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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Cross-laminated Timber is Considered to be the Future of Sustainable Construction
Increase in awareness about deforestation and climate change has increased demand for cross-laminated timber across the globe. In most countries, forest and climate sustainability is a top priority. Hence, government agencies, timber trade federations, and large construction companies are promoting the use of cross-laminated timber. Awareness regarding sustainable forest management by substituting soft and temperate wood species is on the rise. Usage of wood in buildings has clear advantages. Cross-laminated timber reduces fresh water consumption. It enhances the quality of the indoor environment. It also helps in keeping the environment clean, as it generates no waste during production. The only constituents of a CLT building system are wood and a non-toxic/non-VOC adhesive. Cross-laminated timber building materials do not release any toxins into the indoor environment, thereby providing clean indoor air. Cross-laminated timber wall systems can breathe naturally. When integrated with appropriate mechanical systems, they create a healthy indoor environment. Wood is a naturally occurring product that serves as a moisture management system in construction. Ideally manufactured with 12% moisture content, wood has the ability to absorb and release moisture. This can naturally stabilize the indoor environment. Constructing with timber reduces the carbon footprint. The raw material for cross-laminated timber is timber i.e. wood , which is a renewable resource and has carbon locked in it.
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High Degree of Competition among Market Players
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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