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. According to IMARC Group’s latest report, 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.
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.
The report has segmented the market on the basis of application. Some of the key application areas of CLT include residential, educational institutes, government and public buildings, and commercial spaces. On a regional basis, the report has segmented the market into the US and Canada. The report has also analysed the competitive landscape of the market with some of the key players being Structurlam, Nordic Engineered Wood, SmartLam and Sterling Lumber.
The report provides a techno-commercial roadmap for setting up a cross-laminated timber manufacturing plant. The study, which has been done by one of the world’s leading research and advisory firms, covers all the requisite aspects of the North America cross-laminated timber market. This ranges from macro overview of the market to micro details of the industry performance, processing and manufacturing requirements, project cost, project funding, project economics, expected returns on investment, profit margins, etc. It also offers SWOT, Value Chain and Porter’s Five Forces analysis followed by an analysis of the competitive landscape. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who are planning to foray into the North America cross-laminated timber market in any manner.
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