The global cross laminated timber market size is set to gain traction from the increasing research and development activities by prominent companies. They are mainly striving to experiment with temperate and soft wood species for producing cross laminated timber. This information is given by Fortune Business Insights™ in a published report, titled, “Cross Laminated Timber Market Size, Share & Industry Analysis, By Bonding Technology (Adhesive Bonded and Mechanically Fastened), By Application (Residential Buildings, Non-Residential Buildings, and Others), and Regional Forecast, 2024-2032.” The report further states that cross laminated timber market size was USD 756.9 million in 2019 and is projected to reach USD 3,537.9 million by 2032, exhibiting a CAGR of 14.4% during the forecast period.
A list of all the renowned cross laminated timber manufacturers operating in the market:
Stora Enso (Finland)
Mayr Melnhof Holz Holding AG (Austria)
Binderholz GmbH (Austria)
Xlam Ltd. (Australia & New Zealand)
Sterling Company (USA)
Schilliger Holz AG (Switzerland)
KLH Massivholz GmbH (Austria)
B&K Structures (UK)
Eugen Decker Holzindustrie KG (Germany)
Structurlam Mass Timber Corporation (Canada)
Smartlam NA (USA)
APA - The Engineered Wood Association (USA)
Katerra (USA & India)
IB EWP Inc. (Canada)
Nordic Structures (Canada)
StructureCraft Builders Inc. (Canada)
DRJ Wood Innovations (USA)
PFS Corporation (USA)
Other Key Players
How Did We Develop This Report?
Our analysts have conducted both qualitative and quantitative techniques, as well as a blend of primary and secondary sources to collect information. They have taken data from paid databases, press releases, company journals, and other sources to provide a complete picture of the market for cross laminated timber market. To derive information about the competitive landscape, such as collaborations, joint ventures, acquisitions, mergers, partnerships, and acquisitions, they have conducted thorough interviews with prominent figures.
Drivers & Restraints-
Increasing Demand for Sustainable Materials to Boost Growth
The high demand for environmentally sustainable construction materials is surging on account of the increasing awareness of damages caused to the environment amid the manufacturing processes of bricks and cement. Hence, technicians and consumers are inclining towards the usage of sustainable materials. Government bodies are supporting the adoption of cross laminated timber as it is made up of wood. It also has acoustic and thermal insulation properties, unlike the conventional construction materials. These factors are expected to accelerate the cross laminated timber market size in the near future. However, if water gets accumulated in the timber, bacteria and mold can form in it. It may hamper growth.
Information Source: -
https://www.fortunebusinessinsights.com/cross-laminated-timber-clt-market-102884
Segment-
Residential Segment to Grow Steadily Backed by Development of Multi-family Buildings
Based on application, the residential buildings segment earned 41.04% in terms of the cross laminated timber market share in 2019. This growth is attributable to the increasing usage of cross laminated timber for developing multi-family buildings.
Regional Insights-
Rising Usage in Construction Small & Medium-sized Buildings to Propel Growth in Europe
Geographically, Europe stood at USD 466.48 million in 2019. It is anticipated to retain its dominant position throughout the forthcoming years. This growth is attributable to the increasing adoption of cross laminated timber for the construction of medium and small-sized houses.
On the other hand, Asia Pacific is likely to show significant growth fueled by the high demand for this timber from New Zealand, Australia, and Japan. As the product has excellent seismic performance characteristics, it is utilized for creating wood-based buildings in this region.
Blog Related Insights: https://www.globenewswire.com/en/news-release/2023/05/10/2665263/0/en/Cross-Laminated-Timber-Market-to-Worth-USD-2-066-1-Million-by-2028-Fortune-Business-Insights.html