The Australia and New Zealand cross-laminated timber (CLT) market is expanding at a steady rate. Cross-laminated timber (CLT) is a prefabricated, solid engineered wood panel, which is manufactured by gluing different layers of solid-sawn timber together. These layers are usually stacked crosswise to offer strength, stiffness, dimensional stability and increase the splitting resistance of the product. CLT is preferred in both the residential and commercial sectors across Australia and New Zealand, owing to its characteristics, such as aesthetic appeal, easy installation and low greenhouse gas emissions. On account of these advantages, CLT is replacing conventional construction materials, such as steel and cement, in Australia and New Zealand. This can also be accredited to the growing environmental concerns and the rising number of green building projects in the region.
Due to the environment-friendly nature of CLT, the central and state governments of both Australia and New Zealand are promoting the utilization of wood-based construction materials. For instance, Tasmania (Australia) has adopted a state-wide Wood Encouragement Policy (WEP) and the Rotorua Lakes Council (New Zealand) is encouraging the utilization of natural timber-based products in the construction of high-rise buildings. Apart from this, builders in the region are currently focusing on improving construction practices. As a result, they are utilizing innovative construction materials and techniques, which in turn is strengthening the market growth. Furthermore, as CLT is affordable, lightweight, offers strong seismic performance and requires considerably less time in the construction of different structures when compared to conventional construction materials, its demand is accelerating in the region. On account of these factors, IMARC Group expects the market to experience steady growth during the forecast period (2019-2024).
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