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The North America cross-laminated timber market reached US$ 106.3 Million in 2020. Cross laminated timber (CLT) is an engineered wood product which was developed in Europe during the early 1990s. It is made by stacking layers of wood panel in alternating directions and bonding them with adhesives or fasteners. This arrangement helps in improving the strength, rigidity, dimensional stability and mechanical properties of the panels, and makes them suitable for load-bearing construction. In North America, CLT was first introduced during the early 2000s and, since then, its usage has gained momentum. It is now used either as a standalone system or in combination with other building materials in the construction of mid-rise and high-rise buildings for residential and commercial purposes.
As CLT is made from trees, it is renewable and sustainable in nature and helps in storing carbon from the environment. The manufacture, transportation and assembly of CLT also require lesser energy as compared to concrete, bricks, mortar, etc. Since the governments in the North American region are focusing on green building solutions, these factors are facilitating the applications of CLT in the construction industry. Moreover, as CLT is prefabricated and requires minimal installation time, it is more cost-efficient and easier to install as compared to other construction materials. It also offers design flexibility and has a certain aesthetic appeal, which have made it popular among interior designers and architects. Owing to these forces, the North America CLT market is expected to grow at a rapid pace during the next few years. Looking forward, IMARC Group expects the North America cross-laminated timber market to reach a value of US$ 304.6 Million by 2026, exhibiting a CAGR of 18.69% during 2021-2026.
Breakup by Application:
Breakup by Region:
The competitive landscape of the industry has also been examined with some of the key players being D.R. Johnson Lumber Co., Nordic Structures, SmartLam, Sterling Lumber, StructureCraft., and Structurlam Products Ltd.
Key Questions Answered in This Report:
The North America cross-laminated timber market was valued at US$ 106.3 Million in 2020.
We expect the North America cross-laminated timber market to exhibit a CAGR of 18.69 % during 2021-2026.
The rising consumer inclination towards CLT based on its design flexibility, large floor space, strong seismic performance, etc., is currently driving the North America cross-laminated timber market.
Sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across the region resulting in temporary halt in numerous construction activities, thereby limiting the demand for CLT.
Based on the application, the North America cross-laminated timber market can be segmented into residential, educational institutes, government/public buildings, and commercial spaces. Currently, the residential sector holds the majority of the total market share.
On a regional level, the market has been classified into United States and Canada, where Canada currently dominates the North America cross-laminated timber market.
Some of the major players in the North America cross-laminated timber market include D.R. Johnson Lumber Co., Nordic Structures, SmartLam, Sterling Lumber, StructureCraft., and Structurlam Products Ltd.
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