The global cross laminated timber market 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 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.
U.S. cross laminated timber
market revenue, by Type, 2014 - 2025 (USD Million)
Browse full research report on
Cross Laminated Timber Market
Further key findings from
the report suggest:
- In terms of
volume, the 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
About Grand View Research, Inc:
Grand View Research, Inc. is a U.S. based market research and consulting
company, registered in the State of California and headquartered in San
Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
For more information: http://www.grandviewresearch.com
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