Mass Timber Construction Market to Reach $1.5 Billion, Globally, by 2031 at 6.0% CAGR: Allied Market Research

The global mass timber construction market is driven by factors such as growth in awareness regarding the greater carbon footprint during steel and concrete construction and the growth in demand for construction that is more cost-efficient and as durable as steel and concrete construction.

PORTLAND, Ore., May 3, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Mass Timber Construction Market by Construction Type (1-8 Stories and Above 8 stories), Timber Type (Glue-Laminated Timber (GLT), Cross-Laminated timber (CLT), Nail-Laminated Timber (NLT) and Others), and End-user Industry (Residential Construction, Commercial Construction, and Industrial Construction): Global Opportunity Analysis and Industry Forecast, 2022-2031". According to the report, the global mass timber construction industry generated $857.1 million in 2021, and is anticipated to generate $1,542.2 million by 2031, witnessing a CAGR of 6.0% from 2022 to 2031.

Download Free Sample Report @

https://www.alliedmarketresearch.com/request-sample/16995 

Prime determinants of growth

The global mass timber construction market is driven by factors such as growth in awareness regarding the greater carbon footprint during steel and concrete construction and the growth in demand for construction that is more cost-efficient and as durable as steel and concrete construction. However, high installation costs of roofing and decaying problems associated with timber are restraining the growth of the market. On the contrary, rapid urbanization and industrialization of emerging countries such as India and China are expected to offer lucrative opportunities for the growth of the market.

Report coverage & details:

Covid-19 Scenario

• The outbreak of the Covid-19 pandemic had a negative impact on the global mass timber construction market, owing to a downfall in the construction activities during the lockdown.
• The production of mass timber was hampered due to the closure of manufacturing units across the world, especially in the initial period of the pandemic.
• Although the mass timber construction industry faced losses, ongoing construction activities in different developing regions aided in its recovery.

Buy This Research Report (293 Pages PDF with Insights, Charts, Tables, Figures):

https://www.alliedmarketresearch.com/checkout-final/5d9f7348be750262bd8442c1f33fbdd9 

The 1-8 stories segment to maintain its leadership status throughout the forecast period

Based on construction, the 1-8 stories segment held the highest market share in 2021, accounting for nearly two-thirds of the global mass timber construction market revenue and is expected to continue its leadership status during the forecast period, owing to the growth in preference by the owners for houses that are made from lightweight material that helps in saving the cost of construction. However, above 8 stories segment is projected to manifest the highest CAGR of 7.5% from 2022 to 2031, owing to growth in number of high-rise buildings along with skyscrapers in various developing and developed countries.

The cross-laminated timber (CLT) segment to maintain its leadership status throughout the forecast period

Based on type, the cross-laminated timber (CLT) segment held the highest market share in 2021, accounting for nearly two-fifths of the global mass timber construction market and is expected to continue its leadership status during the forecast period, as cross-laminated timber (CLT) is used for all kinds of structures ranging from houses, barns, power line towers, churches, and bridges to high-rise apartment and office buildings. However, the nail-laminated timber (NLT) segment is projected to manifest the highest CAGR of 8.3% from 2022 to 2031, as NLT assemblies have fire-resistance ratings that comply well with local fire codes. In addition, NLT has been identified as a potential cost-competitive alternative to CLT (Cross-Laminated Timber) for the mass-timber construction market in different countries such as China, Japan, and Korea.

The residential construction segment to maintain its lead position during the forecast period

Based on application, the residential construction segment accounted for the largest share in 2021, contributing to more than half of the global mass timber construction market revenue, and is projected to maintain its lead position during the forecast period. Robust housing activity is seen in the present period with nearly 50% of all mass timber products utilized in new single-family and multi-family housing units. In residential construction, glulam and I-beams have been utilized mainly allowing for long spans without intermediate supports indoor headers, floor beams, and ridge beams. However, the commercial construction segment is expected to portray the largest CAGR of 8.1% from 2022 to 2031. The construction of low-rise nonresidential buildings and multistorey is an important market for mass timber products and structural and nonstructural wood panels in North America and Europe which are major markets for mass timber constructed buildings.

Europe to maintain its dominance by 2031

Based on region, Europe held the highest market share in terms of revenue in 2021, accounting for more than half of the global mass timber construction market revenue, and is likely to dominate the market during the forecast period. The government initiatives to promote sustainability along with the rise in the adoption of eco-friendlier construction materials have significantly promoted the growth of the mass timber construction market in Europe. However, the LAMEA region is expected to witness the fastest CAGR of 18.6% from 2022 to 2031 owing to the rise in construction activities, growing industrialization and rising initiatives towards sustainability.

Enquire Before Buying:  https://www.alliedmarketresearch.com/request-sample/16995

Leading Market Players: -

• Canadian Timberframes Ltd.
• Hearthstone Homes,
• Hochstetler Milling Ltd., Ltd.
• Honest Abe Log Homes, Inc.
• Lancaster County Timber Frames Inc.
• Mill Creek Post & Beam Company
• American Post & Beam
• British Columbia Timberframe Company
• Blue Ridge Timberwrights
• Davis Frame Co.

The report provides a detailed analysis of these key players in the global mass timber construction market. These players have adopted different strategies to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario. 

Trending Reports in Timber Construction Industry (Book Now with 10% Discount):

Global Advanced Building Materials Market is projected to reach $111.7 billion by 2031

Global Affordable Housing Market is projected to reach $84.7 billion by 2031

Global Wood-Based Panel Market is projected to reach $354.9 billion by 2031

Global Woodworking Tools Market Expected to Reach $13.30 Billion by 2031

Global Engineered Wood Market is expected to reach $400,450.9 million by 2027

Wooden Formwork Systems Market - Global Opportunity Analysis and Industry Forecast, 2021-2030

Grass Trimmer Market - Global Opportunity Analysis and Industry Forecast, 2021-2030

About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact Us:

David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
USA/Canada (Toll Free): +1-800-792-5285, +1-503-894-6022
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1(855)550-5975
[email protected]
Web: https://www.alliedmarketresearch.com/reports-store/construction-and-manufacturing

Logo: https://mma.prnewswire.com/media/636519/3950895/Allied_Market_Research_Logo.jpg

SOURCE Allied Market Research