The globalcross-laminated timber market wasvalued at US$ 712.74 Mn in 2017 and is anticipated to expand at a CAGR of 14.7%from 2018 to 2026, according to a new report titled ‘Cross-laminated TimberMarket: 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.
Risein Demand for Cross-laminated Timber from the Construction Industry isprojected to Drive the Market
Cross-laminatedtimber offers various advantages over conventional construction materials suchas concrete and steel. It is considered a highly advanced building material dueto its superior properties. It is safe, acoustically sound, fire proof,seismically resilient, light in weight, and easy to transport and fabricate.Moreover, it can be prefabricated, which reduces construction timesignificantly. It is an eco-friendly and sustainable material. It is beingincreasingly used in the construction industry, mainly in residentialconstruction. A rise in the use of cross-laminated timber in construction isanticipated to drive the market over the forecast period.
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Cross-laminatedTimber is Considered to be the Future of Sustainable Construction
Increasein awareness about deforestation and climate change has increased demand forcross-laminated timber across the globe. In most countries, forest and climatesustainability is a top priority. Hence, government agencies, timber tradefederations, and large construction companies are promoting the use ofcross-laminated timber. Awareness regarding sustainable forest management bysubstituting soft and temperate wood species is on the rise. Usage of wood inbuildings has clear advantages. Cross-laminated timber reduces fresh waterconsumption. It enhances the quality of the indoor environment. It also helpsin keeping the environment clean, as it generates no waste during production.The only constituents of a CLT building system are wood and a non-toxic/non-VOCadhesive. Cross-laminated timber building materials do not release any toxinsinto the indoor environment, thereby providing clean indoor air.Cross-laminated timber wall systems can breathe naturally. When integrated withappropriate mechanical systems, they create a healthy indoor environment. Woodis a naturally occurring product that serves as a moisture management system inconstruction. Ideally manufactured with 12% moisture content, wood has theability to absorb and release moisture. This can naturally stabilize the indoorenvironment. Constructing with timber reduces the carbon footprint. The rawmaterial for cross-laminated timber is timber i.e. wood , which is a renewableresource and has carbon locked in it.
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HigherCost of Cross-laminated Timber and Lack of Awareness about the Material areHindering the Cross-laminated Timber Market
Constructionby using cross-laminated timber (CLT) is a relatively new concept. CLT wasfirst developed and used in Germany and Austria in the early 1990s. It was onlyafter the mid- 1990s that extensive research on the product was conducted. Bythe 2000s, CLT was being used much widely in Europe, in single-storied as wellas multi-storied buildings. The construction sector is largely dominated by theuse of conventional 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
Basedon type, the global cross-laminated timber market has been segmented intoadhesive-bonded cross-laminated timber and mechanically fastenedcross-laminated timber. Both segments are anticipated to expand at a rapid paceduring the forecast period. However, the adhesive-bonded cross-laminated timbersegment is likely to expand at a faster pace. Compared to mechanically fastenedCLT, adhesive-bonded CLT is used on a larger scale during construction.Cross-laminated timber panels consist of several layers of lumber boardsstacked crosswise and glued together. Adhesive is used to assemble CLT panels.Very few manufacturers of cross-laminated timber use the process of mechanicalfastening to manufacture CLT. Manufacturers use aluminum nails or wooden dowelsto connect wood layers vertically.
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ResidentialConstruction Segment Dominates the Global Cross-laminated Timber Market
Interms of application, residential buildings is a prominent segment of the cross-laminatedtimber market. In residential buildings, cross-laminated timber is used inwalls, roofs, and ceilings. Flooring and walls made from cross-laminated timbercan be assembled fully before reaching the project site. This prefabricationhelps in decreasing the construction time and cost. Cross-laminated timber isless commonly used in construction in industrial and commercial spaces. Theyrequire strict building codes of strength to be followed. In order to achievethat, the number of cross-laminated timber panels used increases, and the costof construction rises significantly. Currently, the use of cross-laminatedtimber is limited to low-rise and mid-rise buildings.
EuropeDominates the Global Cross-laminated Timber Market
Interms of geography, the global cross-laminated timber market can be classifiedinto North America, Europe, Asia Pacific, Middle East & Africa, and LatinAmerica. Europe is a leading consumer as well as producer of cross-laminatedtimber across the world. The region held a major market share in 2017 and isexpected to continue its dominance during the forecast period. Key drivers ofthe cross-laminated timber market in Europe include the green developmentmovement, changes in building codes, and consistent efforts for marketing byCLT manufactures. Building codes in Europe are focusing on the use of wood inconstruction to promote sustainability. In terms of volume, North America holdsa prominent share of the global cross-laminated timber market. High demand forand wide-scale adoption of cross-laminated timber as a construction material inthe region has boosted the market in North America. Asia Pacific is anothersignificant region of the cross-laminated timber market. Demand for CLT in theregion primarily comes from countries such as Japan, New Zealand, andAustralia. The demand in these countries is estimated to be high during theforecast period. In 2017, Latin America and Middle East & Africa wereminimally significant regions of the cross-laminated timber market compared toother regions. However, both regions are estimated to witness significantgrowth in the consumption of cross-laminated timber during the forecast period.However, lack of technical knowhow is expected to inhibit the rapid growth ofthe cross-laminated timber market in these two regions. Strengthening ofdistribution channels in these regions is anticipated to help market playersexpand their footprint in the near future.
HighDegree of Competition among Market Players
Highdegree of competition exists among market players operating in thecross-laminated timber market. The market is dominated by large players and ismoderately consolidated. Key players account for a major share of the market.Major players profiled in the report are Stora Enso, Mayr-Melnhof Holz HoldingAG, Binderholz Bausysteme GmbH, KLH Massivholz GmbH, HASSLACHER Holding GmbH,Structurlam Mass Timber Corporation, Nordic Structures, Ed. Zublin AG, EugenDecker Holzindustrie KG, Sterling Lumber Company, Inc., and W. u. J.Derix GmbH & Co..
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