The global cross laminated timber market size isprojected to reach USD 2,062.2 million by the end of 2027. The increasingconstruction and building activities will create several growth opportunitiesfor the companies operating in the market. According to a report published byFortune Business Insights, titled “Cross Laminated Timber Market Size, Share& Industry Analysis, By Bonding Technology (Adhesive Bonded andMechanically Fastened), By Application (Residential Buildings, Non-ResidentialBuildings, and Others), and Regional Forecast, 2020-2027,” the market wasworth USD 756.9 million in 2019 and will exhibit a CAGR of 13.7% during theforecast period, 2020-2027.
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Browse In-depth Summary of ThisResearch Insight @ https://www.fortunebusinessinsights.com/cross-laminated-timber-clt-market-102884
Cross laminated timber is a type ofengineered wood that is used in applications that require product with higherload handling capabilities. The product is engineered with three layers ofsolid-sawn wood that are bind together with an adhesive or mechanical pressure.This is mainly done to increase the rigidity of the product and used inheavy-weight applications. The product was initially developed in the Alplinecountries of Europe and is gaining rapid popularity in North America as well asAsia Pacific. The increasing investment in the development of efficientproducts, driven by increasing applications of the product across diverseindustries, will have a positive impact on the growth of the market in thecoming years. The favourable properties of cross-laminated timber such as goodacoustic and thermal insulation will fuel the demand for the product across theworld.
Increasing Efforts taken to Maximizethe Production of CLT Will Aid Growth
The report encompasses several factorsthat have contributed to the growth of the overall market in recent years. Ithighlights a few of the key strategies adopted by major companies and discussestheir impact on the overall market. Due to the increasing demand for CLT acrossthe world, several large scale companies are looking to increase the productioncapacity of this material through the integration of advanced technologies. InDecember 2019, Structurlam Mass Timber Corporation announced that it hasexpanded its operations in the United States. The company announced that it hasbegun the construction of its new manufacturing plant in Conway, Arkansus. Thecompany claims that this plant will improve its production capacity and willopen by the end of 2021. The company stated that it has invested around USD 90million in the manufacturing plant with a view to addressing the massiveproduct demand in the southern, eastern, and central parts of the UnitedStates.
Europe Accounted for the Highest Share;Increasing Construction Activities Will Provide Impetus to Market Growth
The report analyzes the ongoing markettrends across North America, Europe, Asia Pacific, Latin America, and theMiddle East & Africa. Among these regions, the market in Europe isprojected to emerge as the dominant region in the coming years. The increasingconstruction activities will lead to a wider product adoption, subsequentlycreating several growth opportunities for the companies operating in themarket. Driven by the massive demand for the product, the market in Europeaccounts for around 65% of the overall market share. As of 2019, the market inEurope was worth USD 466.48 million and this value is projected to increasefurther in the coming years. The market in North America will witness considerablegrowth owing to the huge adoption of locally manufactured CLT.
List of companies profiled in thereport:
- Stora Enso (Finland)
- Mayr Melnhof Holz Holding AG (Austria)
- Binderholz GmbH (Austria)
- Xlam Ltd. (Australia & New Zealand)
- Sterling Company (USA)
- Schilliger Holz AG (Switzerland)
- KLH Massivholz GmbH (Austria)
- B&K Structures (UK)
- Eugen Decker Holzindustrie KG (Germany)
- Structurlam Mass Timber Corporation (Canada)
- Smartlam NA (USA)
- APA - The Engineered Wood Association (USA)
- Katerra (USA & India)
- IB EWP Inc. (Canada)
- Nordic Structures (Canada)
- StructureCraft Builders Inc. (Canada)
- DRJ Wood Innovations (USA)
- PFS Corporation (USA)
- Other Key Players
Industry Developments:
August 2019: Binderholz GmbH announced that it has expanded itscross-laminated timber production capacity by integrating a new, digitized, andfully automated plant at Burgbernheim, Germany.
