Cross-Laminated Timber (CLT) is an engineered wood-based system made from dimensional lumber stacked crosswise at right angles. These planks are then bonded together in a hydraulic or vacuum press over the entire surface area. This configuration provides strength, rigidity and dimensional stability to CLT which makes it a viable alternative to concrete, masonry and steel. In North America, cross-laminated timber is gradually gaining prominence in the construction industry, particularly for multi-storey structures. According to a new research report by IMARC Group, titled “North America Cross-Laminated Timber Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the market was worth US$ 59.73 Million in 2018, registering a CAGR of 34.84% during 2013-2018. The report further anticipates the market to reach a value of nearly US$ 171 Million by 2024.
North America Cross-Laminated Timber Market Drivers/Constraints:
- As CLT is largely prefabricated at the manufacturing site, it requires less construction time as compared to traditional construction materials. This, in turn, helps in reducing the overall cost of construction.
- CLT offers design flexibility, large floor space and strong seismic performance owing to which it has become a preferred construction material amongst the consumers and architects. As a result, the demand for CLT has witnessed an upsurge in the region.
- The growth of the CLT market in North America has further been stimulated by favourable government policies and development of a standard product code which facilitate its usage in the construction of multi-storey buildings.
- Some of the factors that restrain the growth of the CLT market include its poor acoustic performance and high maintenance costs.
Based on application, the market has been segmented as residential, educational institutes, government and public buildings, and commercial spaces. Currently, the residential segment dominates the market, accounting for the majority of the market share.
On a regional basis, the report has segregated the market into the United States and Canada. Currently, Canada represents the largest market since the adoption of CLT has been faster in the country as compared to the United States.
The market is highly concentrated with the presence of only a handful of major players in the industry. Some of the leading players operating in the market are:
- Nordic Structures
- DR Johnson Wood Innovations
- SmartLam, LLC
- Sterling Lumber
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