Cross-Laminated Timber Market: Segmented by Type (Adhesive- Bonded CLT, Mechanically Fastened CLT and Others), By End user (Residential, Institutional, Commercial and Others), and Region - Global Analysis of Market Size, Share & Trends for 2019-2020 and Forecasts to 2030
[170+ Pages Research Report] Cross-Laminated Timber Market to surpass USD 3.2 billion by 2030 from USD 1.5 billion in 2020 at a CAGR of 13.9% in the coming years, i.e., 2021-30.
In industrial and multi-residential applications, cross-laminated timber (CLT) provides a renewable alternative to concrete and steel construction. Cross-laminated timber (CLT) is a type of wood panel manufactured by gluing together layers of solid-sawn lumber. CLT differs from glulam, which is a product with all laminations oriented in the same direction. Engineered wood products such as CLT and Glue-laminated Timber (glulam) are extensively utilized for pre-fabricated structural applications in mass timber construction. Multi-layer panels made up of cross-stacked and bonded solid wood boards make up the system. The cross-laminated structure adds stiffness, proportional flexibility, and mechanical characteristics. CLT panels are suited for usage as walls, floors, roofs, and other applications, with structural characteristics comparable to concrete or steel.
Global Cross-Laminated Timber market is expected to project a notable CAGR of 13.9% in 2030.
Manufacturers' preference for steel and concrete over traditional building materials is one of these considerations. In addition, due to its lightweight and dimensional stability, performance durability, and other characteristics, this Timber is favored over steel and concrete. Furthermore, people's lifestyles are changing, resulting in increased purchasing power. As people's lifestyles change, their per capita income rises, and more people buy homes, which increases the market growth.
Adhesive- Bonded CLT segment to grow with the highest CAGR during 2020-30
Global Cross-Laminated Timber market is segmented by type into Adhesive- Bonded CLT, Mechanically Fastened CLT, and Others. Adhesive- Bonded CLT segment held the largest market share in the year 2020. Adhesively bonded CLT will have a significant market share. It could be due to the product's numerous advantages, such as excellent insulation and fire-safety qualities.
Business segment to grow with the highest CAGR during 2020-30
Global Cross-Laminated Timber market is divided by end-user into Residential, Institutional, Commercial, and Others. In 2020, the business sector is expected to lead the global market in terms of value, based on industry. As a result of increased worldwide business development operations, backed up by private and public investment, the business application sector will have a considerable market share. The industrial application category will have a high market growth rate due to increasing industrial expansion and the need for infrastructural growth in developing countries such as China, India, and Brazil.
Eco-friendly characteristics and demand in the construction industry
With the increased demand for sustainable construction solutions, the worldwide cross-laminated timber (CLT) market is seeing rapid expansion. This is mostly because CLT may be utilized as a beneficial alternative to other items produced using polluting ways around the world. Cross-laminated wood can be reused, and the majority of the negative effects can be mitigated. Its lightweight and other features make it appropriate to a wide range of projects, designs, and site situations, such as soft soils or close proximity to other structures. Furthermore, with the use of basic instruments, any adjustment in CLT can be accomplished on-site. Cross-laminated timber has primarily been employed as a building material in the construction of low to mid-rise buildings, primarily educational institutes and residential buildings, over the years. However, thanks to recent technological advancements, cross-laminated timber may now be used to construct constructions up to ten stories tall. As a result of this technological breakthrough, as well as the aesthetic value that CLT brings to a project, a number of construction companies are exploring using it to construct huge commercial areas.
Environmental sustainability and government support
With increased consumer awareness of the environmental damage caused by the manufacturing of cement and bricks, demand for environmentally sustainable construction materials is on the rise. Is there a shift in consumer and technical focus toward the use of sustainable materials in commercial building and infrastructure construction? Because CLT is made from wood, governments in a variety of nations favor its use in building and offer monetary and space incentives to users. Furthermore, when compared to traditional construction materials, it indicates that thermal and acoustic insulation reduces the use of harmful products such as glass wool and form plastic for building insulation. As a result, the environmental benefits of CLT have been a major factor in its growth in the construction sector.
Mediocre performance due to poor fire and moisture resistance
CLT, which stands for cross-laminated Timber, is a wood-based substance with similar drawbacks, such as poor fire and moisture resistance. While many concerns indicate that it can burn for up to two hours in the event of a fire, it does not perform as well as traditional building materials in terms of fireproofing. Furthermore, it is vulnerable to damage caused by water collection, which can lead to the production of mould and bacteria, both of which are harmful to the construction. These factors will limit the market growth.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Global Cross-Laminated Timber market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific, and the Middle East, and Africa. The market in Europe is expected to hold highest CAGR over the forecasted period. North America and Europe will have a substantial proportion of the cross-laminated timber market due to their established construction industries and expanding green building practices for residential and commercial projects. The Middle East and Africa will have a substantial market growth rate due to the rapid expansion of economic and institutional infrastructure in the region.
Global Cross-Laminated Timber is further segmented by region into:
Cross-Laminated Timber Segments:
|Market size value in 2020||USD 1.5 billion|
|Revenue forecast in 2030||USD 3.2 billion|
|Growth Rate||CAGR of 13.9% from 2021 to 2030|
|Base year for estimation||2020|
|Quantitative units||Revenue in USD million and CAGR from 2021 to 2030|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||Type, end-user, and Region|
|Regional scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)|
|Key companies profiled||Sterling Company, Stora Enso Group, Binderholz GmbH, Mayr Melnhof Holz Group, Schilliger Holz AG, KLH Massivholz GmbH, Structurlam Mass Timber Corporation, Nordic Structures, Eugen Decker Holzindustrie KG and Other Prominent Players|
The Cross-Laminated Timber Market size was estimated at USD 1.5 billion in 2020 and is expected to reach 3.2 billion by 2030.
Key players: Sterling Company, Stora Enso Group, Binderholz GmbH, Mayr Melnhof Holz Group, Schilliger Holz AG, KLH Massivholz GmbH, Structurlam Mass Timber Corporation, Nordic Structures, Eugen Decker Holzindustrie KG and Other Prominent Players
Adhesive- Bonded CLT segment and Business segment are anticipated to hold the largest Cross-Laminated Timber Market.
Drivers: Eco-friendly characteristics and demand in construction industry and Environmental sustainability and government support
In industrial and multi-residential applications, cross-laminated timber (CLT) provides a renewable alternative to concrete and steel construction. Cross-laminated timber (CLT) is a type of wood panel manufactured by glueing together layers of solid-sawn lumber. CLT differs from glulam, which is a product with all laminations oriented in the same direction. Engineered wood products such as CLT and Glue-laminated Timber (glulam) are extensively utilized for pre-fabricated structural applications
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