PUBLISHER: SkyQuest | PRODUCT CODE: 1244352
PUBLISHER: SkyQuest | PRODUCT CODE: 1244352
Global Cross Laminated Timber Market size was valued at USD 806.0 million in 2021 and is expected to reach USD 2066.1 million by 2028, at a CAGR of 14.4% during the forecast period (2022-2028).
CLT or XLam are other names for cross-laminated timber. It is a manufactured product made of engineered wood lumber, and because of its qualities, it is rapidly gaining popularity. Solid-sawn and structural composite lumber are used in more than two layers. In order to create a solid wood part, the layers are positioned such that they cross each other and are mechanically glued together using adhesive. It was created in Europe's alpine nations in the early 1990s and is currently a widely used building material in the continent. Because of the solid wood component, it is very popular.
As a sustainable alternative to steel and concrete construction in multi-residential and commercial applications, it is widely used.
It is becoming more and more popular in Asia Pacific and North American nations since it is mostly employed in the short-term construction of prefabricated building structures on-site. According to structuralism, a group of six specialists may install up to 14,000 square feet of construction every day.
Its arrangement gives it mechanical characteristics, dimensional stability, and stiffness. It is used in walls, roofs, floors, and other structures for this reason.
By employing conventional materials, the same-scale construction projects could require several weeks of labour. It offers benefits including design versatility and strong earthquake performance.
The material performs well in both acoustic and thermal insulation. This has caused it to be widely used in the building of structures in North America and Europe.
Top-down and bottom-up approaches were used to estimate and validate the size of Asia Pacific Cross Laminated Timber Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Segments covered in this report
The cross laminated timber is segmented on the basis of type, application, end use, and region. By type, the market is segmented into mechanically fastened and adhesive bonded. By application, the market is segmented into residential, non-residential, and others. By end use, the market is segmented into structural and non-structural. By region, the market is segmented into North America, Europe, Asia Pacific, and MEA.
Drivers
Indirectly fueling the cross-laminated wood business is the growing urban population. In the Asia Pacific region, population is moving from rural to urban regions, which calls for the construction of infrastructure. The rise in living standards is predicted to result in a rise in the demand for building materials like prefabricated buildings, which is predicted to drive up the price of cross-laminated timber because it is a simple material to work with and has many benefits, including being lighter, faster, more sustainable, and renewable, just like concrete.
Restraints
Considering all the height limits, CLT is more expensive than steel or concrete structures. The timber construction industry's ability to expand is severely constrained by the lack of qualified workers. The reason for this is probably that few architects and planners have received training in this area. Due to the form of the buildings, the CLT sector has limitations on how they can be used in high-rise multifamily housing.
Market Trends
Cross-laminated wood is produced utilising hardwood from coniferous trees found in the Alpine region as the local raw material. Companies are experimenting with soft and temperate wood species for the production of material since they are becoming more popular in other regions of the world. As softwood is so readily available in North America, the region cannot avoid replacing traditional hardwood. China, on the other hand, is looking into the use of bamboo in the product's alternate layers in an effort to utilise more local raw materials.