According to the latest report by IMARC Group, titled “Cross Laminated Timber Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” the global cross-laminated timber (CLT) market size reached US$ 773 Million in 2019. Cross-laminated timber (CLT) refers to an engineered wood product that is designed by gluing together different layers of solid-sawn timber. It comprises multilayer panels made from solid wood boards that are stacked crosswise and glued together to provide dimensional stability. This configuration is essential in improving rigidity, maintaining stiffness and increasing splitting resistance of the product. It is also characterized by high strength, cost-effectiveness, and easy and faster installation. Due to these benefits, CLT is widely replacing steel and concrete constructions in commercial and residential applications.
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Global Cross Laminated Timber Market Trends:
The market is primarily driven by the growing demand for CLT from the construction sector across the globe. Its usage is widely associated with shorter construction time primarily due to its light weight, fast installation and affordability. As a result, it is extensively used for building different types of structures, including barns, houses, powerline towers, bridges, high-rise apartments and office buildings. The market is further driven by the growing adoption of CLT as the preferred choice of construction material in earthquake-prone areas. CLT offers improved stability and strong seismic performance that is suitable for regions experiencing high seismic activity. Apart from this, governments of numerous countries are undertaking initiatives to promote the usage of green construction materials. Supported by the growing environmental consciousness among the masses, the sales of eco-friendly wooden panels, including CLT, are boosting on the global level. Significant growth in the construction industry and the aesthetic value of CLT are some of the other factors that are further creating a positive outlook for the market. On account of the aforementioned factors, the market is projected to exhibit strong growth during 2020-2025.
Market Summary:
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