Over the past several years, cross laminated timber (CLT) has been increasingly touted as the concrete of the future. In many cities around the world, timber is gaining recognition as a cost efficient and more sustainable material of choice, even for high-rise construction.
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Concrete has been an essential building material for decades. However, new timber technologies such as CLT are beginning to find their way into more and more applications, gradually overtaking traditional steel and concrete as the desired material for modern construction. Superior seismic resistance of cross laminated timber has been a key reason behind the material’s popularity in emerging markets, especially in earthquake prone countries such as Japan.
Today, CLTs have become a key component in structural applications for reinforcement purposes. The advanced high-performance can enable construction of all-wooden buildings over 10-story high. The cross laminated timber market could generate revenue worth US$2.25 billion by 2027 worldwide, claims Global Market Insight, Inc.
In developed regions such as North America and Europe, the adoption of CLT panels has been supported by government funding and favorable regulatory frameworks aimed at promoting the application of sustainable technologies. In April 2021, for instance, oN5, a four-story mass timber office building in Vancouver, Canada became the first office building in the country built using high-performance CPT panels. The mass timber project received US$900,000 funding from the federal government and showcases the potential for mass timber in commercial construction.
On the other hand, in emerging regions such as Asia Pacific, steel and concrete there has been limited awareness regarding the benefits of CLT, restricting its adoption. However, improving building codes could promote the use of CLT panels in high-rise construction. It is expected that CLT products will experience immense popularity in Asia Pacific countries owing to their excellent properties and sustainable nature compared to other laminated panels.
Asia Pacific countries have witnessed a monumental rise in construction of multi-story residential buildings as well as commercial establishments. The current rate of urbanization and industrial expansion indicates that Asia Pacific could be a highly lucrative market for Cross Laminated Timber Market products, expanding at a robust CAGR of more than 16.5% through 2027.
Softwood such as spruce, pine, fir, and larch are commonly preferred for CLT production. The demand for fir based Cross Laminated Timber Market worldwide could increase at a healthy 15% CAGR in the next few years. Fir wood is an incredibly valuable timber used in commercial applications. It serves as an excellent alternative to the spruce species which has dominated the industry for years.
Considering the type of press, the pneumatic press segment could account for about 6% revenue share of Cross Laminated Timber Market by 2027 end. Pneumatic presses are widely preferred as they are clean, safe, and easy to use compared to its counterparts such as hydraulic or vacuum presses. More and more manufacturers are employing these presses into their production lines for fast, efficient, and economical CLT production.
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While the residential and construction sectors have been the major adopters of CLT panels over the years, their application in the industrial sector has started to increase recently. North America, particularly the U.S., has witnessed widespread deployment of the material in modern industrial facilities.
Industrial applications accounted for approximately 10% revenue share of cross laminated timber market in 2020 and will register commendable gains in the years to come. Merck-Timber, Eugen Decker, Mayr-Meinhof, Binderholz, Katerra, Zublin Timber, XLam CLT, Lingotrend, Hasslacher, KLH Massiveholz, and Stora Enso are some of the leading CLT manufacturers around the world.
Table of Contents (ToC) of the report:
Chapter 1 Methodology And Scope
1.2 Market definition
1.3 Market estimation & forecast parameters
1.3.1 Base estimation & working
220.127.116.11 North America
1.4 Data sources
Chapter 2 Cross Laminated Timber Market Summary
2.1 Cross laminated timber industry 360° synopsis, 2017 – 2027
2.1.1 Business trends
2.1.2 Raw material trends
2.1.3 Press type trends
2.1.4 Application trends
2.1.5 Regional trends
Chapter 3 Cross Laminated Timber Market Insights
3.1 Industry segmentation
3.2 Industry size and forecast, 2017 – 2027
3.2.1 Covid-19 impact on Industry size
3.3 Industry ecosystem analysis
3.3.1 Vendor Matrix
3.3.2 Distribution Channel Analysis
18.104.22.168 Covid-19 impact on value chain
3.3.3 Profit margin analysis
3.3.4 Value addition analysis
3.3.5 Raw material analysis
22.214.171.124 Covid-19 impact on raw material supply
3.4 Industry impact forces
3.4.1 Growth drivers
126.96.36.199 Supportive regulatory environment
188.8.131.52 Rising mass timber demand in North America
184.108.40.206 Rising residential dwellings construction in Europe
220.127.116.11 Increasing product penetration in Asia pacific
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