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.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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.
- Based on the application, the market has been divided 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, wherein custom CLT represents the most preferred 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 exhibit a clear dominance in the market.
- Based on the raw material, the market has been classified 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 categorized into adhesively bonded and mechanically fastened segments. Presently, the adhesively bonded lamination is the dominant segment 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 panels currently account for the majority of the overall market share.
- Based on the adhesive type, polyurethane (PUR) holds the largest market share. Some of the other major segments include phenol resorcinol formaldehyde (PRF), melamine-urea-formaldehyde (MUF) and others.
- On the basis of the press type, the market has been segregated into hydraulic, vacuum, pneumatic and other presses. Among these, hydraulic presses hold the dominant market share.
- Based on the storey class, the market has been segmented 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 most preferred segment.
- On the basis of the application type, structural applications exhibit a clear dominance in the market, followed by non-structural applications.
- On the geographical front, the market has been classified into North America (the United States and Canada), Europe (Austria, Germany, Italy, Switzerland, Czech Republic, Spain, Norway, Sweden, and the United Kingdom), and Asia Pacific (Australia, New Zealand, China, Japan, and Taiwan). Currently, Europe holds the leading position in the market.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include Stora Enso Oyj, KLHMassivholz GmbH, Binderholz GmbH, Mayr Melnhof Karton AG, Hasslacher Holding GmbH, XLam Limited, Sterling Lumber and Investment Company, Shilliger Holz AG, B&K Structures Ltd., Eugen Decker Holzindustrie KG, Structurlam Products Ltd., SmartLam, LLC, and Meiken Lamwood Corp.
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