Cross-laminated Timber Market toWitness Steady Growth During the Forecast Period 2021-2030
The global cross-laminated timber market was valued atUS$ 712.74 Mn in 2017 and is anticipated to expand at a CAGR of 14.7% from 2018to 2026, according to a new report titled ‘Cross-laminated Timber Market:Global Industry Analysis, Size, Share, Growth, Trends, and Forecast,2018–2026,’ published by Transparency Market Research (TMR) The globalcross-laminated timber market is driven by rising demand for cross-laminatedtimber and its increasing acceptance from the construction industry.
Rise in Demand forCross-laminated Timber from the Construction Industry is projected to Drive theMarket
Cross-laminated timber offers variousadvantages over conventional construction materials such as concrete and steel.It is considered a highly advanced building material due to its superiorproperties. It is safe, acoustically sound, fire proof, seismically resilient,light in weight, and easy to transport and fabricate. Moreover, it can beprefabricated, which reduces construction time significantly. It is aneco-friendly and sustainable material. It is being increasingly used in theconstruction industry, mainly in residential construction. A rise in the use ofcross-laminated timber in construction is anticipated to drive the market overthe forecast period.
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Cross-laminatedTimber is Considered to be the Future of Sustainable Construction
Increase in awareness aboutdeforestation and climate change has increased demand for cross-laminatedtimber across the globe. In most countries, forest and climate sustainabilityis a top priority. Hence, government agencies, timber trade federations, andlarge construction companies are promoting the use of cross-laminated timber.Awareness regarding sustainable forest management by substituting soft andtemperate wood species is on the rise. Usage of wood in buildings has clearadvantages. Cross-laminated timber reduces fresh water consumption. It enhancesthe quality of the indoor environment. It also helps in keeping the environmentclean, as it generates no waste during production. The only constituents of aCLT building system are wood and a non-toxic/non-VOC adhesive. Cross-laminatedtimber building materials do not release any toxins into the indoorenvironment, thereby providing clean indoor air. Cross-laminated timber wallsystems can breathe naturally. When integrated with appropriate mechanicalsystems, they create a healthy indoor environment. Wood is a naturallyoccurring product that serves as a moisture management system in construction.Ideally manufactured with 12% moisture content, wood has the ability to absorband release moisture. This can naturally stabilize the indoor environment.Constructing with timber reduces the carbon footprint. The raw material forcross-laminated timber is timber i.e. wood , which is a renewable resource andhas carbon locked in it.
Higher Cost ofCross-laminated Timber and Lack of Awareness about the Material are Hinderingthe Cross-laminated Timber Market
Construction by using cross-laminatedtimber (CLT) is a relatively new concept. CLT was first developed and used inGermany and Austria in the early 1990s. It was only after the mid- 1990s thatextensive research on the product was conducted. By the 2000s, CLT was beingused much widely in Europe, in single-storied as well as multi-storiedbuildings. The construction sector is largely dominated by the use ofconventional materials such as concrete and steel. Construction usingcross-laminated timber is currently more expensive as compared to that usingconcrete and steel. This is likely to restrain the market. Moreover,awareness about cross-laminated timber and its properties is low across theworld. Cross-laminated timber can be used for constructing tall buildings, butits use is limited to low- and mid-rise buildings currently, as there are nocodes and regulations available for the use of cross-laminated timber inconstruction.
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Adhesive-bondedCross-laminated Timber Segment to Dominate the Global Cross-laminated TimberMarket
Based on type, the globalcross-laminated timber market has been segmented into adhesive-bondedcross-laminated timber and mechanically fastened cross-laminated timber. Bothsegments are anticipated to expand at a rapid pace during the forecast period.However, the adhesive-bonded cross-laminated timber segment is likely to expandat a faster pace. Compared to mechanically fastened CLT, adhesive-bonded CLT isused on a larger scale during construction. Cross-laminated timber panelsconsist of several layers of lumber boards stacked crosswise and gluedtogether. Adhesive is used to assemble CLT panels. Very few manufacturers ofcross-laminated timber use the process of mechanical fastening to manufactureCLT. Manufacturers use aluminum nails or wooden dowels to connect wood layersvertically.
ResidentialConstruction Segment Dominates the Global Cross-laminated Timber Market
In terms of application, residentialbuildings is a prominent segment of the cross-laminated timber market. Inresidential buildings, cross-laminated timber is used in walls, roofs, andceilings. Flooring and walls made from cross-laminated timber can be assembledfully before reaching the project site. This prefabrication helps in decreasingthe construction time and cost. Cross-laminated timber is less commonly used inconstruction in industrial and commercial spaces. They require strict buildingcodes of strength to be followed. In order to achieve that, the number ofcross-laminated timber panels used increases, and the cost of constructionrises significantly. Currently, the use of cross-laminated timber is limited tolow-rise and mid-rise buildings.
Europe Dominatesthe Global Cross-laminated Timber Market
In terms of geography, the globalcross-laminated timber market can be classified into North America, Europe,Asia Pacific, Middle East & Africa, and Latin America. Europe is a leadingconsumer as well as producer of cross-laminated timber across the world. Theregion held a major market share in 2017 and is expected to continue its dominanceduring the forecast period. Key drivers of the cross-laminated timber market inEurope include the green development movement, changes in building codes, andconsistent efforts for marketing by CLT manufactures. Building codes in Europeare focusing on the use of wood in construction to promote sustainability. Interms of volume, North America holds a prominent share of the globalcross-laminated timber market. High demand for and wide-scale adoption ofcross-laminated timber as a construction material in the region has boosted themarket in North America. Asia Pacific is another significant region of thecross-laminated timber market. Demand for CLT in the region primarily comesfrom countries such as Japan, New Zealand, and Australia. The demand in thesecountries is estimated to be high during the forecast period. In 2017, LatinAmerica and Middle East & Africa were minimally significant regions of thecross-laminated timber market compared to other regions. However, both regionsare estimated to witness significant growth in the consumption ofcross-laminated timber during the forecast period. However, lack of technicalknowhow is expected to inhibit the rapid growth of the cross-laminated timbermarket in these two regions. Strengthening of distribution channels in theseregions is anticipated to help market players expand their footprint in thenear future.
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High Degree ofCompetition among Market Players
High degree of competition existsamong market players operating in the cross-laminated timber market. The marketis dominated by large players and is moderately consolidated. Key playersaccount for a major share of the market. Major players profiled in the reportare Stora Enso, Mayr-Melnhof Holz Holding AG, Binderholz Bausysteme GmbH, KLHMassivholz GmbH, HASSLACHER Holding GmbH, Structurlam Mass Timber Corporation,Nordic Structures, Ed. Zublin AG, Eugen Decker Holzindustrie KG, SterlingLumber Company, Inc., and W. u. J. Derix GmbH & Co..
GlobalCross-laminated Timber Market, by Type
· Adhesive-bonded Cross-laminated Timber
· Mechanically Fastened Cross-laminated Timber
GlobalCross-laminated Timber Market, by Application
· Residential Buildings
· Educational Institutes
· Government/Public Buildings
· Industrial & Commercial Spaces
GlobalCross-laminated Timber Market, by Region
· North America
o U.S.
o Canada
· Latin America
o Brazil
o Mexico
o Rest of LatinAmerica
· Europe
o Germany
o Austria
o Switzerland
o U.K
o France
o Italy
o Rest of Europe
· Asia Pacific
o Japan
o New Zealand
o Australia
o Rest of AsiaPacific
· Middle East & Africa
o GCC
o South Africa
o Rest of Middle East& Africa
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