November 1, 2021 at 16:00 ET | Source: Fior Markets Fior Markets
Newark, NJ, November 1, 2021 (Global News Agency)-According to a report released by Fior Markets, the global cross-laminated timber market is expected to grow from USD 724 million in 2020 to USD 1,44262 million in 2028. The compound annual growth rate is 9% during the forecast period from 2021 to 2028.
The cross-laminated timber market is witnessing significant growth in the past few years. The environmental benefits of CLT have played an important role in its widespread adoption in the construction industry. Reducing the overall cost of CLT, increasing the number of suppliers, and shortening construction time will help drive the cross-laminated timber market forward. The factor inhibiting market growth is the moisture absorption capacity of wood under certain climatic conditions. In recent construction projects, timber trade federations and large construction companies are promoting cross-laminated timber, which can provide more market opportunities for the cross-laminated timber market.
Cross-laminated timber (CLT) is an engineered wood product that is rapidly gaining attention as an environmentally sustainable choice for concrete and steel structures in commercial and multi-residential applications around the world. The system consists of multiple layers of panels composed of solid wood panels that are cross-stacked and glued together. Cross lamination helps to improve the stiffness, dimensional stability and mechanical properties of the wood. Cross-laminated timber, commonly known as XLam or CLT, is usually composed of at least three layers of solid sawn timber or structural composite timber in many areas. The CLT panel is rugged and durable and can be used in a variety of applications. Currently, it is widely used in a variety of structures, including houses, barns, power line towers, churches and bridges, as well as high-rise apartments and office buildings, increasing the visibility and reputation of the system.
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The cross-laminated timber (CLT) market is expected to see significant growth because CLT panels are strong and rigid, which allows them to be used in many applications and construction projects. Since its introduction in the early 1990s, the use of CLT panels has become a useful and popular construction technique in countries such as France. Another factor leading to the growth of the cross-laminated timber market is the high demand for materials that do not cause any harm to nature. While manufacturing cement and bricks, increasing consumers’ awareness of environmental damage and hazards will further contribute to market growth. Water in the walls may cause mold and bacteria to form on the walls, which may cause damage to the infrastructure frame. Therefore, this factor will inhibit market growth. Projects around the world have used these timbers to build many structures. Due to the analysis of their strength, structural performance, and cost competitiveness, the opportunities for CLT to expand to a wider range of buildings will increase.
Major players operating in the global hydrogen market include Stora Enso, Binder Holz, Schillinger Holz AG, KLH Massivholz, Hasslacher, Mayr-Melnhof Holz Holding AG, Kattera, Derix Group, Smart Lam and Eugen Decker. The major players in the market are investing a lot of resources to research and develop cross-laminated timber grades and applications. Stora Enso and Binder Holz are some of the major companies operating in the cross-laminated timber market.
In 2020, the adhesive sector will occupy a leading position in the market, with the largest market share of 56.3%
According to the type, the cross-laminated timber market is divided into adhesive bonding and mechanical fixing. The adhesive bonding segment dominates the market and will occupy the largest market share in 2020 at 56.3%. Since adhesives are cheaper than mechanical fasteners, the manufacturing cost of adhesive-bonded CLT is lower than that of mechanically fastened CLT.
In 2020, the commercial construction sector will dominate the market, with the largest market share at 48.15%
According to the application, the cross-laminated timber market is divided into residential buildings, commercial buildings, etc. In 2020, the commercial construction sector will dominate the market, with the largest market share of 48.15%. Cross-laminated timber is increasingly used in commercial buildings in developed countries. Although concrete and steel have been widely used in the construction industry, architects are now beginning to recognize the value of new technologies such as wood and CLT and incorporate them into residential structures to achieve efficient construction, sustainability, and cost-effectiveness.
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Regional segmentation of the cross-laminated timber market
Based on geographic location, the global cross-laminated timber market is divided into North America, Europe, Asia Pacific, Middle East and Africa, and South America. Europe produces 65% of the world's CLT, most of which are used locally because this type of cross-laminated timber provides excellent insulation for the cold temperatures that are very common in Europe. Due to the widespread use of CLT in the construction of small and medium-sized housing in the region, Europe is likely to lead the market. The Asia-Pacific region has the most potential and is likely to experience the greatest growth due to the growing construction industry in its residential areas. Due to increased research efforts to incorporate locally grown bamboo into CLT production, China is expected to rise. Not only that, the commercial and industrial sectors are likely to play an important role in the growth of the cross-laminated timber market.
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Analyze the global cross-laminated timber market based on value (millions of dollars). All market segments are analyzed on a global, regional and national basis. The research includes analysis of more than 30 countries in each market segment. The report provides an in-depth analysis of drivers, opportunities, constraints and challenges to gain key insights into the market. The research includes Porter's five forces model, attractiveness analysis, raw material analysis, and competitor's location grid analysis.
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