Cross Laminated Timber (CLT) Market worth $2.5 billion by 2027 - Exclusive Report by MarketsandMarkets™
CHICAGO , April 25, 2022 /PRNewswire/ -- According to the new market research report "Cross Laminated Timber (CLT) Market Size by Type (Adhesive bonded, Mechanically fastened), End-use (Structural, Non-structural), Industry (Residential, Non-residential) and Region (Asia Pacific, North America, Europe, RoW) - Global Forecast to 2027", published by MarketsandMarkets™, the global Cross Laminated Timber Market size was USD 1.1 billion in 2021 and is projected to grow at a CAGR of 14.5% during the forecast period to reach USD 2.5 billion by 2027.Advanced design flexibility and quicker implementation methods in manufacturing of cross laminated timbers are expected to drive the market. Due to the adaptation of the new International Building Code 2021, the application of timber-based construction is expected to increase in non–residential segments such as low-rise and mid-rise buildings, majorly not more than eight stories such as schools, offices, and other public places. In the US, timber is majorly used in the residential segment but due to the introduction of the new international building code, use in the non-residential segment is expected to increase. High-rise buildings are expected to be constructed utilizing timber. These factors are expected to boost the demand for cross laminated timber.
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The non-residential segment is expected to account for the largest share of the cross laminated timber market, by industry, during the forecast period, in terms of value and volume.
The construction of buildings impacts the environment, including the consumption of water and electricity. Construction companies have higher demand for CLT for non-residential spaces due to the mechanical characteristics, stiffness, and esthetic properties offered. The non-residential construction sector offers significant opportunities for CLT due to the benefits in design and meeting environmental regulations that are required in the office, public, institutional, and hospitality segments. Thus, the non-residential sector offers significant opportunities and is expected to account for a major share of the market in future.
Structural segment is expected to account for the largest share of in the cross laminated timber market, by end-use, during the forecast period, in terms of value and volume.
Structural grade CLTs are utilized in engineering construction. Commercial buildings are currently the key users of structural grade CLTs. The use of wooden floor beams has increased due to the rise in new construction and renovation activities across the world. In addition to this, the rising trend of eco-friendly homes is driving the market. Design flexibility, thermal properties, fire protection, acoustic performance, and seismic performance are all advantages of structural CLT. As the residential market needs to change over time, design flexibility is critical when evaluating constructions and their uses and purposes.
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Europe cross laminated timber market is projected to register the largest market share during the forecast period.
Europe is projected to account for the largest market share during the forecast period due to increased demand for sustainable residential structures. Consumer demand for upmarket residences is expected to rise, which is expected to boost overall market growth. As per European Union statistics, countries such as Sweden and Germany utilize 84 percent and 20 percent respectively prefabricated materials in the construction of homes, which are majorly made of wood. By 2025, approximately 600,000 new homes are expected to be constructed in Sweden and 300,000 in Germany to meet the increasing demand from the rising urban population.
Major players operating in the global cross laminated timber market include Mayr-Melnhof Holz (Austria), Stora Enso (Finland), Binderholz Gmbh (Austria), Eugen Decker Holzindustrie KG (Germany), Hasslacher Holding GMBH (Austria), Schilliger Holz AG (Switzerland), KLH Massivholz GmbH (Austria), Structurlam (Canada).
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Browse Adjacent Markets: Building and Construction Market Research Reports & Consulting
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Timber Laminating Adhesives Market by Resin type (MF, PRF, PU, EPI), Application (Floor Beams, Roof Beams, Window & Door Headers, Trusses & Supporting Columns), End-use (Residential, Non-residential), and Region - Global Forecast to 2026
https://www.marketsandmarkets.com/Market-Reports/timber-laminating-adhesives-market-35261463.html
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