As per the latest report by IMARC Group, titled “Cross Laminated Timber Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global cross laminated timber (CLT) market size reached US$ 664 Million in 2018. CLT is a wood panel that is designed by gluing together different layers of solid-sawn timber. These layers are generally stacked crosswise and glued together to provide dimensional stability, in- and out-of-plane strength as well as stiffness and to increase the splitting resistance of the product. Over the years, CLT has replaced alternatives like steel and masonry owing to the high strength, cost-effectiveness, and easy and faster installation.
Global Cross Laminated Timber Market Trends:
Owing to its lightweight, structures that are built with CLT require a shorter period of construction as compared to conventional construction materials including concrete and bricks. Moreover, CLT is affordable and offers strong seismic performance, which is suitable for regions that experience high seismic activity. Apart from this, on account of rising environmental concerns, governments in several countries are encouraging the application of green alternatives in various sectors. For instance, in the United States, the “green movement” has been adopted, under which several laws have come into effect, or are in the process, to promote the utilization of green products. Looking forward, the market value is projected to reach US$ 1,457 Million by 2024, expanding at a CAGR of 13.4% during 2019-2024.
- Based on the application, the market has been segregated into residential, educational institutes, government/public buildings and commercial spaces.
- On the basis of the product type, the market has been bifurcated into custom and blank CLT. Currently, custom CLT represents the most widely used product.
- The market has been divided on the basis of the element type into wall panels, flooring panels, roofing slabs and others. Amongst these, wall panels hold the dominant market share.
- Based on the raw material, the market has been categorized into spruce, pine, fir and others. At present, spruce accounts for the majority of the total market share.
- On the basis of the bonding method, the market has been segregated into adhesively bonded and mechanically fastened segments. Presently, the adhesively bonded lamination method exhibits a clear dominance in the market.
- The market has been analyzed on the basis of the panel layers into 3-ply, 5-ply, 7-ply and others. 3-ply currently accounts for the majority of the total market share.
- Based on the adhesive type, polyurethane (PUR) holds the largest market share. Other major segments include phenol resorcinol formaldehyde (PRF) and melamine-urea-formaldehyde (MUF).
- On the basis of the press type, the market has been divided into hydraulic, vacuum, pneumatic and other presses. Amongst these, hydraulic presses holds the dominant market share.
- Based on the storey class, the market has been segregated into low-rise (1-4 storeys), mid-rise (5-10 storeys) and high-rise buildings (more than 10 storeys). At present, low-rise buildings represent the biggest segment.
- On the basis of the application type, structural applications represent the most popular segment, followed by non-structural applications.
- Region-wise, the market has been classified into Europe, North America and Asia Pacific. Amongst these, Europe currently represents the largest market for CLT in the world.
- It is further segmented into Austria, Germany, Italy, Switzerland, Czech Republic, Spain, Norway, Sweden and the United Kingdom; North America is segmented into the United States and Canada; and Asia Pacific is segmented into Australia, New Zealand, Japan, China and Taiwan.
- The competitive landscape of the market has been examined in the report. Some of the key players include Stora Enso, KLH, Binderholz, Mayr Melnhof, Hasslacher, XLam Limited, Sterling Lumber, Shilliger Holz AG, B & K Structures, Eugen Decker Holzindustrie KG, Structurlam, SmartLam and Meiken Lamwood Corp.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Telo No: +1-631-791-1145
Follow us on twitter: @imarcglobal