PUBLISHER: Allied Market Research | PRODUCT CODE: 1365620
PUBLISHER: Allied Market Research | PRODUCT CODE: 1365620
According to a new report published by Allied Market Research, titled, "Cross Laminated Timber Market," The cross laminated timber market was valued at $1.6 billion in 2020, and is estimated to reach $3.7 billion by 2032, growing at a CAGR of 8.4% from 2023 to 2032. Cross-laminated timber (CLT) is a type of engineered wood product that offers various advantages over conventional construction materials due to its unique manufacturing process and material properties. It is made by stacking and gluing together layers of solid wood, typically softwood species like spruce, pine, or fir. Each layer is oriented perpendicular to the layer below it, and this alternating pattern of grain direction creates a strong and stable panel with enhanced structural properties. The cross-laminated configuration prevents the wood from warping or twisting, making it highly durable and reliable.
Cross-laminated Timber (CLT) is a type of prefabricated engineering lumber that consists of layers of cross-stacked timber, joined by structural adhesives. The cross-laminated layers create a solid and stable construction material that can be used for various applications, including walls, floors, and roofs. It is widely said to be the alternative to steel and concrete for small-scale construction.
In the last few years, the demand for cross-laminated timber has increased substantially owing to it being a sustainable and versatile construction material. CLT offers higher strength and rigidity, providing impressive structural stability to buildings or other structures. CLT panels have a higher degree of fire-resistant properties, and they retain their structural integrity even when exposed to high temperatures for an extended period, making them a safer alternative to traditional timber construction. More importantly, CLT is a sustainable and environmentally friendly building material, which has a lower carbon footprint compared to conventional construction materials like concrete and steel. Such advantages of CLT make it an ideal construction material for low- and mid-rise residential and non-residential buildings, as well as detached and semi-detached houses.
However, the high initial cost of acquiring cross-laminated timber is a major restraint to the market growth. On the contrary, the adoption of automation in the production of cross-laminated timber is anticipated to provide lucrative opportunities for the growth of the cross laminated timber market.
Moreover, the price of oil & gas and the price of raw materials are experiencing increased volatility globally, due to a rise in inflation mainly driven by Ukraine-Russia war. This has led to slow-paced growth of the cross laminated timber market and its related industries.
The cross laminated timber market is segmented on the basis of layer type, structure type, application, and region. By layer type, the market is divided into 3-Ply, 5-Ply, and other. Depending upon the structure type, the market is categorized into wall, roof and floor, and others. On the basis of application, it is divided into residential and non-residential. Region-wise, it is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, Italy, UK, and rest of Europe), Asia-Pacific (China, India, Japan, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa)
Competition Analysis
Key companies profiled in the cross laminated timber market report include Mayr-Melnhof Holz Holding AG, Mercer International Inc., SmartLam LLC, Stora Enso Oyj, KLH Massivholz GmbH, Xlam Pty Ltd., SIPEUROPE s.r.o., Schilliger Holz AG, HESS TIMBER GmbH, and Binderholz GmbH & Co. KG. The major players that operate in the global market have adopted key strategies such as acquisition, expansion, product launch, and other strategies to strengthen their market outreach and sustain the stiff competition in the market.
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