CO emissions laws. Since wood is a recognized carbon sequester, its use in construction is expected to increase, supporting the expansion of wood products such as wood frame materials. These factors are likely to drive the expansion of the market.

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The residential industry segment is expected to consume a large share of cross-laminated timber in 2021

Growing customer demand for lavish and sophisticated homes is expected to drive the growth of the cross-laminated timber market. As more CLT is used in household applications such as floors, ceilings and walls, the industry is expected to grow. In European countries, the main customer for cross-laminated timber is private residential construction. The need for more multi-family housing is changing as building codes and technologies improve. Consumer demand for high-end residences is expected to increase, which will accelerate the overall market growth.

Regional overview of the cross-laminated timber market

North America, Europe, Asia-Pacific, Latin America, Middle East and Africa constitute the regional classification of the global cross-laminated timber market. It is estimated that Europe will dominate the global cross-laminated timber market in terms of volume and value throughout the forecasted period, owing to the growth of the construction sector in economies such as the United Kingdom, Italy, Germany and France. Europe is widely regarded as the leading manufacturer of cross-laminated timber. CLT structures are a growing market across the region. Additionally, cross-laminated timber consumption in North America is primarily driven by the United States. Significant expansion of application industries in Mexico and Canada will drive the growth of the regional cross-laminated timber products market.

Segmentation of the cross-laminated timber market

The global cross-laminated timber market has been segmented by Acumen Research and Consulting on the basis of product and application. Based on product, the market is divided into glued cross-laminated timber and mechanically fastened cross-laminated timber. Based on application, the market is categorized into residential, commercial, institutional, and others.

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Players in the cross-laminated timber market

Some key players covered globally in CLT industry are Stora Enso Oyj, SmartLam NA, Mayr-MelnhofHolz Holding AG, B&K Structures, Binderholz GmbH, Sterling Company, Eugen Decker & WebMan, SchilligerHolz AG, Structurlam Mass Timber Corporation, KLH Massivholz GmbH, XLam and MEIKEN LAMWOOD Corp.

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