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Cross-laminated timber, also known as mass timber, is a prefabricated engineered wood product which consists of several layers of dried lumber boards stacked in alternating directions. It is easier to assemble and more fire resistant, sustainable, and cost effective than conventional building materials. Since its invention, cross-laminated timber has been widely used in the construction sector for various household and industrial applications. A new research report by IMARC Group, titled “European Cross-Laminated Timber Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, estimates that the market was around US$ 446.5 Million in 2017, growing at a CAGR of 15% during 2010-2017. The report further anticipates the market to reach a value of US$ 824.3 Million by 2023.
European Cross-Laminated Timber Market Drivers/Constraints:
Application Insights:
Based on application, the market has been segmented into educational institutes, residential, commercial spaces, and government and public buildings. Currently, the residential segment represents the largest application area as the demand for residential buildings including single-family homes, multifamily apartments, etc. is growing in the region.
Regional Insights:
On a geographical front, Austria is the leading region, holding the majority of the total share on account of the green building movement, better efficiencies, product approvals, and improved marketing and distribution channels. Other major regions include Germany, Italy, Switzerland, Czech Republic, Spain, Norway, Sweden and the United Kingdom.
Competitive Landscape:
The market is concentrated in nature with the presence of a small number of manufacturers which limits the degree of competition in the market. The leading players operating in the market are:
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