The global cross-laminated timber market was valued at US$ 712.74 Mn in 2017 and is anticipated to expand at a CAGR of 14.7% from 2018 to 2026, according to a new report titled ‘Cross-laminated Timber Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026,’ published by Transparency Market Research (TMR) The global cross-laminated timber market is driven by rising demand for cross-laminated timber and its increasing acceptance from the construction industry.
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Rise in Demand for Cross-laminated Timber from the Construction Industry is projected to Drive the Market
Cross-laminated timber offers various advantages over conventional construction materials such as concrete and steel. It is considered a highly advanced building material due to its superior properties. It is safe, acoustically sound, fire proof, seismically resilient, light in weight, and easy to transport and fabricate. Moreover, it can be prefabricated, which reduces construction time significantly. It is an eco-friendly and sustainable material. It is being increasingly used in the construction industry, mainly in residential construction. A rise in the use of cross-laminated timber in construction is anticipated to drive the market over the forecast period.
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Construction by using cross-laminated timber (CLT) is a relatively new concept. CLT was first developed and used in Germany and Austria in the early 1990s. It was only after the mid- 1990s that extensive research on the product was conducted. By the 2000s, CLT was being used much widely in Europe, in single-storied as well as multi-storied buildings. The construction sector is largely dominated by the use of conventional materials such as concrete and steel. Construction using cross-laminated timber is currently more expensive as compared to that using concrete and steel. This is likely to restrain the market. Moreover, awareness about cross-laminated timber and its properties is low across the world. Cross-laminated timber can be used for constructing tall buildings, but its use is limited to low- and mid-rise buildings currently, as there are no codes and regulations available for the use of cross-laminated timber in construction.
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High degree of competition exists among market players operating in the cross-laminated timber market. The market is dominated by large players and is moderately consolidated. Key players account for a major share of the market. Major players profiled in the report are Stora Enso, Mayr-Melnhof Holz Holding AG, Binderholz Bausysteme GmbH, KLH Massivholz GmbH, HASSLACHER Holding GmbH, Structurlam Mass Timber Corporation, Nordic Structures, Ed. Zublin AG, Eugen Decker Holzindustrie KG, Sterling Lumber Company, Inc., and W. u. J. Derix GmbH & Co..
Global Cross-laminated Timber Market, by Type
- Adhesive-bonded Cross-laminated Timber
- Mechanically Fastened Cross-laminated Timber
Global Cross-laminated Timber Market, by Application
- Residential Buildings
- Educational Institutes
- Government/Public Buildings
- Industrial & Commercial Spaces
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