Cross Laminated Timber Market Size, Share, Growth, Trends and Industry Research Report
by Susan Hill Business ConsultantThe global cross laminated timber market size is expected to be valued at USD 2.07 billion by 2025,
according to a new report by Grand View Research, Inc. Rising awareness about
the environmental hazards caused by the use of cement concrete in
infrastructure construction coupled with rising number of cross laminated
timber manufacturers and increasing demand for green homes are factors
propelling the market growth.
The shift from
concrete-based construction to wood-based construction along with supportive
government initiatives around the world are positively influencing the market.
In addition, decreasing overall cost of CLT construction owing to the increasing
number of suppliers and shorter construction time is responsible for rise in
demand.
The demand for wooden
residential buildings, such as single-family homes and multifamily apartments,
is increasing due to their aesthetic appeal and design flexibility. The
improved fire resistance quality and earthquake-proof offered by cross
laminated timber structure are expected to augment the market growth over the
forecast period.
Institutional and commercial
segments are expected to collectively account for 46.9% of the global CLT
market in 2025. The demand for these segments is attributed to low cost of
construction and easy maintenance of cross laminated timber structures.
Innovations in building and designing technologies are projected to boost the
demand for cross laminated timber products over the forecast period.
Europe is the leading region
owing to the early adoption of cross laminated timber and research &
development on CLT technologies by countries such as Austria and Germany. The
availability of timber from the forests of central European countries and
advanced timber processing industries are the leading cause for market growth
in the region. Countries like Canada, the U.S., New Zealand, Japan, and China
in the North American and Asia Pacific regions are also rapidly developing
markets for cross laminated timber.
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Further key findings from the report suggest:
- In terms of volume, the cross laminated timber
market is expected to grow at a CAGR of 15.1% from 2017 to 2025 on account
of increasing awareness about sustainable housing. Residential segment is
expected to witness the fastest growth rate of 15.4%, in terms of revenue,
from 2017 to 2025 owing to high product demand in developed countries.
- North America was valued at USD 65 million in
2016 and is expected to witness significant development on account of
rising demand from educational institutions and residential builders
- Key participants include Stora Enso,
Mayr-Melnhof Holz, Binderholz, XLam Ltd., Sterling Lumber, Schilliger Holz
AG, KLH Massivholz GmbH, B & K Structures, Eugen Decker Holzindustrie
KG, Structurlam, SmartLam, and Meiken Lamwood Corp. These companies are
focused on increasing their production capacity to fulfill the worldwide
massive product demand.
- In 2016, Stora Enso invested approximately USD
900 million to setup a plant in Guanxi, China, to strengthen its presence
in the Asia Pacific region
Access full research report on global cross
laminated timber market:
www.grandviewresearch.com/industry-analysis/cross-laminated-timber-market
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Created on Nov 21st 2019 07:01. Viewed 310 times.